Nigerian industrialist and CEO of BUA Group, Abdul Samad Rabiu, has reportedly emerged as Africa’s second-richest individual, overtaking South African billionaire Johann Rupert following a major surge in his net worth this year.
According to the Bloomberg Billionaires Index, Rabiu’s fortune climbed to $18.6 billion, placing him 138th among the world’s wealthiest individuals.
The latest valuation represents a year-to-date increase of about $8.47 billion, making him one of the biggest wealth gainers globally in 2026.
Bloomberg data attributed the sharp rise largely to stronger market valuations across Rabiu’s industrial investments, particularly in the cement, food, and manufacturing sectors.
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The chairman and founder of BUA Group was previously estimated to be worth around $15.9 billion, highlighting the rapid pace of growth in recent months.
Meanwhile, Rupert’s net worth reportedly declined to $17.9 billion after he lost approximately $1.76 billion this year, dropping the South African billionaire to 153rd position on the global ranking.
The development leaves Rabiu behind, leaving Aliko Dangote as the only African among Africa’s wealthiest individuals.
Dangote retained his position as the continent’s richest man with an estimated net worth of $34.4 billion, ranking 66th globally after adding roughly $4.38 billion to his fortune in 2026.
The Bloomberg ranking released on May 7 did not include other prominent Nigerian billionaires among the world’s top 500 richest individuals.
This excludes Mike Adenuga, founder of Globacom, whose net worth was estimated at $6.5 billion, and Femi Otedola, chairman of Geregu Power Plc, whose fortune was estimated at $1.3 billion.
Otedola had sold his majority stake in Geregu Power Plc in a N1.088 trillion transaction in 2025, financed by a consortium of banks led by Zenith Bank Plc.
Earlier in March, Forbes identified Rabiu as the biggest gainer among African billionaires after his net worth rose by $6.1 billion over one year.
The publication said his wealth jumped by about 120 per cent to $11.2 billion at the time, moving him from sixth to third position among Africa’s richest individuals.
