Abdulsamad Rabiu Becomes Nigeria's Second Richest Man

Alhaji Abdulsamad Rabiu, the chairman of BUA Group, has ascended to become Nigeria's second richest man and the third richest billionaire in Africa, according to the latest Forbes ranking for 2026. His estimated fortune is now $11.2 billion, reflecting a remarkable 120% increase from the previous year, where he was valued at $6.1 billion.

This leap in wealth has drawn attention, as it positions Rabiu significantly ahead of Mike Adenuga, whose fortune is estimated at $6.5 billion, placing him sixth on the continent. The ranking has shifted the familiar hierarchy of Nigerian billionaires, traditionally dominated by Aliko Dangote, whose wealth is primarily derived from his extensive investments in cement, sugar, and oil.

Rabiu's rise signals a new phase in his business empire and highlights the dynamics of wealth in Nigeria, where the billionaire scoreboard serves as a social barometer reflecting power and influence.