Abdul Samad Rabiu, founder and chairman of BUA Group, has become Africa’s second-richest person, surpassing South African billionaire Johann Rupert, according to the Bloomberg Billionaires Index.
Rabiu’s net worth hit $18.6 billion, placing him 138th globally and marking a $8.47 billion gain since the start of 2026. The jump was driven by stronger valuations across his cement, food and manufacturing businesses. His fortune stood at about $15.9 billion just recently.
Rupert’s wealth fell to $17.9 billion after losing $1.76 billion this year, dropping him to 153rd globally.
Rabiu now trails only Aliko Dangote among African billionaires. Dangote remains the continent’s richest with $34.4 billion, ranking 66th worldwide after adding $4.38 billion in 2026.
No other Nigerians made Bloomberg’s top 500 list as of May 7. Mike Adenuga, with $6.5 billion, and Femi Otedola, with $1.3 billion, were not included. Otedola sold his majority stake in Geregu Power Plc for N1.088 trillion last year.
Forbes reported in March that Rabiu was Africa’s biggest gainer over the past year, with his net worth up 120% to $11.2 billion at the time.
