Abdul Samad Rabiu, founder and chairman of BUA Group, has reportedly overtaken Johann Rupert, the South African billionaire, to become Africa’s second-richest individual.
Rabiu’s progression comes after he recorded one of the
biggest wealth gains globally this year, according to the Bloomberg
Billionaires Index (BBI).
Rabiu’s net worth rose to $18.6 billion, placing him 138th
on the global wealth list and marking a year-to-date increase of about $8.47
billion.
The report said the sharp rise in fortune comes amid
stronger valuations across his industrial holdings.
Rabiu’s fortune was recently estimated at about $15.9
billion, underscoring the pace of growth recorded in recent months.
According to the index, Johann Rupert’s net worth declined
to $17.9 billion after losing about $1.76 billion this year, pushing the South
African billionaire to 153rd position globally.
Data from the BBI showed Rabiu as Africa’s
strongest-performing billionaire so far in 2026, driven largely 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 indicated that Dangote retained his
position as Africa’s richest individual, with a net worth of $34.4 billion,
ranking the industrialist 66th globally after he added about $4.38 billion to
his fortune this year.
OTEDOLA, MIKE ADENUGA MISSING FROM RANKING
As of May 7, the Bloomberg ranking did not include any other
Nigerian billionaires on the global wealth list.
The latest ranking showed that Mike Adenuga, founder of
Globacom, with a net worth of $6.5 billion, and Femi Otedola, chairman of
Geregu Power Plc ($1.3 billion), were not listed among the world’s top 500
wealthiest individuals.
Otedola had offloaded his majority stake in Geregu Power Plc
for N1.088 trillion in a deal financed by a consortium of banks led by Zenith
Bank Plc in 2025.
In March, Forbes said Rabiu was the biggest gainer among
Africa’s billionaires after his net worth surged by $6.1 billion over the past
year.
According to the magazine, Rabiu’s fortune rose by about 120
percent (or $6.10 billion) to $11.2 billion, moving him to third place on the
continent’s rich persons’ list — up from the sixth spot.
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