Industrialist Abdul Samad Rabiu has emerged as Africa’s second-richest individual after his net worth climbed sharply to $18.6 billion, according to the latest Bloomberg Billionaires Index (BBI).
The remarkable rise places the founder and chairman of BUA Group ahead of South African billionaire Johann Rupert, whose fortune reportedly dropped to $17.9 billion following losses estimated at $1.76 billion this year.
Bloomberg data showed that Rabiu’s wealth increased by about $8.47 billion in 2026 alone, making him one of the world’s biggest wealth gainers this year. The surge pushed him to the 138th position on the global billionaire rankings, reflecting strong market performance across his cement, food processing, and manufacturing businesses.
The development further strengthens Nigeria’s presence among Africa’s wealthiest individuals, with Rabiu now trailing only Aliko Dangote, who retained his spot as the continent’s richest man. Dangote’s net worth was estimated at $34.4 billion, placing him 66th globally after adding roughly $4.38 billion to his fortune this year.
Analysts attribute Rabiu’s rapid wealth growth to improved valuations in his industrial holdings, particularly within the cement and manufacturing sectors, where BUA Group has continued aggressive expansion across Nigeria and other African markets.
Rabiu’s latest rise marks another milestone in his growing influence within Africa’s business landscape. Earlier in March, Forbes had named him the continent’s biggest wealth gainer after his fortune jumped by $6.1 billion over a one-year period. At the time, Forbes estimated his net worth at $11.2 billion, representing a 120 percent increase and moving him from sixth to third position among Africa’s wealthiest individuals.
Meanwhile, the Bloomberg ranking did not feature other prominent Nigerian billionaires such as Mike Adenuga and Femi Otedola among the world’s top 500 richest individuals.
Adenuga, founder of Globacom, was estimated to have a net worth of $6.5 billion, while Otedola’s wealth stood at approximately $1.3 billion. Otedola had earlier sold his majority stake in Geregu Power Plc in a N1.088 trillion transaction reportedly financed by a consortium of banks led by Zenith Bank.
The latest Bloomberg ranking highlights the growing influence of African industrialists in global business, with Nigerian entrepreneurs continuing to dominate the continent’s wealth landscape through investments in infrastructure, manufacturing, energy, and telecommunications.