Abdul Samad Rabiu, the founder and chairman of BUA Group, has officially ascended to the position of Africa’s second-richest person, overtaking South African billionaire Johann Rupert.
According to the latest Bloomberg Billionaires’ Index, Rabiu’s net worth has climbed to $18.6 billion, placing him 138th on the global wealth rankings.
This shift follows a staggering year-to-date increase of approximately $8.47 billion, making Rabiu Africa’s strongest-performing billionaire so far in 2026. The surge in his fortune is largely attributed to the robust performance and valuations of his industrial holdings, particularly in the cement, food, and manufacturing sectors.
While Rabiu’s wealth recently sat at an estimated $15.9 billion, his rapid gains contrast with the fortunes of Johann Rupert. Rupert’s net worth declined to $17.9 billion after he reportedly lost about $1.76 billion this year, pushing the South African businessman down to 153rd place globally.
The updated rankings leave Rabiu trailing only Aliko Dangote on the continent. Dangote maintains his long-held position as Africa’s wealthiest individual with a net worth of $34.4 billion, ranking 66th globally after adding $4.38 billion to his wealth this year.
Other prominent Nigerian figures, however, did not make the world’s top 500 list as of May 7. Mike Adenuga, the founder of Globacom, holds an estimated net worth of $6.5 billion, while Femi Otedola, chairman of Geregu Power Plc, is valued at $1.3 billion.
Otedola had notably offloaded his majority stake in Geregu Power Plc for ₦1.088 trillion in 2025 through a transaction financed by a Zenith Bank-led consortium.
Rabiu’s upward trajectory was also highlighted earlier in March by Forbes, which described him as the biggest gainer among Africa’s billionaires. At that time, Forbes noted that his fortune had increased by roughly 120 percent, or $6.10 billion, stating that his net worth “surged by $6.1 billion over the previous year” to reach $11.2 billion before his most recent jump to the second spot.
