Abdulsamad Rabiu, the chairman of BUA Cement Plc has risen to fourth place on the list of Africa's wealthiest men unseating Egyptian billionaire, Nassef Sawiris.

According to Forbes, Rabiu made over $1.1 billion in 2022 and now has a net worth of $8.1 billion, up from $7 billion when the year began.

The US-based medium also reports that Rabiu is the only African billionaire in the top 10 that has recorded an increase in his wealth.

Rabiu wealth growth is thanks to the positive performance of his publicly traded assets on the Nigerian Exchange( NGX) which includes cement production, sugar refining and real estate.

The increase in the market value of his companies has further solidified his position as Nigeria’s second-richest man and also narrowed the wealth gap between him and Africa’s richest man Aliko Dangote.

Changes in the wealth of richest men in Africa

The last 12 months have seen major changes in the net worth of African richest men.

Below is how they rank as at January 2022

1.Aliko Dangote- $13.9bn

2.Johann Rupert & family- $11bn

3.Nicky Oppenheimer & family- $8.7bn

4.Nassef Sawiris- $8.6bn

5.Abdulsamad Rabiu- $7bn

6.Mike Adenuga- $6.7bn

7.Issad Rebrab & family- $5.1bn

8.Naguib Sawiris- $3.4bn

9.Patrice Motsepe- $3.1bn

10.Koos Bekker- $2.7bn Strive

11.Masiyiwa- $2.7bn

How they rank now in December 2022

1.Aliko Dangote- $12.9bn

2.Johann Rupert & family- $9.6

3.Nicky Oppenheimer & family- $8.6bn

4.Abdulsamad Rabiu- $8.1bn

5.Nassef Sawiris- $7bn

6.Mike Adenuga- $5.8bn

7.Issad Rebrab & family- $5.1bn

8.Naguib Sawiris- $3.4bn

9.Patrice Motsepe- $2.7bn

10.Koos Bekker- $2.5bn

11.Strive Masiyiwa- $1.2bn