By Abiodun Folarin
WorldStage– Abdul Samad Rabiu, founder and chairman of BUA Group, has stepped up to become the third-richest man in Africa, while Aliko Dangote retained his position as Africa’s richest man.
South African billionaire Johann Rupert ranked second on the list, according to the latest Bloomberg Billionaires Index (BBI).
In the BBI report cited by WorldStage, Dangote remained Africa’s richest man, ranking 67th globally with a net worth of $34.9 billion. Rabiu, ranked third in Africa and 152nd globally, has a net worth of $18.5 billion, while Rupert, the South African luxury goods magnate, ranked 144th globally with a net worth of $18.9 billion.
The report stated that the majority of Rabiu’s fortune is derived from his stake in BUA Cement, Nigeria’s second-largest cement producer, according to the company’s website. He owns about 98 percent of the company directly and through three other companies, according to its 2025 financial report.
He also controls a 93 percent stake in BUA Foods, Nigeria’s second-largest pasta producer, according to the company’s 2025 financial report.
Other businesses within the BUA Group were not included in the valuation because the required details were unavailable.
The report added that a liability estimate was included based on an analysis of acquisition costs, insider transactions, taxes, market performance, and charitable contributions.
Dangote owns a collection of industrial assets through his Lagos-based Dangote Group.
His biggest asset is the Dangote Oil Refinery, Africa’s largest refinery, which began operations in early 2024. He owns a 92.3 percent stake in the project, which is valued at its estimated construction cost of $20 billion.
He also owns a fertilizer plant with the capacity to produce up to 2.8 million tonnes of urea annually. The plant is valued based on a net present value calculation by an independent analyst, assuming a 50 percent utilization rate.
Several companies within the Dangote Group are listed on the Nigerian Exchange. He owns 86 percent of Dangote Cement, the country’s largest cement producer, as well as stakes 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 ranking.
