The move strengthens Nigeria’s grip on the top spots in the continent’s wealth rankings.

According to the latest Bloomberg Billionaires Index, Rabiu’s net worth has surged by $8.88 billion this year to $19.0 billion. That places him at number two in Africa, trailing only fellow Nigerian Aliko Dangote, who remains the continent’s richest man.

Rabiu now ranks 138th globally. Rupert, whose fortune is estimated at $17.7 billion, has dropped to 160th in the world after losing $1.75 billion year to date.

Just last week, Rabiu’s net worth stood at $15.9 billion. The rapid climb shows how quickly his business empire is expanding. He is now closing in on the $20 billion milestone.

BUA Foods Drives the Wealth Surge
The main engine behind Rabiu’s rise is BUA Foods Plc, one of Nigeria’s top consumer goods companies. Despite a tough economic environment with high inflation and currency pressures, the company delivered strong first quarter results for 2026.

BUA Foods’ unaudited Q1 2026 report showed profit after tax rose by 14% to ₦142.32 billion, up from ₦125.28 billion in the same period last year. Revenue declined by 11% to ₦394.6 billion due to moderated pricing, easing inflation, and a more stable foreign exchange market. But the company maintained strong profitability through cost discipline and operational efficiency.

Gross profit increased by 9% to ₦175.65 billion. Operating profit climbed by 11% to ₦154.6 billion. Earnings per share rose by 14% to ₦7.91, delivering higher returns for shareholders. Total assets expanded by 12% to ₦1.555 trillion, reflecting aggressive capacity expansion and stronger market positioning.

This sustained business performance has directly boosted Rabiu’s personal fortune, making him one of the fastest rising billionaires in the world.

Dangote also remains on a strong run. According to Bloomberg, his net worth has increased by $2.79 billion this year to $32.8 billion. He is ranked 73rd richest globally.