Nigerian billionaire and BUA Group Chairman Abdulsamad Rabiu has overtaken South African luxury goods magnate Johann Rupert to become Africa's second-richest man, reinforcing Nigeria's dominance in the continent's wealth rankings. According to the latest Bloomberg Billionaires Index, Rabiu's net worth has surged by $8.88 billion in 2026, reaching $19.0 billion, making him the best-performing billionaire in Africa this year.
Rabiu's Rise and Rupert's Decline
Rabiu, previously Nigeria's second-richest man behind Aliko Dangote, has climbed to 138th globally, while Rupert dropped to 160th with a net worth of $17.7 billion, a decline of $1.75 billion year-to-date. Just last week, Rabiu's fortune stood at $15.9 billion, highlighting the rapid expansion of his wealth. He now trails only Dangote, further cementing Nigeria's position as home to Africa's wealthiest individuals.
BUA Foods Drives Wealth Surge
The primary driver of Rabiu's wealth surge is the strong performance of BUA Foods Plc, a key part of his business empire. Despite challenging economic conditions, including inflation and currency pressures, the company reported robust first-quarter results for 2026. Unaudited Q1 2026 figures showed a 14% rise in profit after tax to ₦142.32 billion, compared to ₦125.28 billion in the same period last year. This growth was attributed to strong cost discipline, improved efficiency, and a strategic focus on profitability.
Profitability Maintained Despite Revenue Dip
Although revenue declined by 11% to ₦394.6 billion due to moderated pricing and a stable foreign exchange environment, BUA Foods maintained strong profitability. Gross profit increased by 9% to ₦175.65 billion, supported by lower input costs and operational efficiency. Operating profit rose by 11% to ₦154.6 billion, while earnings per share grew by 14% to ₦7.91, delivering higher returns for shareholders. Total assets expanded by 12% to ₦1.555 trillion, reflecting capacity expansion and stronger market positioning.
Nigerians Dominate Africa's Wealth Rankings
Rabiu's sustained business growth has directly translated into his soaring personal fortune, placing him among the world's fastest-rising billionaires. Earlier reports from Legit.ng indicated that Dangote and Rabiu are Africa's best-performing billionaires in 2026, with Dangote's net worth rising to $32.8 billion, ranking 73rd globally. This trend underscores Nigeria's influence in Africa's billionaire landscape, with both industrialists outperforming other African billionaires.
