The shifting fortunes of African billionaires have taken a sharp turn this month. Nigerian billionaire Abdul Samad Rabiu has slipped from his position as the continent’s second-richest person after a significant decline in his net worth. Over the past 18 days, market volatility has erased $2.2 billion from his personal fortune, according to the Bloomberg Billionaires Index.

Rabiu, who guides the BUA Group—one of Africa’s most expansive manufacturing and industrial conglomerates—saw his net worth contract from $19.7 billion on May 19 to $17.5 billion. This rapid decline is directly tied to the softening market value of his controlling interests in two of Nigeria’s most prominent publicly traded companies.

Nigerian Exchange selloff hits Abdul Samad Rabiu’s wealth

The downturn stems largely from his massive holdings in the domestic equity market. Rabiu holds a 95.78 percent stake in BUA Cement, Nigeria’s second-largest cement producer, and a 92.64 percent interest in the food processing giant, BUA Foods Plc. Since May 19, shares of BUA Cement have shed 11.8 percent on the Nigerian Exchange (NGX).

Simultaneously, shares of BUA Foods have retreated by 2.9 percent on the same exchange. These declines have not only impacted the company’s valuation but have also significantly trimmed the market value of Rabiu’s personal holdings, contributing to the $2.2 billion loss that has rippled through his total wealth calculation in less than three weeks.

Rupert overtakes Rabiu as Richemont stock rallies

While Rabiu’s fortune faced downward pressure, South African luxury goods magnate Johann Rupert moved in the opposite direction. Rupert has reclaimed the position of Africa’s second-richest person, overtaking the Nigerian industrialist. According to Bloomberg, Rupert’s net worth climbed by $600 million over the same period, rising from $18.3 billion to $18.9 billion.

This gain for the South African magnate is rooted in the performance of Richemont, the Swiss luxury goods house. Shares in the company have appreciated by nearly 6 percent in recent sessions. This uptick has propelled the market value of Rupert’s stake in the group to $13 billion, providing the necessary cushion to leapfrog Rabiu.

Trackers show Rupert’s widening wealth gap

The divergence in these two billionaires’ fortunes is reflected across major global wealth trackers, though the specific figures vary by methodology. Bloomberg currently pegs Rabiu at $17.5 billion, placing him as Africa’s third-richest individual and the 165th richest person globally. Conversely, Bloomberg positions Rupert at $18.9 billion, ranking him 139th globally.

Forbes’ data aligns with the trend of Rupert moving ahead of Rabiu. According to Forbes, Rupert commands a net worth of $16.1 billion, holding the title of Africa’s second-richest person and the 181st globally. Meanwhile, Forbes calculates Rabiu’s current net worth at $15.1 billion, placing him as the third-richest African and the 202nd richest person in the world.