Abdul Samad Rabiu Surpasses Johann Rupert, Becomes Africa’s Second-Richest Billionaire with $18.6bn Net Worth

Abdul Samad Rabiu, the founder and chairman of BUA Group, has surged past South African billionaire Johann Rupert to claim the title of Africa’s second-richest individual.

According to the Bloomberg Billionaires Index (BBI), Rabiu’s remarkable rise in wealth this year has placed him among Africa’s wealthiest, with a net worth of $18.6 billion.

Rabiu’s wealth has jumped by about $8.47 billion year-to-date, placing him 138th globally. This surge in his fortune follows higher valuations of his industrial holdings, particularly in his cement, food, and manufacturing businesses.

Just months ago, Rabiu’s net worth was estimated at $15.9 billion, showcasing the rapid pace of growth. Meanwhile, Johann Rupert’s fortune has decreased to $17.9 billion after losing approximately $1.76 billion this year, dropping him to 153rd on the global list.

Rabiu has emerged as Africa’s top-performing billionaire so far in 2026, cementing his position as the continent’s second-richest behind Aliko Dangote, who retains the top spot with a net worth of $34.4 billion. Dangote ranks 66th globally after adding about $4.38 billion to his wealth this year.

Notably, Nigerian billionaires Mike Adenuga and Femi Otedola were absent from the Bloomberg ranking’s top 500. Adenuga, the founder of Globacom, holds a net worth of $6.5 billion, while Otedola, the chairman of Geregu Power Plc, is valued at $1.3 billion.

In 2025, Otedola sold his majority stake in Geregu Power for N1.088 trillion, financed by a consortium of banks led by Zenith Bank.

In March, Forbes had already acknowledged Rabiu’s success, highlighting his $6.1 billion gain over the past year. His net worth then surged to $11.2 billion, elevating him to third on Africa’s billionaire list, a significant leap from his previous position in sixth.

Rabiu’s meteoric rise underscores his dominance in various sectors, solidifying his place as one of Africa’s most influential business figures.