Abdulsamad Rabiu Becomes Africa’s Second Richest Man, Approaches $20 Billion

Abdulsamad Rabiu, who has long held the position of Nigeria’s second-wealthiest individual, has now climbed to become the second richest person on the African continent.

His net worth has reached $19.0 billion, driven by a staggering year-to-date gain of $8.88 billion, making him the continent’s top-performing billionaire so far this year.

Rabiu now sits just behind Aliko Dangote on the wealth ladder, further cementing Nigeria’s dominance at the apex of African billionaire rankings.

His rise has come at the expense of South Africa’s Johann Rupert, who has seen his fortune shrink by $1.75 billion year to date, leaving him with a net worth of $17.7 billion and a position of 160th on the Bloomberg Billionaires Index.

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Rabiu’s global ranking has climbed to 138th, a significant leap underpinned by the consistent gains he has recorded throughout the year.

Last week, his fortune was pegged at $15.9 billion, already up $5.78 billion year to date underscoring the pace of his ascent.

Earlier in the year, Natie Kirsh had briefly emerged as Africa’s biggest wealth gainer, but Rabiu’s relentless rise has since reshuffled the rankings.

He now stands firmly in second place on the continent, with the $20 billion mark well within sight.

BUA Foods Powers the Wealth Surge

A major catalyst behind Rabiu’s expanding fortune is the strong financial performance of BUA Foods Plc, which has demonstrated resilience despite a challenging economic climate.

The company’s unaudited Q1 2026 results revealed a 14% rise in earnings after tax to ₦142.32 billion, compared to ₦125.28 billion recorded in the same period last year.

The growth reflects disciplined cost management, improved operational efficiency, and a sustained focus on value creation.

Although revenue dipped by 11% to ₦394.6 billion attributed to moderated pricing, easing inflation, and a more stable foreign exchange environment, profitability held firm.

Gross profit grew by 9% to ₦175.65 billion, buoyed by lower input costs and operational gains, while operating profit rose 11% to ₦154.6 billion.

Earnings per share also improved by 14% to ₦7.91, delivering stronger returns for shareholders.

Total assets expanded by 12% to ₦1.555 trillion, reflecting ongoing capacity development and the company’s rapid industry growth.