Chairman of BUA Group, Abdul Samad Rabiu, has emerged as Africa’s second-richest man with a net worth of $19.1 billion, according to the latest Bloomberg Billionaires Index released May 7, 2026.

The new ranking places him behind Aliko Dangote and ahead of South Africa’s Johann Rupert.

Wealth surge reshapes Africa’s billionaire ranking

Rabiu’s fortune rose sharply this year, increasing by about $8.88 billion year-to-date.

The jump pushed him past Rupert, whose wealth declined to $17.7 billion, while also improving Rabiu’s global ranking to 138th.

Just a week earlier, his net worth stood at $15.9 billion, highlighting the rapid pace of growth.

BUA Foods drives financial momentum

Analysts linked the surge largely to the performance of BUA Foods, a key subsidiary of the BUA Group.

The company posted a 14 per cent increase in profit after tax in the first quarter of 2026.

Unaudited figures show earnings rose to ₦142.32 billion, up from ₦125.28 billion recorded in the same period in 2025.

Despite an 11 per cent drop in revenue to ₦394.6 billion, profitability remained strong.

Efficiency, cost control boost profits

Reports attributed the improved earnings to tighter cost management, operational efficiency, moderated pricing, and relative stability in foreign exchange.

The company’s performance appears to have strengthened investor confidence, contributing to Rabiu’s rising valuation.

BUA Group’s expanding footprint

Rabiu is the founder of BUA Group, a major Nigerian conglomerate with operations spanning cement, food production and manufacturing.

Its subsidiary, BUA Cement, remains Nigeria’s second-largest cement producer and generated about ₦1.2 trillion in revenue in 2025.

BUA Foods is also ranked among the country’s leading pasta producers, reinforcing the group’s influence in Nigeria’s industrial and consumer goods sectors.