LAGOS, Nigeria – Nigerian industrialist Abdulsamad Rabiu has ascended to the position of Africa’s second wealthiest individual, following a significant surge in his personal fortune during the first half of 2026.
Okay News reports that Rabiu, the Chairman of BUA Group, now holds a net worth of $19.0 billion. This milestone follows a remarkable year-to-date increase of $8.88 billion, making him the highest-gaining billionaire on the continent so far this year.
The rise in wealth has seen Rabiu overtake South African businessman Johann Rupert, whose fortune currently stands at $17.7 billion. Rabiu now trails only fellow Nigerian Aliko Dangote in the continental rankings, further solidifying Nigeria’s dominant position at the top of Africa’s wealth index.
The primary driver of this growth is the strong performance of BUA Foods Plc. Despite a challenging economic climate, the company reported a 14% increase in post-tax earnings for the first quarter of 2026, reaching ₦142.32 billion. Analysts attribute the success to improved operational efficiency and a stable foreign exchange environment.
With his global ranking climbing to 138th, Rabiu is now approaching the $20 billion milestone. His company’s total assets have also grown to ₦1.555 trillion, fueled by ongoing capacity expansion across its various industrial sectors.
