Abdul Samad Rabiu Becomes Africa's Second Richest Man

Abdul Samad Rabiu, the Chairman of BUA Group, has emerged as Africa's second richest man, overtaking South African billionaire Johann Rupert, according to the Bloomberg Billionaires Index released on May 7, 2026. Rabiu's net worth rose to $19.1 billion, placing him behind Africa's richest man, Aliko Dangote.

This increase in wealth is attributed to a significant rise in the performance of BUA Food, a publicly traded subsidiary of BUA Group, which reported a 14% increase in profit before tax for the first quarter of 2026, amounting to ₦142.32 billion, compared to ₦125.28 billion in the same period in 2025. Despite an 11% drop in revenue to ₦394.6 billion, the company's strong profit performance is linked to improved cost control and operational efficiency, alongside moderate price increases amid inflation and stable foreign exchange rates.

Rabiu is the founder and chairman of BUA Group, which is a leading conglomerate in Nigeria, involved in cement and food product manufacturing.