Prime Business Africa
Abdul Samad Rabiu isn’t catching Aliko Dangote in overall net worth yet. $11.2 billion vs $28.5 billion is still a long race.
But in cement, the one industry that made both men billionaires, the gap is closing fast. And equity traders are fueling it.
Prime Business Africa tracking shows Rabiu’s cement wealth grew 91.93% in 2025. Dangote’s rose 27.19%.
Join our WhatsApp ChannelThat gap in momentum widened this year. In Q1 2026 alone, Rabiu’s BUA Cement stake jumped 83.02%. Dangote Cement climbed 33%.
The result: What was a N3.93 trillion gap in January 2025 is now just N1.03 trillion as of March 31, 2026. A 74% collapse in 15 months.
The Numbers Driving the Chase
Abdul Samad Rabiu, BUA Cement
Start 2025: N3.07 trillion
End 2025: N5.90 trillion — up N2.82 trillion
Q1 2026: N10.80 trillion — up N4.90 trillion in three months
Total gain since Jan 2025: N7.73 trillion
Aliko Dangote, Dangote Cement
Start 2025: N7.01 trillion
End 2025: N8.92 trillion — up N1.91 trillion
Q1 2026: N11.84 trillion — up N2.93 trillion in three months
Total gain since Jan 2025: N4.83 trillion
Rabiu added N2.9 trillion more than Dangote in the same period. And he did nearly double his entire 2025 gain in Q1 2026 alone.
Why the Market Is Betting on BUA
Share price tells the story. Investors poured into BUA Cement, lifting its stock 91.93% last year. Dangote Cement rose 27.19%.
That divergence continued into 2026. Rabiu’s 83.02% Q1 surge vs Dangote’s 33% shows where momentum sits right now.
This isn’t about capacity or plants. It’s about capital markets. Traders are pricing faster growth, leaner operations, or a valuation catch-up into BUA.
Dangote Cement remains the giant. N11.84 trillion vs N10.80 trillion. But the lead is down to N1.03 trillion. In January 2025, it was N3.93 trillion.
At this pace, the “cement king” title isn’t decided. It’s contested.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
