Africa’s Third Richest Billionaire Secures Record $363 Million

BUA Foods, the Nigerian food manufacturing giant led by billionaire Abdulsamad Rabiu, has approved a record dividend payout of N504 billion ($363 million) following a strong financial performance in 2025.

The approval was granted during the company’s fifth Annual General Meeting held at the Transcorp Hilton in Abuja, where shareholders endorsed one of the largest cash distributions ever declared by a company listed on the Nigerian Exchange.

Shareholders approved a final dividend of N28 per ordinary share, representing a remarkable 115 percent increase from the N13 per share paid in the previous financial year.

The record payout follows an exceptional year for BUA Foods. Profit after tax surged 95 percent to N518.4 billion ($373 million), while total revenue climbed 16 percent to N1.77 trillion.

The company attributed its strong performance to sustained demand for essential food products including sugar, pasta, and bakery flour despite Nigeria’s challenging economic environment marked by persistent inflation and currency pressures.

As the founder and majority shareholder, Abdulsamad Rabiu owns approximately 90 percent of BUA Foods through BUA Group. His ownership position means he is expected to receive about $323 million from the approved dividend, reinforcing the company’s position as one of Nigeria’s most rewarding publicly listed businesses for investors.

The dividend declaration underscores BUA Foods’ commitment to delivering long term value to shareholders while maintaining strong financial discipline amid a difficult operating environment.

Beyond rewarding investors, Rabiu used the Annual General Meeting to unveil an ambitious expansion strategy designed to position BUA Foods as Nigeria’s largest food manufacturing company by next year.

The expansion plan includes increasing wheat milling capacity, completing the company’s edible oils business, and entering Nigeria’s growing noodles market.

According to reports by Billionaire Africa, Rabiu stressed that scale remains a critical competitive advantage in the food manufacturing industry and will be central to the company’s future growth strategy.

BUA Foods also reaffirmed its commitment to strengthening Nigeria’s food security by expanding local production, improving domestic supply chains, and reducing dependence on imported food products.

The company believes these investments will not only enhance national food self sufficiency but also create sustainable value for shareholders while supporting economic development across Nigeria.

With record profits, a historic dividend payout, and an aggressive expansion agenda, BUA Foods continues to strengthen its position as one of Africa’s leading food manufacturing companies and a key player in Nigeria’s industrial growth story.