By Paul Joseph
Nigerian billionaire and Chairman of BUA Group, Abdulsamad Rabiu, has climbed to become Africa’s second-richest individual after adding an estimated $8.88 billion to his fortune in 2026.
The latest Bloomberg Billionaires Index shows Rabiu’s net worth rising sharply to $19 billion, pushing him ahead of South African luxury business tycoon Johann Rupert and strengthening Nigeria’s dominance among Africa’s wealthiest individuals.
Rabiu, long regarded as Nigeria’s second-richest man behind Aliko Dangote, is now ranked among the world’s fastest-rising billionaires this year. He currently trails only Dangote on the African rich list.
The dramatic rise in Rabiu’s fortune has forced Johann Rupert into third place on the continent’s billionaire rankings. Rupert’s net worth reportedly declined by $1.75 billion year-to-date to $17.7 billion.
Bloomberg rankings place Rabiu at 138th globally, while Rupert now sits at 160th position. Rabiu’s rise has been particularly rapid, with his wealth reportedly increasing from $15.9 billion just weeks ago.
The Nigerian businessman is also approaching the symbolic $20 billion net worth milestone as investors continue to respond positively to the performance of companies within the BUA Group.
BUA Foods Drives Massive Wealth Increase
A major contributor to Rabiu’s growing fortune is the strong performance of BUA Foods Plc, one of Nigeria’s leading food manufacturing companies.
Despite economic challenges including inflation and foreign exchange pressures, the company posted solid first-quarter results in 2026, reflecting strong operational efficiency and disciplined cost management.
BUA Foods recorded a 14 per cent increase in profit after tax, rising to ₦142.32 billion from ₦125.28 billion during the same period in 2025.
Although revenue declined by 11 per cent to ₦394.6 billion due to easing inflation and moderated pricing, the company maintained strong profitability.
Gross profit rose by 9 per cent to ₦175.65 billion, while operating profit increased by 11 per cent to ₦154.6 billion. Earnings per share also climbed by 14 per cent to ₦7.91.
The company’s total assets expanded to ₦1.555 trillion, highlighting continued expansion and stronger market positioning within Nigeria’s consumer goods sector.
Rabiu’s rise further reinforces Nigeria’s influence in Africa’s billionaire landscape, with Aliko Dangote and Abdulsamad Rabiu emerging as the continent’s strongest-performing billionaires in 2026.
Dangote, currently Africa’s richest man, has also recorded major gains this year, with Bloomberg estimating his net worth at $32.8 billion.
The strong performances of both industrialists underline the growing economic influence of Nigerian-owned conglomerates across Africa.
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