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Nigerian billionaire Abdul Samad Rabiu has received a dividend of N216.75 billion ($144.4 million) from his controlling stake in BUA Foods Plc, the country’s most valuable listed company.
The payment, transferred on Friday, Sept. 12, represents most of BUA Foods’ final dividend for the 2024 financial year. The company declared N13 per share, bringing the total payout to N234 billion ($152.4 million) for shareholders. That is more than double the N5.5 per share distributed the year before.
For Rabiu, who owns 92.63 percent of the company through direct holdings and BUA Industries, the return is striking. His dividend haul is more than 76 percent higher than the $79.4 million he earned in 2023. It underscores both his personal cash flow and the profits being generated by the consumer goods group.
BUA Foods profit more than doubles
BUA Foods, which operates in sugar refining, flour, pasta, oil mills, and rice, has become one of the top performers on the Nigerian Exchange. With a market capitalization of N10.6 trillion ($7.05 billion), Rabiu’s 16.67 billion shares remain the dominant interest in the business.
At its Sept. 11 annual meeting, shareholders approved the N13 per-share dividend for the fiscal year ending Dec. 31, 2024. That marked a 136 percent jump from the prior year’s payout, backed by profit that climbed from N112.1 billion ($72.9 million) in 2023 to N266 billion ($173 million). The increase was supported by consumer demand and pricing gains across its product portfolio.
Revenue also surged, rising 109 percent from N729.4 billion ($484.8 million) to N1.53 trillion ($1.02 billion). Bakery flour led the way with N544.9 billion ($362.2 million) in sales while fortified sugar grew 67 percent to N567.4 billion ($377.1 million). Other products, including pasta, semolina, maize, and wheat bran, also added to the growth.
Investor value deepens as profits strengthen
Beyond sales, the company improved its balance sheet. Retained earnings climbed from N254 billion ($165 million) to N421 billion ($273.8 million), while equity increased from N262.1 billion ($171.6 million) to N429 billion ($279 million).
Total assets edged higher to N1.095 trillion ($712.2 million). For Rabiu, the latest payout shows the scale of value locked in BUA Foods, while for investors it reflects the strength of one of Nigeria’s most profitable consumer businesses.
