Abdul Samad Rabiu, founder and chairman of BUA Group, has become the second-richest person in Africa, according to the Bloomberg Billionaires Index. His net worth reached $18.6 billion in 2026, surpassing South African billionaire Johann Rupert, whose wealth fell to $17.9 billion. Rabiu's $8.47 billion year-to-date increase is among the largest globally, driven by strong performance in BUA Foods Plc and other industrial holdings. At the start of 2026, Rabiu's fortune stood at $10.4 billion, ranking him fifth on the continent.
The Bloomberg data identifies Rabiu as Africa's top-performing billionaire so far in 2026, with major gains in cement, food, and manufacturing. He now ranks 138th worldwide. Aliko Dangote remains Africa's wealthiest individual with a net worth of $34.4 billion, up $4.38 billion this year, placing him 66th globally. Other Nigerian billionaires include Mike Adenuga, valued at $6.5 billion, and Femi Otedola, with a net worth of $1.3 billion. Otedola exited his majority stake in Geregu Power Plc in 2025 through a N1.088 trillion deal financed by a Zenith Bank-led consortium.
Forbes reported in March that Rabiu was the biggest gainer among African billionaires, with a 120 percent increase in wealth over the previous year, moving him from sixth to third place at the time. His continued growth has solidified his position in the global industrial sector. The Bloomberg Billionaires Index tracks wealth changes in real time, factoring in asset valuations, market shifts, and currency fluctuations. Rabiu's rise reflects sustained expansion across his diversified business interests.
Abdul Samad Rabiu's leap to second-richest in Africa comes as his net worth nearly doubled in one year while most Nigerians face rising living costs. His $8.47 billion gain in 2026 exceeds the annual budgets of several Nigerian states combined. This widening gap raises questions about wealth concentration in an economy where industrial growth has not translated into mass employment or wage increases. The fortunes of a few now tower over the financial reality of millions.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
