Abdulsamad Rabiu Becomes Africa’s Second-Richest Person With $19bn Fortune

BUA Group chairman Abdulsamad Rabiu has climbed to become Africa’s second-richest person after his net worth surged to $19 billion, overtaking South African billionaire Johann Rupert on the global wealth rankings.

Rabiu’s fortune grew by $8.88 billion year-to-date, a sharp rise that has propelled him to 138th place on the global rich list. He now trails only Aliko Dangote, who retains the title of Africa’s wealthiest individual.

The dramatic increase in wealth has been largely attributed to the strong financial performance of BUA Foods, one of Nigeria’s leading food and consumer goods companies. The firm recorded a 14 percent rise in earnings after tax in the first quarter of 2026, reflecting growing consumer demand and improved operational efficiency.

Rabiu, who built his business empire across cement, sugar, and food processing, has seen BUA Foods emerge as a key driver of his growing fortune. The company’s consistent performance has strengthened investor confidence and pushed its valuation higher in recent months.

The development further cements Nigeria’s position as home to some of Africa’s wealthiest individuals, with both Dangote and Rabiu now ranking among the most influential business figures on the continent.

Rabiu’s rise comes amid a broader rally in Nigerian equities, with BUA Foods shares among those attracting renewed interest from both local and international investors.