Nigerian industrialist overtakes Johann Rupert amid $8.47 billion wealth surge in 2026

 

Abdul Samad Rabiu, the founder and chairman of BUA Group, has ascended to become Africa’s second-richest person, overtaking South African luxury goods magnate Johann Rupert. According to the Bloomberg Billionaires Index (BBI), Rabiu’s net worth has surged to $18.6 billion, marking one of the most dramatic wealth increases globally this year .

Key Highlights at a Glance

Metric Value

Current Net Worth $18.6 billion

Year-to-Date Gain +$8.47 billion

Global Ranking 138th

African Ranking 2nd

Behind Aliko Dangote ($34.4 billion)

The sharp rise in Rabiu’s fortune comes amid stronger valuations across his industrial holdings, particularly in the cement and food processing sectors. Meanwhile, Johann Rupert’s net worth declined to $17.9 billion after losing approximately $1.76 billion year-to-date, pushing the South African billionaire to 153rd position globally .

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A Meteoric Rise in 2026

Rabiu’s wealth trajectory throughout 2026 has been nothing short of remarkable:

· January 2026: Net worth at $10.4 billion, ranking 5th in Africa

· February 2026: Increased to $11.3 billion

· March 2026: Reached $14.6 billion, climbing to 4th position

· April 2026: Hit $15.9 billion, securing 3rd place

· May 2026: Surged to $18.6 billion, claiming 2nd place 

This represents the largest wealth gain of any African billionaire in 2026 so far, with Rabiu adding more than $8 billion to his fortune in just five months .

What’s Driving the Wealth Surge?

BUA Foods Performance

BUA Foods, one of Rabiu’s publicly traded subsidiaries, reported a 14% increase in after-tax earnings for Q1 2026, reaching ₦142.32 billion compared to ₦125.28 billion in the same period last year. As Nigeria’s second-largest pasta producer, the company continues to benefit from strong consumer demand .

BUA Cement Strength

BUA Cement, the country’s second-largest cement producer with 2025 revenues of 1.2 trillion naira ($776 million), has seen its shares surge by 135% over the past year. This dramatically outperformed the Nigerian Exchange (NGX), which rose 81% to record highs during the same period .

Strategic Business Structure

Rabiu maintains highly concentrated ownership of his empire:

· 98.2% of BUA Cement Plc

· 95% of BUA Foods

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This structure allows him to capture virtually all of the upside from his companies’ strong performance .

Forbes vs. Bloomberg: Different Methodologies

It’s worth noting the discrepancy between major wealth trackers:

Ranking Source Rabiu’s Net Worth African Rank

Bloomberg (May 2026) $18.6 billion 2nd

Forbes (March 2026) $11.2 billion 3rd

Forbes’ March 2026 Africa Billionaires list, calculated using stock prices and exchange rates as of March 1, showed Rabiu with $11.2 billion—a 120% increase from his $6.1 billion fortune in 2025. However, his wealth has continued climbing dramatically since that measurement date .

The difference highlights how real-time Bloomberg data captures ongoing market movements, while Forbes provides a snapshot as of a specific date.

Who Is Abdul Samad Rabiu?

Rabiu’s business journey began in 1988 when he launched a trading operation importing iron, steel, and chemicals—laying the foundation for what would become BUA Group, one of Nigeria’s largest industrial conglomerates .

Today, the BUA Group spans multiple sectors:

· Cement manufacturing (BUA Cement)

· Food processing (BUA Foods)

· Sugar refining

· Infrastructure

· Mining

· Energy

The group’s expansion has positioned it as a key player in Nigeria’s industrial development, directly competing with Dangote Industries across several sectors.

▶️ Dangote forbe profile 

▶️ Abdul samed Rabiu forbes profile 

Africa’s Billionaire Landscape in 2026

Current Top 5 African Billionaires (Bloomberg - May 2026)

Rank Name Country Net Worth

1 Aliko Dangote Nigeria $34.4 billion

2 Abdul Samad Rabiu Nigeria $18.6 billion

3 Johann Rupert South Africa $17.9 billion

4 Nathie Kirsh South Africa ~$15 billion

5 Nicky Oppenheimer South Africa ~$10.6 billion

Nigerian Representation

Nigeria maintains a strong presence on the continent’s wealth rankings. According to Forbes’ March 2026 list, four Nigerian billionaires made the cut:

· Aliko Dangote - $28.5 billion (1st in Africa)

· Abdulsamad Rabiu - $11.2 billion (3rd in Africa)

· Mike Adenuga - $6.5 billion (6th in Africa)

· Femi Otedola - $1.3 billion (22nd in Africa) 

Notably, 14 of the 23 African billionaires on the Forbes list are self-made, representing 61% of the continent’s billionaire club. Africa’s billionaires collectively hold a combined wealth of **$126.7 billion**, up 21% from $105 billion in 2025 .

The Dangote-Rabiu Dynamic

Both Rabiu and Aliko Dangote, who is also a cousin to Rabiu, are Kano-born industrialists who have built competing empires across cement production and food manufacturing . Their friendly rivalry has driven industrial growth in Nigeria, with both billionaires expanding their operations across West Africa.

Dangote retains his position as Africa’s richest individual with a net worth of $34.4 billion, ranking 66th globally after adding approximately $4.38 billion to his fortune in 2026 .

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Outlook: Can Rabiu Challenge for the Top Spot?

While Rabiu’s wealth growth has been extraordinary, closing the $15.8 billion gap with Dangote remains a significant challenge. However, several factors could drive further appreciation:

1. Continued valuation gains in BUA Cement and BUA Foods shares

2. Expansion into new markets across Africa

3. Potential new listings of other BUA Group subsidiaries

4. Currency stabilization in Nigeria benefiting naira-denominated assets

For now, Rabiu can celebrate his remarkable achievement of becoming Africa’s second-richest person—a testament to his vision and the growing economic power of Nigerian industry.

Frequently Asked Questions

Who is the richest man in Africa?

Aliko Dangote remains Africa’s richest person with a net worth of $34.4 billion, holding the top spot for the 15th consecutive year .

How did Abdul Samad Rabiu make his money?

Rabiu made his fortune through BUA Group, a conglomerate with major holdings in cement manufacturing (BUA Cement) and food processing (BUA Foods). He started his business career in 1988 importing iron, steel, and chemicals .

Is Abdul Samad Rabiu related to Aliko Dangote?

Yes, the two Nigerian billionaires are cousins, both hailing from Kano State. They compete across several business sectors while maintaining the top two positions on Nigeria’s wealth rankings .

What is Rabiu’s global ranking?

Rabiu currently ranks 138th on the Bloomberg Billionaires Index, up from 187th in April 2026 .

Data sources: Bloomberg Billionaires Index (May 2026), Forbes 2026 Africa Billionaires List (March 2026), BUA Group financial reports. Figures are current as of May 7, 2026.