BUA Chairman Abdulsamad Rabiu Nears Africa’s Second Richest Position

LAGOS, Nigeria – Nigerian billionaire and Chairman of BUA Group, Abdulsamad Rabiu, has significantly increased his wealth, bringing him closer to becoming the second richest person in Africa.

According to the latest Bloomberg Billionaires Index released on Monday, Rabiu’s net worth has risen to $15.9 billion (about ₦21.6 trillion), securing his place as Nigeria’s second richest man and the third richest in Africa.

So far in 2026, Rabiu has added an impressive $5.78 billion (approximately ₦7.86 trillion) to his fortune, making him the fastest-growing billionaire on the continent this year. His surge has allowed him to surpass South Africa’s Nathie Kirsh, who previously held the third position.

Rabiu is now closing the gap with Johann Rupert of South Africa, Africa’s second richest individual, whose net worth stands at $18.0 billion (around ₦24.5 trillion) after recording a decline this year.

The BUA founder’s rise has been remarkable. At the start of 2026, his wealth was estimated at $10.4 billion. By March, it had climbed to $14.6 billion, pushing him up the global wealth rankings. His steady growth comes despite wider market fluctuations affecting other African billionaires.

Meanwhile, Aliko Dangote remains Africa’s richest man with a net worth of $33.6 billion (about ₦45.7 trillion). Rabiu’s rapid climb has, however, strengthened Nigeria’s presence at the top, with two Nigerians now ranking among the three richest individuals on the continent.