Rabiu Overtakes Rupert as Africa’s Second Richest Billionaire
Nigerian industrialist Abdul Samad Rabiu has emerged as Africa’s second-richest person after his net worth climbed to $18.6 billion, according to the Bloomberg Billionaires Index.
Rabiu, founder and chairman of BUA Group, moved ahead of South African billionaire Johann Rupert following one of the biggest wealth increases recorded globally this year.
Bloomberg’s latest ranking showed Rabiu’s fortune rose by about $8.47 billion in 2026, placing him 138th among the world’s wealthiest individuals. The increase was linked to stronger market valuations across his cement, food, and manufacturing businesses.
The businessman’s wealth was recently estimated at $15.9 billion, highlighting the rapid growth recorded in recent months.
Meanwhile, Rupert’s net worth reportedly dropped to $17.9 billion after losing about $1.76 billion this year, pushing him down to 153rd place globally.
Data from the Bloomberg Billionaires Index identified Rabiu as Africa’s best-performing billionaire so far in 2026, driven largely by gains across his industrial investments.
Rabiu now trails only Aliko Dangote, who retained his position as Africa’s richest man with a net worth of $34.4 billion. Dangote currently ranks 66th globally after adding approximately $4.38 billion to his fortune this year.
Adenuga, Otedola Missing from Top 500
The Bloomberg ranking, as of May 7, did not include other Nigerian billionaires among the world’s 500 richest individuals.
Mike Adenuga, whose fortune was estimated at $6.5 billion, and Femi Otedola, valued at $1.3 billion, were absent from the global top 500 list.
Otedola had earlier sold his majority stake in Geregu Power Plc in a N1.088 trillion transaction financed by a consortium of banks led by Zenith Bank in 2025.
In March, Forbes also named Rabiu as Africa’s biggest wealth gainer after his fortune increased by $6.1 billion over the previous year.
According to the magazine, his wealth rose by about 120 percent to $11.2 billion, moving him from sixth to third place among Africa’s richest individuals.
