Abdul Samad Rabiu loses $1 billion as Nigerian stocks suffer biggest one-day drop of 2026

Nigerian billionaire industrialist Abdul Samad Rabiu lost more than $1 billion in a single trading session after a sharp selloff on the Nigerian Exchange (NGX) triggered the steepest one-day market decline recorded so far in 2026.

The decline adds to a difficult stretch for Rabiu, whose net worth has been under pressure since mid-May, when his wealth was approaching the $20 billion mark. A broad retreat in some of Nigeria’s largest listed companies on Wednesday wiped significant value from his holdings and pushed his net worth further below that threshold.

According to the Bloomberg Billionaires Index, Rabiu’s net worth fell by $1.02 billion during the trading session, dropping from $17.4 billion at the start of the day to $16.4 billion by market close. The bulk of the setback came from his holding in BUA Cement, where he controls a 95.78 percent stake.

Shares of the cement producer tumbled by the maximum daily limit of 10 percent, reducing the company’s market capitalization to less than $8.4 billion. As a result, the value of Rabiu’s stake fell to $8.02 billion.

Profit-taking triggers broad retreat

The drop in BUA Cement was part of a wider retreat that swept across the Nigerian stock market, ending a brief recovery seen in the previous two trading sessions. Investors moved to lock in gains in several of the market’s best-performing stocks, particularly in the industrial and power sectors, triggering a wave of selling pressure across the exchange.

By the close of trading on Wednesday, the Nigerian Exchange had recorded its sharpest single-day decline of the year. The NGX All-Share Index fell 2.35 percent to 235,074.54 points from 240,743.19 points a day earlier, while total market capitalization dropped to N150.85 trillion ($110 billion).

The selloff erased N3.64 trillion ($2.64 billion) in investor wealth in a single session, marking the largest one-day loss in market value recorded on the exchange in 2026. The decline exceeded earlier correction periods this year, which had wiped out between N762 billion ($555 million) and N2.28 trillion ($1.65 billion).

Much of the pressure came from heavyweight industrial stocks that carry significant influence on the benchmark index. Three of the market’s most valuable and closely watched counters recorded steep declines during the session, amplifying the impact on the broader market.

Among them was BUA Cement, whose 10 percent drop directly affected Rabiu’s fortune. The company was joined by Dangote Cement, which also declined by the maximum daily limit, ending the session at N963 per share. BUA Cement closed at N340.20 per share.

Cement stocks trigger sector retreat

The simultaneous declines in the country’s two largest listed cement producers weighed heavily on the industrial sector. The NGX Industrial Goods Index dropped 8.31 percent to 10,202.25 points, making it the worst-performing sector of the day and one of the sharpest one-day sector declines recorded this year.

The selling followed a prolonged rally that had made cement stocks among the strongest performers on the exchange. Both BUA Cement and Dangote Cement had played a major role in driving gains in the Industrial Goods Index, which had risen nearly 96 percent on a year-to-date basis before Wednesday’s correction.

For Rabiu, the latest decline underscores how closely the fortunes of Nigeria’s richest industrialists remain tied to movements in the stock market. While the billionaire remains one of Africa’s wealthiest individuals, Wednesday’s selloff showed how quickly market swings can reshape the value of even the continent’s largest fortunes.