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Nigeria’s two leading industrial billionaires, Aliko Dangote and Abdulsamad Rabiu, have seen their combined fortunes rise by about $9.53 billion year-to-date, driven largely by strong performances in their publicly traded cement and food businesses.
Data tracked by Nairametrics from the Bloomberg Billionaires Index shows that Dangote’s wealth has increased by $5.26 billion, or 17.5%, since the beginning of 2026, while Rabiu has added $4.27 billion, representing a 42.2% increase.
The increase highlights how movements in the Nigerian equities market, particularly in companies controlled by the two industrialists, have translated into significant gains in their personal wealth.
What the data is saying
As of August 20, Dangote’s net worth stood at $35.2 billion, retaining his position as Africa’s richest person, while Rabiu’s fortune was estimated at $14.4 billion. Together, the two Nigerian billionaires are now worth about $49.6 billion.
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Dangote’s biggest listed exposure is Dangote Cement, in which he owns about 86%.
The company’s shares have been one of the strongest performers on the Nigerian Exchange (NGX) this year.
A breakdown
Dangote Cement closed trading on Wednesday, August 19, at N1,034 per share, compared with N609 at the beginning of the year. That represents a 69.8% year-to-date gain.
The rally means the value of Dangote’s stake in the cement company has risen substantially, contributing to the increase in his Bloomberg-estimated wealth.
Dangote’s fortune is, however, not based solely on listed equities.
His industrial empire includes the Dangote Oil Refinery, which Bloomberg identifies as his biggest asset. The refinery, located in Lagos, is Africa’s largest oil refinery and began operations in 2024.
Rabiu records even stronger growth
Rabiu has recorded an even sharper increase in wealth percentage terms. His net worth has risen by 42.2% since January, adding $4.27 billion to his fortune.
The BUA founder’s wealth is largely tied to his holdings in BUA Cement and BUA Foods, both listed on the NGX.
- The company’s (BUA cement)shares have risen from N178.50 at the start of the year to N316, representing a 77% gain.
That performance has significantly increased the market value of Rabiu’s holdings, as he controls about 98% of BUA Cement directly and through other entities, according to the company’s 2026 semi-annual financial report. However, BUA foods share price dropped by –4.79% in valuation.
What you should know
The latest wealth figures come after a particularly strong run for Rabiu earlier in the year.
- In May, Nairametrics reported that Rabiu’s fortune had climbed to about $18.7 billion, representing an increase of more than 80% or approximately $8.54 billion at the time.
- His wealth has since fallen from that May peak, reflecting changes in the valuation of his listed holdings and the broader market.
- Meanwhile, Dangote’s wealth story has increasingly been tied to the development of his refinery and plans to take the business to the capital market.
- On August 18, Nairametrics reported that Dangote Petroleum Refinery had secured a $400 million underwriting commitment ahead of its planned $5 billion IPO.
The commitment followed a $2.5 billion private placement in July, providing additional capital ahead of the planned listing and expansion.
