Abdulsamad Rabiu Overtakes Johann Rupert, Gains $8.8bn to Become Africa’s Second-Richest Man
- BUA Group Chairman Abdulsamad Rabiu becomes Africa’s second-richest man, surpassing Johann Rupert
- Rabiu’s net worth surges by $8.88 billion, now at $19.0 billion in 2026
- Strong performance from BUA Foods fuels Rabiu's wealth despite challenging economic conditions
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian billionaire and BUA Group Chairman, Abdulsamad Rabiu, has overtaken South African luxury goods magnate Johann Rupert to become Africa’s second-richest man, strengthening Nigeria’s dominance at the top of the continent’s wealth rankings.
Rabiu, who had consistently ranked as Nigeria’s second-richest man behind Aliko Dangote, has now moved up significantly on the global billionaire ladder following a massive $8.88 billion increase in his net worth this year.
Source: UGC
According to the latest Bloomberg Billionaires Index, Rabiu’s fortune now stands at $19.0 billion, placing him as Africa’s second-richest individual and the continent’s best-performing billionaire so far in 2026.
He now trails only fellow Nigerian billionaire Aliko Dangote, further cementing Nigeria’s position as home to Africa’s wealthiest individuals.
Rabiu pushes Johann Rupert to third place
Rabiu’s rapid wealth growth has pushed South Africa’s Johann Rupert down to third place on the African rich list.
Rupert, whose fortune is currently estimated at $17.7 billion, has seen his wealth decline by $1.75 billion year-to-date, dropping him to 160th position globally on the Bloomberg rankings.
In contrast, Rabiu has climbed to 138th in the world, reflecting one of the fastest wealth surges among global billionaires this year.
Just last week, Rabiu’s net worth stood at $15.9 billion, showing how quickly his fortune has expanded within a short period.
Earlier in the year, businessman Nathie Kirsh had briefly held the title of Africa’s top wealth gainer, but Rabiu’s sustained rise has now firmly secured him the number two position on the continent.
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He is also edging closer to the symbolic $20 billion net worth milestone.
BUA Foods drives wealth surge
A major factor behind Rabiu’s impressive rise is the strong financial performance of BUA Foods Plc, one of Nigeria’s leading consumer goods companies and a core part of his business empire.
Despite operating in a challenging economic climate marked by inflation concerns and currency pressures, the company posted resilient first-quarter results for 2026.
Its unaudited Q1 2026 report showed that profit after tax rose by 14% to ₦142.32 billion, compared to ₦125.28 billion recorded during the same period last year.
The performance highlighted strong cost discipline, improved efficiency, and a strategic focus on profitability rather than aggressive pricing.
Profitability stays strong despite revenue dip
Although revenue declined by 11% to ₦394.6 billion due to moderated pricing, easing inflation, and a relatively stable foreign exchange environment, BUA Foods maintained strong profitability.
Gross profit rose by 9% to ₦175.65 billion, supported by lower input costs and improved operational efficiency.
Operating profit also climbed by 11% to ₦154.6 billion, while earnings per share increased by 14% to ₦7.91, delivering stronger returns for shareholders.
The company’s total assets expanded by 12% to ₦1.555 trillion, reflecting aggressive capacity expansion and stronger market positioning.
Source: Getty Images
This sustained business growth has directly translated into Rabiu’s soaring personal fortune, placing him among the world’s fastest-rising billionaires and reinforcing Nigeria’s influence in Africa’s billionaire landscape.
Dangote, Rabiu's wealth outperforms other African billionaires
Legit.ng earlier reported that, according to the Bloomberg Billionaires Index, two Nigerian industrialists, Aliko Dangote and Abdul Samad Rabiu, have emerged as Africa’s best-performing billionaires in the first months of 2026.
Dangote, Africa’s richest man, has increased his net worth to $32.8 billion year to date, representing a rise of $2.79 billion.
He was valued at $30.4 billion at the start of the year and is currently ranked the 73rd richest person in the world, according to Bloomberg.
Source: Legit.ng
