Nigerian billionaire industrialist, Abdul Samad Rabiu, has climbed to become Africa’s second-richest man after his net worth surged to $18.6 billion, according to the Bloomberg Billionaires Index.
The founder and chairman of BUA Group displaced South African billionaire Johann Rupert following one of the biggest wealth jumps recorded globally in 2026.
Rabiu’s fortune reportedly increased by about $8.47 billion this year alone, pushing him to the 138th position on the global wealth ranking as stronger valuations boosted his cement, food and manufacturing businesses.
The latest figures showed that Johann Rupert’s wealth dropped to $17.9 billion after losing about $1.76 billion this year, sliding him down to 153rd place globally.
Bloomberg data ranked Rabiu as Africa’s best-performing billionaire in 2026, with his rapid rise driven largely by gains across his industrial empire.
Despite the impressive climb, Rabiu still trails Africa’s richest man, Aliko Dangote, whose fortune reportedly rose to $34.4 billion, placing him 66th in the world after gaining about $4.38 billion this year.
The report also revealed that no other Nigerian billionaire currently appears among the world’s top 500 richest individuals on Bloomberg’s latest ranking.
Globacom founder Mike Adenuga, with an estimated fortune of $6.5 billion, and Geregu Power chairman Femi Otedola, valued at about $1.3 billion, were absent from the list.
Otedola had earlier sold off his majority stake in Geregu Power Plc in a N1.088 trillion transaction financed by a consortium of banks led by Zenith Bank Plc in 2025.
In March, Forbes had already identified Rabiu as Africa’s biggest billionaire gainer after his net worth jumped by $6.1 billion within one year.
The magazine stated that his fortune surged by about 120 percent to $11.2 billion at the time, moving him from sixth to third place among Africa’s wealthiest individuals.
