Nigerian industrialist Abdul Samad Rabiu has emerged as Africa’s second-richest person, with his net worth climbing to $18.6 billion, according to the latest Bloomberg Billionaires Index.
The development marks a significant shift in the continent’s wealth hierarchy, as Rabiu overtook South African billionaire Johann Rupert, whose fortune reportedly declined to $17.9 billion after losses estimated at $1.76 billion this year.
Rabiu’s rise has been driven by strong valuation gains across his BUA Group holdings, particularly in cement, food processing, and manufacturing - key sectors that have benefitted from increased demand and improved market pricing conditions in 2026.
His net worth has surged by about $8.47 billion year-to-date, placing him 138th on the global wealth ranking and making him one of the biggest gainers on the Bloomberg index this year.
Earlier estimates had placed his fortune at about $15.9 billion, highlighting the speed of the recent upward revision in his valuation.
Despite Rabiu’s rapid ascent, Africa’s richest individual remains Aliko Dangote, whose net worth stands at $34.4 billion, ranking him 66th globally after adding $4.38 billion in wealth this year.
The Bloomberg data also indicates that other major Nigerian billionaires, including Globacom founder Mike Adenuga and Geregu Power chairman Femi Otedola, were not listed among the world’s top 500 richest individuals in the latest ranking.
Rabiu’s performance has previously drawn attention from wealth tracking platforms. Forbes had earlier reported that his net worth more than doubled within a year, driven by expansion in cement production and agro-industrial investments.
With his latest valuation, Rabiu now firmly occupies second place in Africa’s billionaire rankings, underscoring the continued dominance of Nigerian industrialists in shaping the continent’s wealth landscape and the growing influence of manufacturing-driven fortunes.
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