Abdul Samad Rabiu becomes Africa’s second-richest billionaire after major wealth surge

Nigerian billionaire and industrialist Abdul Samad Rabiu, founder and chairman of BUA Group, has overtaken South African businessman Johann Rupert to become Africa’s second-richest person, following a strong increase in his global wealth ranking.

According to the latest Bloomberg Billionaires Index, Rabiu recorded one of the biggest wealth gains globally in 2026, driven by improved valuations across his cement, food, and manufacturing businesses under the BUA Group.

His net worth has risen to about $18.6 billion, placing him 138th globally and marking an increase of roughly $8.47 billion year-to-date. The figure reflects a sharp rise from earlier estimates that placed his wealth at about $15.9 billion.

The growth makes him the strongest-performing African billionaire so far in 2026, with analysts attributing the surge to improved performance in key industrial sectors.

In contrast, Johann Rupert saw a decline in his fortune over the same period, dropping to $17.9 billion after losing about $1.76 billion, which pushed him down the global rankings to 153rd position.

Rabiu now sits just behind Africa’s richest man, Aliko Dangote, who retains the top spot on the continent with an estimated net worth of $34.4 billion, ranking 66th globally after gaining about $4.38 billion this year.

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Other prominent Nigerian billionaires, including Mike Adenuga and Femi Otedola, were not listed among the global top 500 in the latest update.

Rabiu’s rise has been consistent over recent years, with previous reports showing rapid gains linked to strong industrial expansion and increased valuation of his business empire.

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