The founder and chairman of BUA Group, Abdul Samad Rabiu, has reportedly surpassed South African billionaire Johann Rupert to become the second-richest person in Africa.
Rabiu’s rise follows one of the biggest wealth increases recorded globally this year, according to the Bloomberg Billionaires Index (BBI).
His net worth climbed to $18.6 billion, placing him 138th on the global rich list after gaining about $8.47 billion since the start of 2026.
The report attributed the sharp increase in his wealth to stronger market valuations across his industrial businesses.
Rabiu’s fortune had recently been estimated at about $15.9 billion, highlighting the rapid growth recorded in recent months.
According to the index, Johann Rupert’s net worth dropped to $17.9 billion after losing around $1.76 billion this year, pushing him down to 153rd position globally.
Bloomberg data showed that Rabiu remains Africa’s top-performing billionaire in 2026, driven by growth in his cement, food, and manufacturing investments.
The latest ranking places him behind only Aliko Dangote among Africa’s wealthiest individuals.
Figures from the index showed Dangote retained the number one position in Africa with a net worth of $34.4 billion, ranking 66th globally after adding about $4.38 billion to his fortune this year.
OTEDOLA, ADENUGA MISS OUT ON GLOBAL LIST
As of May 7, no other Nigerian billionaire appeared on Bloomberg’s list of the world’s 500 richest individuals.
The ranking showed that Mike Adenuga, founder of Globacom, with an estimated net worth of $6.5 billion, and Femi Otedola, chairman of Geregu Power Plc, worth about $1.3 billion, were absent from the global top 500 list.
Otedola had sold his majority stake in Geregu Power Plc for N1.088 trillion in a transaction financed by a consortium of banks led by Zenith Bank Plc in 2025.
Earlier in March, Forbes named Rabiu as the biggest gainer among African billionaires after his wealth increased by $6.1 billion over the past year.
The magazine reported that his fortune rose by about 120 percent to $11.2 billion, moving him from sixth to third place on Africa’s rich list.