The Nigerian billionaire, Abdulsamad Rabiu, is quickly approaching a historic financial milestone, as Nigeria’s second-richest man and Africa’s second-richest individual currently has a net worth of $19.7 billion, according to the Bloomberg Billionaires Index.
The most recent appraisal represents a $606 million boost in his fortune, bringing his year-to-date gain to an astonishing $9.53 billion and putting him just $300 million away from the elite $20 billion threshold, a feat only one African, Aliko Dangote, has accomplished.
Dangote presently leads the continent’s wealth rankings, with a net worth of $36.7 billion, cementing Nigeria’s position at the top of Africa’s billionaires.
Rabiu’s wealth increase has been one of the most astounding stories in world business this year.
In March, he made one of his most significant net worth leaps, adding $4.47 billion and increasing his fortune from $10.7 billion to $14.6 billion.
That increase propelled him to 197th on the global rich list and third in Africa, per the Bloomberg index.
His climb has only continued since then.
Earlier in May, the Nigerian industrialist surpassed South African billionaire Johann Rupert to become Africa’s second-richest person, with a net worth of $19 billion at the time and a $8.88 billion year-to-date gain, the best performance among African billionaires in 2026.
The strong performance of his corporate empire, particularly BUA Foods, has played a significant role in his spectacular climb.
BUA Foods performance summary
The company has reported a good start to the year, with profits up 14%, margins up 39%, and earnings per share up 14%.
The audited full-year 2025 results were equally remarkable, with sales reaching ₦1.77 trillion, up 16%.
Dividend per share increased by 115% to ₦28, indicating robust demand and a continuous focus on shareholder returns.
As Rabiu approaches the $20 billion mark, his ascension becomes more than just a personal success story; it is a potent symbol of Nigeria’s expanding industrial and manufacturing wealth on a worldwide scale.