Abdul Samad Rabiu, founder and chairman of BUA Group, has emerged as the third-richest person in Africa, while Aliko Dangote has retained his position as the continent’s richest man.
South African billionaire Johann Rupert ranked second, according to the latest Bloomberg Billionaires Index.
The Bloomberg Billionaires Index report, cited by WorldStage, showed that Dangote remains Africa’s wealthiest individual, ranking 67th globally with an estimated net worth of $34.9 billion. Rabiu ranked third in Africa and 152nd globally with a net worth of $18.5 billion, while Rupert ranked 144th globally with an estimated fortune of $18.9 billion.
According to the report, the bulk of Rabiu’s wealth comes from his holdings in BUA Cement, Nigeria’s second-largest cement producer. The company’s 2025 financial report showed that Rabiu owns about 98 per cent of the business directly and through three other companies.
He also controls a 93 per cent stake in BUA Foods, described in the report as Nigeria’s second-largest pasta producer, based on the company’s 2025 financial filings.
Other businesses within the BUA Group were not included in the valuation due to insufficient publicly available information.
The report further stated that liability estimates were factored into the calculations through an assessment of acquisition costs, insider transactions, taxes, market performance and charitable contributions.
Dangote’s fortune is largely tied to his industrial holdings under the Dangote Group umbrella.
His most valuable asset remains the Dangote Oil Refinery, Africa’s largest refinery, which commenced operations in early 2024. Dangote owns a 92.3 per cent stake in the refinery project, valued at an estimated construction cost of $20 billion.
He also owns a fertiliser plant capable of producing up to 2.8 million tonnes of urea annually. The facility’s valuation was based on a net present value assessment conducted by an independent analyst, assuming a 50 per cent utilisation rate.
Several companies within the Dangote Group are listed on the Nigerian Exchange. Dangote holds an 86 per cent stake in Dangote Cement, the country’s largest cement producer, alongside interests in Dangote Sugar Refinery, NASCON Allied Industries and United Bank for Africa.
The report also noted that no other Nigerian billionaire featured among the world’s top 500 richest individuals in the latest global ranking.
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