Nigerian businessman and BUA Group founder, Abdul Samad Rabiu, has reportedly surpassed Johann Rupert to become Africa’s second richest person, according to the latest Bloomberg Billionaires Index.
Rabiu’s net worth is now estimated at $18.6 billion, placing him 138th on the global wealth rankings after reportedly gaining about $8.47 billion since the beginning of the year.
The increase in his fortune has been attributed to rising market valuations across his industrial businesses, particularly in cement, food production, and manufacturing. Previous estimates had valued his wealth at around $15.9 billion, underscoring the significant growth recorded in recent months.
Bloomberg’s latest rankings showed that Johann Rupert’s net worth declined to $17.9 billion after he reportedly lost approximately $1.76 billion this year, pushing him to 153rd place globally. Rabiu now trails only Aliko Dangote among Africa’s wealthiest individuals.
Dangote maintained his position as Africa’s richest man with an estimated fortune of $34.4 billion. He ranked 66th globally after adding roughly $4.38 billion to his wealth in 2026.
Bloomberg’s rankings as of May 7 did not feature other Nigerian billionaires, including Mike Adenuga and Femi Otedola, among the world’s 500 richest individuals. Adenuga’s net worth was estimated at $6.5 billion, while Otedola’s fortune stood at about $1.3 billion.
Otedola had earlier sold his majority stake in Geregu Power Plc in a N1.088 trillion deal financed by a consortium of banks led by Zenith Bank Plc in 2025.
Earlier this year, Forbes also listed Rabiu among Africa’s biggest billionaire gainers after his wealth reportedly increased by about $6.1 billion within one year.
