Lagos, May 6 – Nigerian Billionaire Abdulsamad Rabiu has risen to become Africa’s second-richest individual, overtaking Johann Rupert after a sharp increase in his net worth this year.
Rabiu’s fortune climbed to $19.0 billion, driven by a year-to-date gain of $8.88 billion, positioning him just behind Aliko Dangote at the top of the continent’s wealth rankings.
The surge places Rabiu 138th globally, marking a significant rise in the Bloomberg Billionaires Index. In contrast, Rupert’s net worth has declined to $17.7 billion after losing about $1.75 billion over the same period, pushing him down to 160th place.
Rabiu’s rapid ascent has been underpinned by strong performance in BUA Foods, which reported a 14% increase in earnings after tax in the first quarter of 2026. The company’s growth has been a key driver of investor confidence and valuation gains.
The Nigerian billionaire has emerged as Africa’s best-performing billionaire so far this year, reflecting sustained gains across his business empire. His net worth stood at approximately $15.9 billion just weeks earlier, highlighting the pace of his rise.
The reshuffling at the top of Africa’s wealth rankings underscores Nigeria’s continued dominance among the continent’s ultra-wealthy, with Rabiu now firmly in second place and closing in on the $20 billion mark.
