Abdul Samad Rabiu, founder and chairman of BUA Group, has overtaken South African billionaire Johann Rupert to become Africa’s second-richest individual, following a significant rise in his global wealth ranking.
According to the latest Bloomberg Billionaires Index (BBI), Rabiu recorded one of the most substantial wealth gains worldwide this year, driven by stronger valuations across his industrial portfolio, which spans cement, food, and manufacturing.
His net worth has climbed to $18.6 billion, placing him 138th globally and reflecting an impressive year-to-date increase of approximately $8.47 billion. This marks a sharp upward trajectory compared to recent estimates that placed his fortune at around $15.9 billion just months earlier.
The surge has positioned Rabiu as Africa’s strongest-performing billionaire so far in 2026, with his growth largely attributed to improved performance in key sectors under the BUA Group umbrella.
In contrast, Johann Rupert’s wealth declined over the same period, falling to $17.9 billion after a loss of about $1.76 billion. The downturn has pushed the South African luxury goods magnate to 153rd place globally, according to the index.
The latest rankings now place Rabiu just behind Aliko Dangote, Africa’s richest man. Aliko Dangote maintains his position at the top of the continent’s wealth hierarchy with a net worth of $34.4 billion, ranking 66th globally after adding approximately $4.38 billion to his fortune this year.
Meanwhile, other prominent Nigerian billionaires were notably absent from the latest global top 500 list. These include Mike Adenuga, founder of Globacom, whose net worth stands at an estimated $6.5 billion, and Femi Otedola, chairman of Geregu Power Plc, valued at around $1.3 billion.
Earlier in the year, Forbes had also highlighted Rabiu’s rapid ascent, naming him the biggest wealth gainer among Africa’s billionaires after his fortune surged by over 120 percent within a year, propelling him from sixth to third place on the continent at the time.
Melissa Enoch
