Abdul Samad Rabiu, founder and chairman of BUA Group, has reportedly overtaken Johann Rupert, the South African billionaire, to become Africa’s second-richest individual.
Rabiu’s progression comes after he recorded one of the biggest wealth gains globally this year, according to the Bloomberg Billionaires Index
Rabiu’s net worth rose to $18.6 billion, placing him 138th on the global wealth list and marking a year-to-date increase of about $8.47 billion.
The report said the sharp rise in fortune comes amid stronger valuations across his industrial holdings.
Rabiu’s fortune was recently estimated at about $15.9 billion, underscoring the pace of growth recorded in recent months.
According to the index, Johann Rupert’s net worth declined to $17.9 billion after losing about $1.76 billion this year, pushing the South African billionaire to 153rd position globally.
Data from the BBI showed Rabiu as Africa’s strongest-performing billionaire so far in 2026, driven largely by gains across his cement, food, and manufacturing businesses.
The latest ranking leaves Rabiu behind only Aliko Dangote among African billionaires.
Analysis of the data indicated that Dangote retained his position as Africa’s richest individual, with a net worth of $34.4 billion, ranking the industrialist 66th globally after he added about $4.38 billion to his fortune this year.
As of May 7, the Bloomberg ranking did not include any other Nigerian billionaires on the global wealth list.
The latest ranking showed that Mike Adenuga, founder of Globacom, with a net worth of $6.5 billion, and Femi Otedola, chairman of Geregu Power Plc ($1.3 billion), were not listed among the world’s top 500 wealthiest individuals.
Otedola had offloaded his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc in 2025.
In March, Forbes said Rabiu was the biggest gainer among Africa’s billionaires after his net worth surged by $6.1 billion over the past year.
According to the magazine, Rabiu’s fortune rose by about 120 percent (or $6.10 billion) to $11.2 billion, moving him to third place on the continent’s rich persons’ list — up from the sixth spot.
