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Nigerian Billionaires and the 10 Billion Dollar Milestone
For nearly a decade, reaching a net worth of 10 billion dollars has remained a rare achievement among Nigerian billionaires.
Aliko Dangote was the first to cross the milestone after building Africa’s largest cement business. In 2016, Mike Adenuga briefly joined the group, according to Forbes estimates at the time.
Since then, Dangote has remained the only Nigerian above the threshold. His wealth has continued to rise sharply in recent years.
Dangote Strengthens His Lead
Recent estimates from the Bloomberg Billionaire Index place Aliko Dangote’s net worth at about 30.4 billion dollars.
This surge reinforces his position as Africa’s richest individual by a wide margin, driven largely by the expansion of his industrial and energy businesses.
Abdul Samad Rabiu Closes the Gap
Another Nigerian billionaire may soon join the exclusive group.
Abdul Samad Rabiu, founder and chairman of BUA Group, is closing in on the 10 billion dollar mark. According to Forbes, his net worth currently stands at about 9.8 billion dollars.
This represents an increase of roughly 400 million dollars within weeks, narrowing the gap to just 200 million dollars below the milestone.
Stock Market Rally Boosts Wealth
Rabiu’s rising fortune has been supported by strong performance in Nigerian equities.
The Nigerian stock market rally has pushed total market capitalisation beyond 100 trillion naira, lifting valuations across major listed companies.
Rabiu’s wealth is closely tied to his holdings in BUA Cement and BUA Foods, both listed on the Nigerian Exchange.
BUA Cement Performance
BUA Cement shares have gained significantly over the past year, with recent increases strengthening the company’s valuation.
The firm produces about 11 million tonnes annually, making it Nigeria’s second largest cement producer. Rabiu owns about 97.66 percent of the company, a stake valued at roughly 4.1 billion dollars.
BUA Foods Drives Major Gains
BUA Foods has been the strongest contributor to Rabiu’s net worth growth.
The company’s share price has risen sharply year on year, pushing the value of his 92.63 percent stake to about 9.28 billion dollars.
Despite these gains, Bloomberg estimates Rabiu’s liabilities at close to 3 billion dollars, which continues to keep his net worth just below the 10 billion dollar line.
Strong Earnings Support Valuations
BUA Foods reported profit growth for the nine months ended September 30, 2025, supported by higher sales volumes and improved cost management.
BUA Cement also posted strong results during the same period, driven by steady demand and higher cement prices across Nigeria.
A Potential New Entry into the 10 Billion Dollar Club
If Rabiu crosses the 10 billion dollar mark, he would become the third Nigerian to do so, joining Dangote and Adenuga in a very small group.
While Dangote remains far ahead, Rabiu’s rise highlights the growing value of Nigeria’s industrial and consumer focused companies amid improving market sentiment.
