Shareholders praise billionaire Abdul Samad Rabiu's leadership as BUA Foods and Cement post record profits

Nigerian shareholders have praised the corporate governance record of Abdul Samad Rabiu, the billionaire founder and Executive Chairman of BUA Group, following the release of record financial results and dividend proposals from two of his companies, BUA Foods Plc and BUA Cement Plc.

The commendations, reported by Daily Trust, were led by Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), who represents minority retail shareholders on the board of the Nigerian Exchange (NGX). Umar specifically cited the gifting of approximately N30 billion ($21 million) to 510 long-serving BUA employees as evidence of Rabiu's commitment to translating private enterprise into measurable public benefit.

"Corporate leaders can note Rabiu's approach to running companies, treating employees, dealing with customers, and handling shareholders," Umar said, adding that Rabiu's manufacturing investments in food and cement actively support Nigeria's broader economic development. BUA Group's investment in a petroleum refinery, he noted, positions the conglomerate to support Nigeria's energy independence.

Shareholders said Rabiu has opened companies for public ownership, implemented employee compensation and welfare schemes, and demonstrated consistent consideration for the public good in how his products are priced and how the group engages with regulators and customers. They said they would continue to back corporate leaders who combine people-first governance with long-term investment in the national economy.

BUA Foods: a record year

The praise came against the backdrop of BUA Foods' strongest annual results since the company's listing on the NGX. The group posted revenue of N1.77 trillion for the financial year ended December 31, 2025, a 16% increase from N1.53 trillion in 2024. Profit before tax rose from N284.32 billion to N521.53 billion. Net profit after tax surged 95% to N518.39 billion from N266 billion a year earlier.

Gross profit came in at N737.26 billion, up from N540.82 billion, while total assets expanded 27% to N1.39 trillion, reflecting continued capital deployment across the group's food production and distribution network. Earnings per share increased to N28.80.

The board has proposed a final dividend of N28 per share, a 115% increase from the N13 per share paid for the 2024 business year. The total proposed payout of N504 billion ($322 million) is subject to shareholder approval.

"Our 2025 performance reflects a business that is not only growing, but scaling with discipline. We are building capacity, deepening local production, and delivering consistent value to shareholders, all while positioning for the future," Rabiu said in the results statement.

Managing Director Engr. Ayodele Abioye added that demand signals across BUA Foods' core segments, including sugar, flour, pasta and rice, remain strong and that the company is well positioned to sustain the momentum through 2026.

BUA Cement: a turnaround in profits

BUA Cement also delivered sharply improved numbers. Total turnover reached N1.18 trillion in 2025, up from N876.47 billion in 2024. Profit before tax rose from N99.63 billion to N465.28 billion. Profit after tax increased to N356.04 billion from N73.91 billion, a near-fivefold increase.

The company is proposing a dividend of N10 per share, compared with N2.05 per share paid for the 2024 business year, a near-fivefold increase in cash returned to shareholders.

The scale of what BUA has become

Together, BUA Foods and BUA Cement carry a combined market capitalisation of approximately N26 trillion ($16.6 billion) on the NGX. BUA Foods is Nigeria's largest publicly quoted food manufacturing company and the country's 2nd largest quoted company overall. BUA Cement is Nigeria's 2nd largest cement company and one of the 5 most valuable companies on the exchange.

Rabiu, who holds national honours including CFR and CON, founded BUA Group in 1988 and has built it into one of Africa's leading manufacturing, mining and infrastructure conglomerates. Forbes estimates his net worth at approximately $7.8 billion, making him Africa's 4th wealthiest person.

The BUA Group's broader ambitions now extend beyond food and cement. The group is investing in a petroleum refinery, a strategic bet on Nigeria's energy self-sufficiency that shareholders view as consistent with Rabiu's pattern of investing in sectors that have direct consequences for ordinary Nigerians at the most fundamental level.

The results and the shareholder response they produced reflect a business at genuine scale, run by a founder who has made a visible argument that corporate governance and shareholder returns do not have to trade against each other.