Nigerian billionaire Abdulsamad Rabiu hits $19B: How he became Africa’s 2nd richest man overnight

SUMMARY

• Abdulsamad Rabiu has officially overtaken South Africa's Johann Rupert to become the second-wealthiest person in Africa, trailing only Aliko Dangote.

• Driven by a massive $8.88 billion surge in wealth since the start of the year, Rabiu’s net worth now sits at an estimated $19.0 billion.

• The primary driver of this growth is the financial success of BUA Foods Plc, which saw a 14% increase in profits in early 2026 despite a challenging economic environment.

Abdulsamad Rabiu, the Nigerian industrialist and Chairman of BUA Group, has officially overtaken South African luxury magnate Johann Rupert to become the second-richest man in Africa.

According to the Bloomberg Billionaires Index, Rabiu’s wealth grew by a massive $8.8 billion since the start of 2026.

This performance makes him the continent’s best-performing billionaire of the year.

With a current net worth of $19 billion, he has passed South African businessman Johann Rupert, whose fortune dropped to $17.7 billion and is rapidly closing in on the prestigious $20 billion milestone.

This move means Nigeria now holds the top two spots on the list of Africa’s wealthiest individuals, with Aliko Dangote still holding the number one position for more than 13 consecutive years.

Read more about Abdulsamad Rabiu’s journey from a local trader to Africa's second-richest man

The main reason for this increase is the success of BUA Foods Plc. Despite a tough economy and rising prices in Nigeria, the company managed to stay very profitable.

According to financial reports highlighted by Business Insider, BUA Foods saw its profit after tax rise by 14% in the first quarter of 2026, reaching over ₦142 billion.

Even though the company’s revenue actually dipped slightly because they kept their prices steady for consumers, their internal efficiency and lower costs helped them make more profit.

• Profit After Tax: Increased by 14% to ₦142.32 billion.

• Operating Profit: Rose by 11% to ₦154.6 billion.

• Total Assets: Expanded by 12% to ₦1.555 trillion.

Abdul Samad Rabiu is the founder of BUA Group, a massive business empire in Nigeria. Born in Kano to a family of successful traders, Rabiu took what he learned from his father and built it into one of the continent's most powerful industrial forces.

He started BUA Group in 1988 as a small trading company importing commodities like rice and flour. 

Over time, he moved into heavy manufacturing to help Nigeria produce its own goods. Today, his business covers the essentials that drive a growing economy:

• BUA Cement: Nigeria’s second-largest cement producer, helping build roads and homes across the region.

Dangote vs BUA vs Lafarge: Who Has the Cheapest Cement in 2025? 

• BUA Foods: A leader in sugar refining, flour milling, and pasta production.

• Infrastructure: Extensive investments in ports and logistics to move goods faster and cheaper.

Beyond his businesses, Rabiu is known for his massive donations through the ASR Africa initiative. 

He pledges $100 million every year to support health, education, and social development across the continent. 

His journey from a local trader to Africa's second-richest man is a clear example of how staying focused on local production can lead to world-class success.

• Current Net Worth: $19 billion.

• Year-to-Date Gain: $8.88 billion (the highest gain of any African billionaire this year).

• Global Rank: He is now the 138th richest person in the world.

• The Competitor: Johann Rupert fell to 3rd in Africa as his luxury goods empire saw a slight decline in value.

Discover a Simple Way to Know Your Net Worth

Rabiu’s rise shows how much influence Nigeria’s industrial sector has right now. 

While Rupert’s wealth comes largely from luxury fashion (Richemont), Rabiu’s wealth is built on essentials like sugar, flour, and cement. 

And by expanding BUA Group’s capacity, Rabiu has positioned his empire as a cornerstone of West African infrastructure and food security.

As Rabiu edges closer to the $20 billion mark, the world is watching to see if he can eventually challenge Aliko Dangote for the title of Africa’s wealthiest individual.

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