Abdul Samad Rabiu, Nigerian businessman and founder of BUA Group, has reportedly overtaken Johann Rupert to become Africa’s second richest person, according to the latest figures from the Bloomberg Billionaires Index.
Rabiu’s fortune is reported to have climbed to $18.6 billion, placing him 138th on the global wealth rankings after gaining approximately $8.47 billion since the start of the year.
The surge in wealth has been linked to stronger market valuations across his industrial businesses, particularly in cement, food production and manufacturing. Recent estimates had placed Rabiu’s fortune at around $15.9 billion, highlighting the rapid growth recorded in recent months.
According to Bloomberg’s latest rankings, Rupert’s net worth fell to $17.9 billion after he reportedly lost about $1.76 billion this year, moving him to 153rd position globally. The latest figures place Rabiu behind only Aliko Dangote among Africa’s wealthiest individuals.
Dangote retained his position as Africa’s richest man with an estimated fortune of $34.4 billion, ranking him 66th globally after adding roughly $4.38 billion to his wealth in 2026. Bloomberg’s rankings as of May 7 did not include other Nigerian billionaires such as Mike Adenuga or Femi Otedola among the world’s 500 richest individuals.
Adenuga’s fortune was reportedly estimated at $6.5 billion, while Otedola’s net worth stood at around $1.3 billion. Otedola previously sold his majority stake in Geregu Power Plc in a N1.088 trillion transaction financed by a consortium of banks led by Zenith Bank Plc in 2025.
Earlier this year, Forbes also identified Rabiu as one of Africa’s biggest billionaire gainers after his fortune reportedly rose by about $6.1 billion over a one year period.
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