…shareholders laud BUA’s Abdul Samad Rabiu’s corporate governance leadership
One of Nigeria’s biggest conglomerates and industrial powerhouses, BUA Group, is expected to pay shareholders from its two major subsidiaries—BUA Foods and BUA Cement—a combined N842.64 billion in record dividend payments in its value creation push.
That is a nearly threefold rise in one year as the company handed shareholders N303.42 billion in total payout in 2024, according to calculations by BusinessDay.
This is as shareholders commend the corporate governance leadership style of Abdul Samad Rabiu, chairman of BUA Group, urging other business leaders to emulate his approach to staff and stakeholders’ welfare.
In a statement signed by Faruk Umar, president of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Umar noted that Rabiu’s shareholders’ record return and utmost consideration for public good in products’ pricing and advocacy are exemplary attributes worthy of emulation.
Two members of BUA Group — BUA Cement Plc and BUA Foods Plc – are among the largest companies on the Nigerian stock market, with a total value of about N26 trillion.
BUA Foods, Nigeria’s largest publicly quoted food manufacturing company and the nation’s second largest quoted company, is expected to hand shareholders a record N504 billion, nearly doubling its dividend payout in 2025.
BUA Cement, on the other hand, the country’s second-largest cement company and one of the top five quoted companies, will pay a total dividend of N338.64 billion at N10 per ordinary share.
The record dividend payout follows an impressive growth performance from both companies. Audited reports and accounts ended December 31, 2025 showed that BUA Foods recorded group revenue of N1.77 trillion in 2025 as against N1.53 trillion in 2024.
Profit before tax doubled from N284.32 billion to N521.53 billion. After taxes, net profit jumped from N266 billion in 2024 to N518.39 billion in 2025.
BUA Cement recorded a total turnover of N1.18 trillion in 2025, as against N876.47 billion in 2024. Profit before tax rose from N99.63 billion to N465.28 billion. Profit after tax quadrupled to N356.04 billion in 2025 compared with N73.91 billion in 2024.
As part of his commitment to corporate governance and workers’ welfare, Africa’s third richest man, Rabiu, gifted about N30 billion, or $21 million, to 510 long-serving employees in what shareholders described as “unprecedented in Nigeria’s corporate history”.
Under the December 2025 reward programme, Rabiu had distributed money to all categories of employees, ranging from junior staff to senior management members.
Five employees became instant billionaires with a gift of N1 billion each, while several employees received as much as N500 million. Other rewards ranged from N5 million to N10 million, depending on the length of service and role. BUA Group had earlier in 2024 increased staff salaries by 50 per cent.
“We think corporate leaders have excellent examples to emulate in Alhaji Abdul Samad Rabiu. The way he’s been running his companies, treating his employees, dealing with customers, and even we shareholders are quite encouraging,” Umar said.
When corporate leaders see their success more as a blessing to the community than themselves, the entire country will be better for it,” he added.
He noted that Rabiu’s expansive investments in foods and cement manufacturing were part of the pillars of Nigeria’s economic development, pointing out that BUA Group’s ongoing investment in a petroleum refinery would further deepen Nigeria’s energy independence.
Umar, who represents minority retail shareholders on the board of Nigerian Exchange (NGX), applauded BUA Group’s corporate governance compliance record, which underlines the priority accorded to inclusive and sustainable growth.
“There are several ways to know a good company. One, you check the corporate disclosure records. How is the company complying with accurate and timely dissemination of relevant facts and figures? Then, check staff management, because that’s why sustainability lies,” the AARNS president said.
“As an investor, you look at financial results and dividend records. You look at the corporate growth strategies – where are the new investments? How diversified is the revenue profile, and how resilient is the business model? Public reputation is also important. In all these, you find BUA Group doing excellently well,” he added.
He assured that shareholders would continue to support corporate leaders like Rabiu who prioritise people’s welfare while committing their wealth to national economic rejuvenation.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
