The founder and Chairman of BUA Group, Abdul Samad Rabiu, has overtaken South African billionaire Johann Rupert to emerge as Africa’s second-richest individual.
Rabiu’s rise follows one of the largest wealth increases recorded globally this year, according to the Bloomberg Billionaires Index.
His net worth climbed to $18.6 billion, placing him 138th on the global wealth ranking with a year-to-date gain of approximately $8.47 billion.
The surge in Rabiu’s fortune was attributed to stronger valuations across his industrial investments, particularly in the cement, food, and manufacturing sectors.
The Nigerian billionaire’s wealth had recently been estimated at about $15.9 billion, highlighting the rapid pace of growth in recent months.
In contrast, Rupert’s net worth dropped to $17.9 billion after he lost around $1.76 billion this year, pushing him down to 153rd place on the global ranking.
Instagram ends end-to-end encrypted DMs, sparks privacy concerns
Bloomberg data showed that Rabiu is currently Africa’s best-performing billionaire in 2026, driven largely by gains across his core business holdings.
The latest ranking places him behind only the Chairman of Dangote Group, Aliko Dangote, among African billionaires.
Dangote retained his position as Africa’s richest man with a net worth of $34.4 billion, ranking 66th globally after adding about $4.38 billion to his fortune this year.
Ondo monarch, others remanded in Prison as Aiyedatiwa declares war on land grabbers
As of May 7, no other Nigerian billionaire appeared on Bloomberg’s global top 500 wealth ranking.
The ranking also showed that Mike Adenuga, with an estimated net worth of $6.5 billion, and Femi Otedola, valued at about $1.3 billion, were not among the world’s 500 wealthiest individuals.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
