ABDUL SAMAD Rabiu, founder and chairman of BUA Group, has reportedly overtaken South African billionaire Johann Rupert to emerge as Africa’s second-richest individual.
News Point Nigeria reports that Rabiu’s rise follows one of the biggest wealth gains recorded globally this year, according to the Bloomberg Billionaires Index.
The latest Bloomberg ranking showed that Rabiu’s net worth climbed to $18.6 billion, placing him 138th on the global wealth list and representing a year-to-date increase of about $8.47 billion.
According to the report, the sharp rise in his fortune was driven by stronger valuations across his industrial holdings.
Rabiu’s wealth had recently been estimated at about $15.9 billion, highlighting the rapid pace of growth recorded in recent months.
The Bloomberg index also showed that Johann Rupert’s net worth declined to $17.9 billion after he reportedly lost about $1.76 billion this year, pushing the South African billionaire down to the 153rd position globally.
Data from the Bloomberg Billionaires Index indicated that Rabiu has emerged as Africa’s strongest-performing billionaire so far in 2026, largely driven by gains across his cement, food and manufacturing businesses.
The latest ranking leaves Rabiu behind only Aliko Dangote among African billionaires.
Analysis of the data further showed that Dangote retained his position as Africa’s richest individual, with an estimated net worth of $34.4 billion.
The industrialist was ranked 66th globally after adding about $4.38 billion to his fortune this year.
As of May 7, the Bloomberg ranking did not include any other Nigerian billionaires among the world’s top wealthiest individuals.
The latest list showed that Mike Adenuga, founder of Globacom, with an estimated net worth of $6.5 billion, and Femi Otedola, chairman of Geregu Power Plc, with a net worth of $1.3 billion, were not listed among the world’s top 500 wealthiest individuals.
Otedola had previously offloaded his majority stake in Geregu Power Plc for ₦1.088 trillion in a transaction financed by a consortium of banks led by Zenith Bank Plc in 2025.
Earlier in March, Forbes had described Rabiu as the biggest gainer among Africa’s billionaires after his net worth surged by $6.1 billion over the previous year.
According to Forbes, Rabiu’s fortune increased by about 120 per cent, or $6.10 billion, to $11.2 billion, moving him to third position on Africa’s rich list from the sixth spot.