Billionaire industrialist Abdulsamad Rabiu is set to receive ₦216.7 billion in dividends following shareholder approval at the fourth Annual General Meeting (AGM) of BUA Foods Plc, reinforcing his dominant role in Nigeria’s food and industrial sector.
The AGM, held at the Transcorp Hilton Hotel in Abuja, approved a dividend of ₦13 per share for the financial year ending December 31, 2024. With Rabiu controlling 16.67 billion shares, his payout underscores his position as the single largest beneficiary.
Rabiu, who also controls a majority stake in BUA Cement Plc, continues to consolidate his position as one of Africa’s wealthiest businessmen. According to recent filings with the Nigerian Exchange, Rabiu owns 95 percent of BUA Foods and 98.2 percent of BUA Cement, making him one of the most powerful figures in Nigeria’s consumer and industrial markets.
At the AGM, shareholders also re-elected directors Kabiru Rabiu and Chimaobi Madukwe, approved auditor remuneration, and appointed members to the statutory audit committee. They further authorized recurrent related-party transactions, aligning with Nigerian Exchange Limited regulations.
Rabiu’s dividend windfall comes at a time of surging investor appetite for BUA stocks, which boosted his wealth by ₦2.7 trillion in August alone, according to Nairalytics data. His net worth currently stands at $7.2 billion.
The billionaire’s rise stems from decades of strategic investments and consolidation, notably his 2020 merger of Obu Cement with Cement Co. of Northern Nigeria to form BUA Cement Plc. Today, BUA’s cement and food businesses form the backbone of his empire, ensuring strong returns despite Nigeria’s inflationary and currency challenges.
The ₦216 billion dividend highlights not only Rabiu’s commanding stake but also the growing profitability of BUA Foods, which remains a key player in Nigeria’s consumer goods industry.
