Rabiu Overtakes Mike Adenuga to Become Nigeria’s Second-Richest Man

As of August 1, 2025, the founder of BUA Group, Abdulsamad Rabiu has officially overtaken telecoms and oil mogul Mike Adenuga to become Nigeria’s second-richest man. 

The new rankings, based on the latest Forbes Billionaires List, place Rabiu in the 572nd spot globally with a net worth of $6.3 billion. Adenuga now sits slightly behind at 578th, despite also being valued at $6.3 billion.

What pushed Rabiu ahead? A $365 million surge in a single day

That remarkable gain is believed to be tied to recent spikes in the Nigerian stock market, especially in shares of BUA Cement and BUA Foods, where Rabiu holds significant equity. 

His strong presence in the cement, sugar, and oil & gas sectors continues to yield massive returns, especially amid renewed investor confidence in Nigeria’s industrial sectors.

This isn’t the first time Rabiu has held the second spot. In 2024, a reevaluation of Mike Adenuga’s assets, particularly his stake in telecom giant Globacom pushed Rabiu down the ranks. But this recent recovery shows how quickly fortunes can shift among Nigeria’s business elites.

Meanwhile, Aliko Dangote remains firmly in first place, both in Nigeria and across Africa. With a net worth of $24.5 billion, Dangote continues to tower over his peers despite losing $48 million in a day due to market fluctuations. 

His empire, which includes cement, sugar, salt, and Africa’s largest oil refinery, keeps him securely at the top.

Rounding out the list is Femi Otedola, chairman of First Bank, with a net worth of $1.5 billion. Otedola, known for his calculated investment strategies in energy and finance, saw a modest $2 million gain in recent weeks.

Here’s how the current top Nigerian billionaires stand:

Aliko Dangote – $24.5 billion

Abdulsamad Rabiu – $6.3 billion

Mike Adenuga – $6.3 billion

Femi Otedola – $1.5 billion

Source: BusinessElitesAfrica | Continue to Full Story…