Founder and chairman of BUA Group Abdul Samad Rabiu has moved ahead of South African businessman Johann Rupert to become Africa’s second-richest person, according to the Bloomberg Billionaires Index.
The index placed Mr Rabiu’s net worth at $18.6 billion, ranking him 138th globally. It showed an increase of about $8.47 billion so far in 2026.
The report said the increase was linked to higher valuations of companies under the BUA Group, including cement, food and manufacturing businesses.
Earlier estimates had placed his net worth at about $15.9 billion before the latest rise.
Johann Rupert’s net worth dropped to $17.9 billion after a loss of about $1.76 billion, placing him 153rd on the global list.
With the latest figures, Rabiu now ranks behind only Aliko Dangote among African billionaires. Dangote remains Africa’s richest person with $34.4 billion and is ranked 66th globally after an increase of about $4.38 billion this year.
The Bloomberg data did not include other Nigerian billionaires in the global top 500 list, including Mike Adenuga and Femi Otedola.
Rabiu’s latest ranking follows earlier gains linked to the performance of listed companies under his group.
In March, data showed his net worth rose from $11.8 billion to $14 billion within weeks. The increase was tied to gains in BUA Cement and BUA Foods on the Nigerian Exchange.
BUA Cement recorded a rise in share price during the period, while BUA Foods also posted increased trading activity.
Abdul Samad Rabiu holds about 98 percent of BUA Cement and about 93 percent of BUA Foods, according to company disclosures.
BUA Cement was listed on the Nigerian Exchange in 2020, while BUA Foods was listed in 2022.
Earlier in 2026, Rabiu was reported as one of the biggest gainers among African billionaires after his wealth increased by more than 120 percent over the previous year.
