Nigerian industrialist and founder of BUA Group, Abdul Samad Rabiu, has climbed to the position of Africa’s second-richest person after his net worth surged to an estimated $18.6 billion, according to the latest Bloomberg Billionaires Index (BBI).
The sharp rise in Rabiu’s fortune marks one of the most significant wealth gains globally this year, driven largely by strong performance across his cement, food, and manufacturing businesses under the BUA Group conglomerate.
Data from the index shows that Rabiu’s wealth increased by about $8.47 billion year-to-date, placing him 138th on the global wealth ranking and cementing his position as Africa’s fastest-growing billionaire in 2026.
His net worth, which had recently been estimated at about $15.9 billion, reflects sustained gains across his industrial holdings, which have benefited from improved market valuations and expansion in key sectors of the Nigerian economy.
The latest figures also show that South African billionaire Johann Rupert dropped in ranking after his net worth declined to $17.9 billion, following losses of about $1.76 billion within the year. He is now ranked 153rd globally.
The shift in fortunes places Rabiu just behind Africa’s richest man, Aliko Dangote, who continues to dominate the continent’s wealth rankings with a net worth of $34.4 billion, placing him 66th globally after gaining an additional $4.38 billion in 2026.
Analysts tracking the Bloomberg data say Rabiu’s performance has been the strongest among African billionaires this year, reflecting increased investor confidence in his industrial expansion strategy.
The latest rankings, however, show that other prominent Nigerian billionaires, including Globacom founder Mike Adenuga, with an estimated net worth of $6.5 billion, and Geregu Power chairman Femi Otedola, valued at about $1.3 billion, were not listed among the world’s top 500 richest individuals at the time of the report.
Otedola had earlier made headlines in 2025 after reportedly offloading a majority stake in Geregu Power Plc in a transaction valued at over N1 trillion.
Earlier reports by Forbes also showed Rabiu’s rapid ascent, noting that his wealth had grown by more than 120 percent within a year, rising from $11.2 billion to over $15 billion before the latest Bloomberg update pushed him further up the global rankings.
With his latest valuation, Rabiu now stands firmly as Africa’s second-richest individual, underscoring the continued dominance of Nigerian industrialists on the continent’s wealth landscape.