Abdul Samad Rabiu, founder and chairman of BUA Group, has overtaken South African billionaire Johann Rupert to become Africa’s second-richest individual, according to the Bloomberg Billionaires Index (BBI).
A report by TheCable, citing Bloomberg data, stated that Rabiu’s net worth rose to $18.6 billion, placing him 138th on the global wealth rankings and representing a year-to-date increase of approximately $8.47 billion.
The report attributed the sharp increase in wealth to stronger market valuations across Rabiu’s industrial holdings, particularly in the cement, food and manufacturing sectors.
Rabiu’s fortune had recently been estimated at about $15.9 billion, underscoring the pace of growth recorded in recent months.
According to the Bloomberg Billionaires Index, Johann Rupert’s net worth declined to $17.9 billion after he reportedly lost about $1.76 billion this year, pushing the South African businessman to 153rd position globally.
The latest figures showed Rabiu as Africa’s strongest-performing billionaire so far in 2026.
The ranking leaves Rabiu behind only Nigerian industrialist Aliko Dangote, who retained his position as Africa’s richest individual with an estimated net worth of $34.4 billion.
Bloomberg data showed that Dangote ranked 66th globally after adding about $4.38 billion to his fortune this year.
TheCable further reported that no other Nigerian billionaire appeared on Bloomberg’s global top 500 wealth rankings as of May 7.
Mike Adenuga, founder of telecommunications company Globacom, whose net worth was estimated at $6.5 billion, and Femi Otedola, chairman of Geregu Power Plc, with an estimated fortune of $1.3 billion, were absent from the latest list.
Otedola had earlier divested his majority stake in Geregu Power Plc in a transaction valued at N1.088 trillion.
The deal was reportedly financed by a consortium of banks led by Zenith Bank Plc in 2025.
In March, Forbes magazine also identified Rabiu as the biggest gainer among Africa’s billionaires after his wealth increased significantly over the previous year.
According to Forbes, Rabiu’s fortune rose by about 120 per cent, or $6.1 billion, to $11.2 billion, moving him from sixth to third position on the continent’s rich list.