Nigeria's Abdulsamad Rabiu is now Africa's second richest man, nearing the $20 billion mark

Abdulsamad Rabiu, typically occupying the position of Nigeria's second-richest man in the last year, has risen to become Africa's second-richest individual.

• Abdulsamad Rabiu has become Africa's second-richest person with a net worth of $19.0 billion after an impressive year-to-date increase of $8.88 billion.
• Rabiu now trails only Aliko Dangote, surpassing South Africa's Johann Rupert, whose net worth dropped to $17.7 billion.
• Rabiu's global ranking climbed to 138th as his wealth surged significantly this year.
• The strong financial performance of BUA Foods, including a 14% rise in Q1 2026 earnings after tax, is a key driver behind Rabiu's wealth growth.

His net worth currently stands at $19.0 billion, boosted by a remarkable year-to-date increase of $8.88 billion, making him the continent's best-performing billionaire in the year so far.

Rabiu now trails only Aliko Dangote, bolstering Nigeria's position at the top of Africa's wealth ladder.

In the process, he has surpassed South Africa's Johann Rupert, who has a net worth of $17.7 billion and currently ranks 160th on the Bloomberg Billionaires Index, having lost $1.75 billion year to date.

Rabiu is now ranked 138th in the world, a tremendous rise fuelled by sustained gains this year.

His worth was valued at $15.9 billion last week, up $5.78 billion year to date, underlining his meteoric rise.

Earlier in the year, Nathie Kirsh briefly emerged as Africa's top gainer, but Rabiu's continuous rise has reshaped the rankings.

He is now firmly in second position, closing up on the $20 billion milestone.

BUA Foods' impressive Q1 2026 earnings

The remarkable performance of BUA Foods Plc, which has shown perseverance in the face of a tough economic environment, could be tagged as a fundamental driver of Rabiu's expanding wealth.

The company's unaudited Q1 2026 results showed a 14% increase in earnings after tax to ₦142.32 billion, up from ₦125.28 billion in the same time last year, as seen on Vanguard.

This expansion demonstrates careful cost control, increased operational efficiency, and a focus on value development.

Despite an 11% fall in revenue to ₦394.6 billion due to moderated pricing, reducing inflation, and a stable foreign exchange situation, profitability remained robust.

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The company's gross profit increased by 9% to ₦175.65 billion due to reduced input costs and improved operational efficiency.

Operating profit increased by 11% to ₦154.6 billion, while earnings per share improved by 14% to ₦7.91, boosting shareholder value.

Rabiu experienced a 12% increase in total assets to ₦1.555 trillion due to capacity development, highlighting the company's quick rise in the industry.