Strong Naira Push Dangote, Rabiu’s Wealth to Record High
Nigeria’s improving macroeconomic indices and sustained rally on the equities market have significantly boosted the fortunes of Africa’s richest men, Aliko Dangote and Abdul Samad Rabiu, driving their net worth to record highs in early 2026.
The resurgence is largely attributed to the strengthening of the naira and a bullish run on the Nigerian Exchange (NGX), where shares of major industrial and consumer goods companies have surged amid renewed investor confidence. The naira has appreciated in recent weeks, supported by rising external reserves and improved foreign exchange liquidity. Data from the Central Bank of Nigeria indicate that reforms in the FX market, alongside increased oil receipts and diaspora remittances, have helped stabilise the currency. The stronger exchange rate has, in turn, enhanced the dollar valuation of naira-denominated assets, directly impacting the net worth of business leaders with significant local holdings. Dangote, whose wealth is primarily tied to his sprawling industrial empire spanning cement, sugar, fertiliser and petroleum refining, has seen a sharp rise in the market value of his listed companies. Market analysts say the continued expansion of the Dangote Refinery, now operating at substantial capacity, has further strengthened investor sentiment around his business group. Expectations of a potential public listing of the refinery have also fueled speculation of additional value creation. Similarly, Rabiu’s fortune has climbed on the back of impressive performances by BUA Foods and BUA Cement, both of which have recorded strong earnings growth and significant share price appreciation. BUA Foods in particular has emerged as one of the most valuable listed companies on the NGX, reflecting sustained demand and expansion across its operations. Global wealth trackers, including the Bloomberg Billionaires Index, show that the gains have pushed Dangote’s net worth comfortably above the $30 billion mark, while Rabiu’s wealth has risen above $11 billion, consolidating his position among Africa’s richest individuals. Market watchers note that the broader equities rally has been driven by improved corporate earnings, policy reforms aimed at boosting investor confidence, and increased participation from both domestic and foreign investors. The NGX has ranked among the better-performing emerging market bourses so far this year, with market capitalisation expanding significantly. Economic analysts say the twin impact of currency stability and capital market growth signals a gradual restoration of confidence in Africa’s largest economy. If the current trend persists, Nigeria’s top industrialists could see further wealth expansion, underlining the close link between macroeconomic stability and private sector prosperity.
