Abdul Samad Rabiu Because Second Wealthiest African As Net Worth Hits $18.6bn

Abdul Samad Rabiu, the founder and chairman of BUA Group, has overtaken South African billionaire Johann Rupert to become the second-richest person in Africa.

Abdul Samad Rabiu achieved the milestone after recording one of the world’s largest wealth increases this year, according to the Bloomberg Billionaires Index (BBI).

His net worth climbed to $18.6 billion, placing him 138th among the world’s richest people and marking a year-to-date increase of about $8.47 billion.

Bloomberg attributed the sharp rise in his fortune to improved valuations across his industrial businesses.

Only recently, Rabiu’s wealth was estimated at around $15.9 billion, highlighting the rapid growth of his fortune within a short period.

Meanwhile, Johann Rupert’s net worth reportedly dropped to $17.9 billion after he lost about $1.76 billion this year, pushing him down to 153rd place globally.

BBI data showed that Rabiu has emerged as Africa’s best-performing billionaire in 2026 so far, mainly due to strong growth in his cement, food, and manufacturing companies.

The latest rankings place Rabiu behind only Aliko Dangote among Africa’s wealthiest individuals.

According to the data, Dangote maintained his position as Africa’s richest man with a net worth of $34.4 billion.

He currently ranks 66th in the world after adding about $4.38 billion to his fortune this year.

As of May 7, no other Nigerian billionaire appeared on Bloomberg’s global top wealth rankings.

The ranking also showed that Mike Adenuga, founder of Globacom, whose net worth stands at $6.5 billion, and Femi Otedola, chairman of Geregu Power Plc with $1.3 billion, were not among the world’s 500 richest people.

Otedola had earlier sold his majority stake in Geregu Power Plc in a N1.088 trillion transaction financed by a group of banks led by Zenith Bank Plc in 2025.

Earlier in March, Forbes named Rabiu as the biggest wealth gainer among African billionaires after his net worth increased by $6.1 billion within one year.

The magazine stated that his fortune jumped by about 120 percent to $11.2 billion, helping him rise from sixth to third position on Africa’s billionaire rankings.

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