Abdul Samad Rabiu, the founder and chairman of BUA Group, has reportedly become the second-richest man in Africa, overtaking South African billionaire Johann Rupert.
- +Abdul Samad Rabiu becomes Africa’s second wealthiest person
The latest figures from Bloomberg Billionaires Index (BBI) places Rabiu second only to Aliko Dangote on the continent.
The latest figures from Bloomberg Billionaires Index (BBI) places Rabiu second only to Aliko Dangote on the continent.
According to the Index, Rabiu’s rise follows one of the most significant wealth increases globally this year.
At the start of 2026, Rabiu’s net worth was about $10.4 billion, placing him fifth on the continent. His wealth was driven by strong financial results from his flagship company, BUA Foods Plc, and other industrial interests.
Hs net worth which has risen to $18.6 billion, places him 138th on the global wealth list.
This represents a year-to-date increase of approximately $8.47 billion, driven by stronger valuations across his industrial holdings.
The BBI data identifies him as Africa’s strongest-performing billionaire so far in 2026, with substantial gains across his cement, food, and manufacturing businesses.
In contrast, Johann Rupert’s net worth declined to $17.9 billion after a loss of approximately $1.76 billion this year, moving the South African businessman to 153rd position globally.
Dangote remains Africa’s wealthiest individual with a net worth of $34.4 billion ranking 66th globally after adding $4.38 billion to his fortune this year.
As of May, other prominent Nigerian billionaires remained outside the world’s top 500:
Mike Adenuga, founder of Globacom, holds a net worth of $6.5 billion. Femi Otedola chairman of Geregu Power Plc, holds a net worth of $1.3 billion.
Otedola recently concluded a significant transaction in 2025, offloading his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium led by Zenith Bank Plc.
Sustained growth This trend mirrors findings by Forbes earlier in March, which named Rabiu the biggest gainer among African billionaires.
The magazine reported a 120 percent surge in his fortune over the past year, moving him from sixth to third place at the time. With these latest gains, he continues to consolidate his position as a leading figure in the global industrial landscape.
