Nigeria’s billionaire class has another major headline, and this time it belongs to Abdulsamad Rabiu. The founder of BUA Group has moved sharply higher on Africa’s wealth rankings after his fortune climbed to $15.9 billion, placing him within touching distance of becoming the continent’s second richest person.
According to the latest Bloomberg Billionaires Index, Rabiu added $5.78 billion since the start of the year. That performance now makes him the strongest-performing billionaire in Africa in 2026. As a result, he has reclaimed the third spot among the continent’s richest individuals and pushed ahead of South African businessman Nathie Kirsh.
Rabiu’s latest rise highlights the growing strength of Nigerian industrial wealth. It also signals renewed investor confidence in sectors tied to manufacturing, cement, sugar, food production, and infrastructure, where BUA Group has built its dominance.
At the top of the rankings, Aliko Dangote remains Africa’s richest man with a fortune of $33.6 billion. His wealth still places him comfortably ahead of every other billionaire on the continent. However, the race for second position is becoming far more interesting.
South African luxury goods tycoon Johann Rupert currently holds the second spot with $18.0 billion. Yet his fortune has declined by $1.42 billion this year, while Rabiu continues to gain momentum. That gap is now far smaller than it was just months ago.
Rabiu began the year with a net worth of $10.4 billion. At the time, he ranked fifth among Africa’s richest people and sat behind several long-established names on the billionaire list. Since then, his wealth has surged at an impressive pace.
By February, his fortune rose to $11.3 billion. Soon after, momentum accelerated again. By March, Rabiu reached $14.6 billion and entered the global top 200 richest people. Today, he stands at $15.9 billion and ranks as the 187th richest person in the world.
His comeback to third place is especially notable because Nathie Kirsh had briefly overtaken him earlier this year after a major $29 billion divestment deal boosted valuations tied to his holdings. However, Rabiu’s latest gains have reversed that move, putting the Nigerian billionaire back ahead with a fortune above Kirsh’s estimated $15.2 billion.
Beyond rankings, Rabiu’s rise reflects a bigger story about African enterprise. Nigerian billionaires continue to shape key industries across the continent, especially in cement, agriculture, energy, and consumer goods. As local production becomes more valuable, industrial players like Rabiu are benefiting.
For investors and market watchers, the next milestone is clear. If Rabiu’s current growth pace continues while Rupert’s losses persist, Africa could soon see a reshuffled top two richest list.
For now, Dangote remains firmly number one. But the battle for second place has become one of the biggest wealth stories in Africa this year, and Abdulsamad Rabiu is right at the center of it.
