- BUA Boss Becomes Africa’s Second Wealthiest Man After Dangote
- Rabiu overtakes South African billionaire Johann Rupert in ranking
- Strong BUA Foods performance boosts Rabiu’s growing net worth
Chairman of BUA Group, Abdul Samad Rabiu, has emerged as Africa’s second-richest man, according to the latest Bloomberg Billionaires Index released on May 7, 2026.
Checks by TVC News on Thursday showed that Rabiu’s net worth rose to $19.1 billion, placing him behind only Aliko Dangote, who remains Africa’s richest individual.
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EKO HOT BLOG reports that the latest ranking means Rabiu has overtaken South African billionaire Johann Rupert, whose fortune reportedly dropped to $17.7 billion.
According to Business Insider Africa, Rabiu’s wealth has grown significantly this year, increasing by about $8.88 billion year-to-date.
The development also pushed Rabiu up the global wealth rankings, where he now occupies the 138th position among the world’s richest people.
Rabiu’s net worth was estimated at $15.9 billion last week, highlighting the rapid rise in his fortune within a short period.
Financial analysts linked the sharp increase largely to the strong performance of BUA Foods, one of the publicly traded subsidiaries under the BUA Group.
The company recorded a 14 per cent increase in profit after tax for the first quarter of 2026.
According to Vanguard Newspaper, BUA Foods posted unaudited earnings after tax of ₦142.32 billion in Q1 2026, compared to ₦125.28 billion recorded during the same period in 2025.
Although the company’s revenue declined by 11 per cent to ₦394.6 billion, profitability remained strong due to improved cost management and operational efficiency.
Reports also attributed the performance to moderated pricing, easing inflation and relative foreign exchange stability.
Rabiu is the founder and chairman of BUA Group, one of Nigeria’s leading conglomerates with major investments in cement, food production and manufacturing.
Its subsidiary, BUA Cement, is Nigeria’s second-largest cement producer and reportedly generated about ₦1.2 trillion in revenue in 2025.
BUA Foods is also regarded as the country’s second-largest pasta producer.
