Abdulsamad Rabiu Becomes Nigeria’s Second-Richest Man as Dangote Maintains Top Spot

Lagos, Nigeria – August 3, 2025

The latest Forbes Billionaires List has reshuffled Nigeria’s wealth rankings, with Abdulsamad Rabiu, chairman of BUA Group, reclaiming the position of Nigeria’s second-richest man, overtaking telecoms and oil mogul Mike Adenuga.

Rabiu’s net worth surged by $365 million in a single day, bringing his total fortune to $6.3 billion, according to Forbes’ latest update. The 64-year-old industrialist, who built his empire in cement, sugar, and oil, now sits 572nd globally, slightly ahead of Adenuga, who ranks 578th with the same net worth but slower recent gains.

Dangote Retains Africa’s Richest Man Title

At the top of the list remains Aliko Dangote, who continues to dominate as both Nigeria and Africa’s richest man. His fortune is currently valued at $24.5 billion, anchored by Dangote Industries’ vast holdings in cement, sugar, salt, fertilizer, and Africa’s largest oil refinery.

Despite losing $48 million in a single day, Dangote maintained his global ranking in the 85th position, underscoring his consistent dominance on the continent.

Otedola Completes the List

Energy tycoon and First Bank chairman Femi Otedola rounds out Nigeria’s top four with a net worth of $1.5 billion after modest gains of $2 million. He now ranks 2,370th globally.

Nigeria’s Richest Men as of August 1, 2025

Aliko Dangote: $24.5 billion
Abdulsamad Rabiu: $6.3 billion
Mike Adenuga: $6.3 billion
Femi Otedola: $1.5 billion

Profiles of Nigeria’s Billionaires

Aliko Dangote (68): Controls Dangote Industries, sub-Saharan Africa’s biggest cement producer and the continent’s largest oil refinery, alongside vast interests in sugar, salt, and packaged foods.
Abdulsamad Rabiu (64): Founder of BUA Group, with major stakes in cement, sugar, oil, and 95% ownership of BUA Foods. His latest gains are tied to rising Nigerian stock market valuations.
Mike Adenuga (72): Built his fortune in telecoms and oil. Globacom remains Nigeria’s third-largest network with over 17 million subscribers, while Conoil Producing operates six oil blocks in the Niger Delta.
Femi Otedola (62): Strategic investor in energy and banking, currently chairing First Bank with growing influence in Nigeria’s financial sector.