BUA Group chairman Abdul Samad Rabiu rises to Africa’s second-richest man with $15.8bn, overtaking Johann Rupert, according to Forbes real-time rankings.
Rabiu Surges to No. 2 in Africa’s Wealth Rankings
Nigerian billionaire industrialist Abdul Samad Rabiu has climbed to become Africa’s second-richest man, according to the latest real-time rankings by Forbes.
Figures as of April 30, 2026, place Rabiu’s net worth at $15.8 billion, pushing him ahead of South African luxury magnate Johann Rupert and his family, whose fortune stands at $15.1 billion.
He now sits just behind Africa’s richest man, Aliko Dangote.
Rabiu’s rapid rise is closely tied to the strong market performance of his core businesses under BUA Group, particularly BUA Cement and BUA Foods.
His dominant stakes in these publicly traded companies have significantly boosted his valuation, as investor confidence grows in sectors like cement production, food processing, and large-scale manufacturing.
Forbes’ real-time rankings track wealth using share prices, ownership structures, private assets, currency movements, and liabilities—factors that have all worked in Rabiu’s favour.
Born into the influential Kano business family of Khalifah Isyaku Rabiu, Abdul Samad Rabiu founded BUA International in 1988, later transforming it into BUA Group—one of Africa’s leading conglomerates.
Today, the group spans cement, sugar, flour, foods, ports, infrastructure, and real estate, with BUA Cement emerging as a major force in Nigeria’s construction sector and BUA Foods playing a key role in food security.
Rabiu’s ascent signals a shift in how wealth is being built across Africa.
Unlike many fortunes rooted in mining or luxury goods, his rise is driven by industrial production, manufacturing, and infrastructure—positioning him as a leading figure in Africa’s growing industrial economy.
Beyond corporate success, Rabiu has expanded his influence through philanthropy.
In 2021, he launched ASR Africa, committing $100 million annually to projects in health, education, and social development across the continent.
Through the initiative, he has funded hospitals, universities, and key infrastructure, reinforcing his status as both a business leader and a major philanthropic investor.
Rabiu’s emergence as Africa’s second-richest man is more than a personal milestone—it reflects the rising power of Nigerian industry and capital markets on the global stage.
As BUA Group continues to expand, his ranking highlights a broader transformation in African wealth creation, driven increasingly by local enterprise and industrial scale.
