Abdul Samad Rabiu, Chairman of BUA Group, has climbed to second place on Africa’s wealth rankings, overtaking South African billionaire Johann Rupert in a major reshuffling of the continent’s billionaire league.
According to the latest rankings released by the Bloomberg Billionaires Index, Rabiu’s net worth has risen to an estimated $19.1 billion, driven by strong market performance of his listed companies and renewed investor confidence in Nigeria’s industrial sector.
Brandspur Banking News Desk reports that Rabiu now trails only Aliko Dangote, whose fortune of approximately $35.9 billion keeps him at the top of Africa’s wealth table. The development marks a rare milestone, with Nigeria now producing the two wealthiest individuals on the African continent.
Johann Rupert, chairman of luxury goods group Richemont, has slipped to third position with a net worth estimated at $17.7 billion, reflecting slower asset growth compared to Nigeria’s fast-rising industrial valuations.
Market data shows that Rabiu’s surge in wealth has been largely powered by the exceptional performance of BUA Group’s publicly listed subsidiaries, particularly BUA Foods Plc and BUA Cement Plc, on the Nigerian Exchange. Both companies posted strong first-quarter 2026 results, triggering sharp gains in share prices and boosting the group’s overall valuation.
Since the beginning of 2026, Rabiu’s net worth has increased by more than $8.8 billion, representing one of the largest wealth gains globally this year. The rise has moved him from fifth to second position in Africa and placed him among the top 150 richest individuals worldwide.
Analysts attribute the momentum to BUA Group’s aggressive expansion across cement manufacturing, food processing and other industrial segments, alongside sustained domestic demand and improved corporate earnings.
With ongoing investments, including major infrastructure and energy-related projects, observers say Rabiu’s ascent highlights the growing influence of Nigeria’s private-sector industrial leaders and signals continued competition at the top of Africa’s wealth rankings.
