BUA boss and Nigerian billionaire businessman Abdul Samad Rabiu has reportedly emerged as Africa’s second-richest individual, overtaking South African luxury goods magnate Johann Rupert, according to the Bloomberg Billionaires Index.
Rabiu, founder and chairman of BUA Group, recorded one of the largest wealth gains globally this year, driven largely by rising valuations across his industrial and manufacturing investments.
The Bloomberg Billionaires Index placed Rabiu’s net worth at $18.6 billion, ranking him 138th among the world’s wealthiest individuals. The figure represents a year-to-date increase of approximately $8.47 billion.
The report noted that the significant rise in his fortune was fueled by stronger market performance and increased valuations within his business holdings, particularly in the cement, sugar, and infrastructure sectors.
Rabiu’s wealth had only recently been estimated at around $15.9 billion, highlighting the rapid pace of growth recorded over the past few months.
Meanwhile, Rupert’s fortune reportedly dropped to $17.9 billion after he lost about $1.76 billion this year, pushing him down to 153rd position on the global wealth ranking.
Rupert, chairman of luxury goods company Compagnie Financière Richemont, has long remained one of Africa’s wealthiest individuals through investments in luxury brands and financial services.
