Nigerian industrialist Abdul Samad Rabiu has climbed to become the fourth richest person in Africa, according to the latest Bloomberg Billionaires Index.
Bloomberg estimates his net worth at $11.3 billion, placing him ahead of Egyptian billionaire Naguib Sawiris.
At the start of 2026, Rabiu’s fortune stood at about $10.4 billion. Within weeks, it rose by roughly $1.21 billion, driven mainly by strong earnings from BUA Foods and Cement. 
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How Rabiu Increased His Wealth
BUA was founded in 1988 by industrialist Abdul Samad Rabiu as a private company specializing in importing iron, steel, and agricultural products.
As time went on, they diversified into BUA Cement and BUA Foods, a leading food business handling sugar, flour, rice, and pasta.
In 2025, BUA Foods reported impressive unaudited results for that financial year:
- Profit after tax: ₦507.73 billion (up 91% from ₦265.99 billion)
- Revenue: ₦1.80 trillion (up 18%)
It has also expanded production capacity and entered strategic partnerships to boost rice processing and animal feed production in northern Nigeria.
These results significantly increased Rabiu’s wealth and pushed him up the African rich list in just a few weeks into 2026.
Africa’s Top 5 Richest People (Bloomberg Billionaires Index – Early 2026)
1. Aliko Dangote ($26.1 billion)
Controls Dangote Industries, covering cement, sugar, salt, and a major oil refinery.
2. Johann Rupert & family ($15.7 billion)
Chairman of Compagnie Financière Richemont (Cartier, Montblanc).
3. Nicky Oppenheimer ($10.6 billion)
Former De Beers diamond magnate and investor.
4. Abdulsamad Rabiu ($9.8 billion)
Founder of BUA Group, specializing in cement, food, and infrastructure.
5. Naguib Sawiris ($8.5 billion)
Egyptian businessman with telecom and diversified investments.
Rabiu’s 60-Metre Superyacht
Beyond business, Rabiu is also making headlines for lifestyle investments.
He has commissioned a 60-meter superyacht from Italian shipbuilder Baglietto, headquartered in La Spezia, Italy. His Superyatcht, The Bombardier Global 8000 is valued between $78 million and $81 million.
Rabiu shared the update on social media signaling the project is underway or in early planning stages. He wrote:
“60 metres in the making. Thanks, Fabio and James. #ASR”
The yacht is a custom-built luxury superyacht, and its construction typically takes several years. The features typical for this size include the following:
- Long-range cruising capability
- Multiple decks
- Luxury cabins
- Corporate and leisure hosting facilities
Baglietto specialises in yachts between 40 and 60 metres and serves ultra-high-net-worth clients globally.
If confirmed by the shipyard, the yacht would place Rabiu among a small circle of rich African tycoons who own large custom vessels.
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Below are some of the names on the list according to MSN:
1. Badis 1 — King Mohammed VI
- Estimated value: $100 million
- Length: 70 metres (approx.)
- Purchased: 2018
- Builder: Italian shipyard
- Owner: King Mohammed VI of Morocco
Badis 1 is one of the most expensive yachts owned by an African leader.
2. Illusion — Kola Aluko
- Estimated value: $65 million
- Length: 64 metres
- Purchased: 2013
- Builder: Benetti
Kola Aluko’s yacht Illusion became famous after it was seized by the United States government in 2017 amid corruption investigations linked to Nigeria’s oil sector. Authorities later sold the yacht in 2019.
3. Mariya — Aliko Dangote
- Estimated value: $43 million
- Length: 33 metres
- Type: Luxury motor yacht
Africa’s richest man, Aliko Dangote, owns the yacht Mariya, named after his daughter.
4. Yemoja — Deinde Fernandez
- Estimated value: $40 million
- Length: 46.9 metres
- Status: Renamed after his death in 2015
Deinde Fernandez, a Nigerian oil and diplomatic figure, owned Yemoja, one of the most prominent Nigerian-owned yachts during his lifetime.
5. Hayken — Isabel dos Santos
- Estimated value: $35 million
- Length: 50 metres
- Status: Sold in 2020 to Neville Crichton
Isabel dos Santos, once ranked by Forbes as Africa’s richest woman, owned Hayken, a large superyacht reflecting her vast business empire before her assets faced scrutiny and restructuring.
6. Sokar (later renamed Bash) — Mohamed Al-Fayed
- Estimated value: $10 million
- Length: 64 metres
- Builder: Italian yacht yard
- Later owner: Basim Haidar
Originally owned by Mohamed Al-Fayed, the yacht was later sold and renamed Bash after Basim Haidar acquired it.
7. Nana — Femi Otedola
- Estimated value: $3 million
- Model: Sunseeker Predator 108
- Length: 33 metres
Nigerian billionaire Femi Otedola owns Nana, a Sunseeker Predator 108 motor yacht. He named it after his wife, Nana Otedola.
For Africa’s wealthiest industrialists, yachts represent both lifestyle and global financial status.
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