08/05/2026
Abdul Samad Rabiu, founder and chairman of BUA Group, has overtaken South African billionaire Johann Rupert to become Africa’s second-richest individual, according to the Bloomberg Billionaires Index (BBI). A report by TheCable, citing Bloomberg data, stated that Rabiu’s net worth rose to $18.6 billion, placing him 138th on the global wealth rankings and representing a year-to-date increase of approximately $8.47 billion. The report attributed the sharp increase in wealth to stronger market valuations across Rabiu’s industrial holdings, particularly in the cement, food and manufacturing sectors.