Abdulsamad Rabiu, chairman of BUA Group, don become Africa second richest man, overtake South African billionaire Johann Rupert. According to Bloomberg Billionaires Index, Rabiu net worth hit $18.6 billion as of May 7, 2026. Dis na big jump from number five position just four months ago.
Di main reason for dis rapid wealth increase na di strong performance of BUA Foods and BUA Cement for Nigerian Exchange. Investor demand push up di share prices of these companies, and because Rabiu own 97% of BUA Cement and 95% of BUA Foods, every gain for market value directly add to im personal wealth.
Dis strategy of high concentration ownership mean say Rabiu no dey share di upside with many minority shareholders. So when di market do well, im pocket plenty. Di Nigerian manufacturing sector don show resilience, and Rabiu capitalise on am while some other African billionaires dey face decline.
Di shift for ranking also show say di gap between top industrialists like Rabiu and oda prominent Nigerian billionaires like Mike Adenuga and Femi Otedola dey grow. Adenuga and Otedola no even make di global top 500 richest list dis year.
Only Aliko Dangote still dey ahead of Rabiu for Africa. Dangote dey rank 67th globally, while Rabiu dey 152nd. Johann Rupert drop to 144th. Di Bloomberg index still show say Rabiu be Africa strongest-performing billionaire so far for 2026.
Both Dangote and Rabiu come from Kano State. Dangote build im fortune through Dangote Group with investments for cement, sugar, flour, and petroleum refining. Rabiu also expand BUA Group aggressively for cement, food processing, sugar, and manufacturing.
Di global top of Bloomberg Billionaires Index still dey dominated by American tech and investment billionaires, with Elon Musk leading at $673 billion.
Do you have a news tip for NNN? Please email us at editor @ nnn.ng
