Abdul Samad Rabiu, the Nigerian businessman and founder of BUA Group, has reportedly overtaken South African billionaire Johann Rupert to become the second richest person in Africa, according to the latest data from the Bloomberg Billionaires Index.
Rabiu's Wealth Surges to $18.6 Billion
Rabiu's fortune has climbed to $18.6 billion, placing him 138th on the global wealth rankings. He has gained approximately $8.47 billion since the start of the year, driven by 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.
Rupert's Net Worth Declines
According to Bloomberg's latest rankings, Johann 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 Remains Africa's Richest
Aliko 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.
Other Nigerian Billionaires
Mike Adenuga's fortune was reportedly estimated at $6.5 billion, while Femi 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.
Forbes Recognition
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.
