Abdul Samad Rabiu, founder of BUA Group, has reportedly become Africa’s second richest individual after surpassing Johann Rupert on the latest Bloomberg Billionaires Index rankings.
According to the latest figures, Rabiu’s net worth has risen to an estimated $18.6 billion, placing him 138th among the world’s richest people after gaining about $8.47 billion since the beginning of the year.
The sharp increase in his wealth has been linked to improved market performance across his businesses, especially in cement production, food processing, and manufacturing.
Recent reports had previously estimated his fortune at around $15.9 billion, showing significant growth within a short period.
Meanwhile, Rupert’s fortune reportedly dropped to $17.9 billion after losing approximately $1.76 billion this year, pushing him to 153rd position globally.
Rabiu is now ranked behind only Aliko Dangote among Africa’s wealthiest individuals.
Dangote maintained his position as Africa’s richest man with an estimated net worth of $34.4 billion, ranking 66th globally after reportedly adding about $4.38 billion to his fortune in 2026.
The latest Bloomberg rankings did not feature other Nigerian billionaires such as Mike Adenuga or Femi Otedola among the world’s top 500 richest individuals.
Reports estimated Adenuga’s fortune at $6.5 billion, while Otedola’s net worth stood around $1.3 billion.
Earlier this year, Forbes also listed Rabiu among Africa’s top billionaire gainers after his fortune reportedly increased by about $6.1 billion within a year.