Prime Business Africa
Abdul Samad Rabiu, the founder of BUA Group and Aliko Dangote, the founder of Dangote Group, recorded a combined N13.12 trillion gain between January and June 2026, according to analysis of their investments on the Nigerian Exchange (NGX).
According to Prime Business Africa’s analysis, Rabiu and Dangote have a combined investment of N41.97 trillion as of the end of the first half (H1) of this year, compared to the N28.85 trillion held at the start.
Join our WhatsApp ChannelHow Rabiu’s NGX Investments Performed
A breakdown of their investment performance showed that Rabiu outearned Dangote in the first six months of this year, after gaining N7.68 trillion, as shares of BUA Cement and BUA Foods surged during the review period.
This raised Rabiu’s investment in the Nigerian stock market to N26.90 trillion at the end of June 30, rising from the N19.22 trillion his shares in the companies were valued at as of January 2.
Prime Business Africa gathered that Rabiu holds direct and indirect shares of 33.07 billion, representing a 97.66 percent stake, in BUA Cement.
The shares were valued at N11.25 trillion at the end of the first half of 2026, compared to the N5.90 trillion they were worth at the start of the first quarter (Q1), indicating Rabiu gained N5.34 trillion from his investment in BUA Cement.
Rabiu’s investment in BUA Cement soared by 90.58 percent following a N161.7 kobo increase in the company’s share price, which jumped from N178.50 kobo on January 2 to N340.20 kobo on June 30.
Also, the value of his 16.67 billion shares in BUA Foods, which represents a 92.63 percent stake, increased by N2.33 trillion within six months, from N13.32 trillion at the start of this year to N15.65 trillion at the end of H1.
The 17.53 percent appreciation in Rabiu’s investment in BUA Foods was on the back of a surge in the company’s share price, as it jumped to N798.90 kobo on January 2 to N939 on June 30, representing a N140.1 kobo increase.
How Dangote’s NGX Investments Performed
A look at Dangote’s investment on the NGX showed that the richest African businessman gained N5.44 trillion, leading to his investment in the bourse rising from N9.62 trillion at the start of the year to N15.06 trillion at the end of the first half.
Dangote’s investments are held in four companies: Dangote Cement, Nascon Allied Industries, Jaiz Bank and Dangote Sugar.
Based on analysis, Dangote Cement contributed N5.17 trillion to the gains recorded by the oil mogul in the first half, as his investment in the manufacturer surged from N8.90 trillion to N14.08 trillion.
Dangote, who holds 14.62 billion shares, representing an 87.28 percent stake, in Dangote Cement, recorded the gain following a N354 or 58.12 percent jump in the firm’s share price, as the share price rose from N609 to N963 in the first six months.
In addition, his 8.77 billion shares, representing a 72.25 percent stake, in Dangote Sugar, were valued at N594.98 billion on June 30, compared to the N528.28 billion they were worth on January 2.
This means Dangote gained N66.69 billion in H1, which is due to a 12.62 percent or N7.60 kobo increase in Dangote Sugar’s share value, as a share was traded at N60.20 kobo at the start of H1; however, by the end of June, it exchanged at N67.80 kobo.
It was also gathered that his investment, based on 1.68 billion shares, representing a 62.19 percent stake, in Nascon Allied added N188.24 billion to Dangote’s gain, after rising from N180.67 billion to N368.91 billion, following a 104.18 percent increase in the firm’s share price, which jumped from N107.50 kobo to N219.50 kobo in the first half.
The billionaire also recorded a N11.45 billion gain in his investment in Jaiz Bank, after the company’s share price skyrocketed by N3.75 kobo, from N4.55 kobo to N8.30 kobo during the period under review.
Following the 82.41 percent appreciation in the share price, Dangote’s investment, covering 3.05 billion shares, representing a 6.85 percent stake, in Jaiz Bank soared from N13.89 billion on January 2 to N25.34 billion on June 30.
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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.
