Abdul Samad Rabiu, the founder and chairman of BUA Group and Nigeria’s third-richest person, is set to receive a staggering $143.6 million (approximately ₦220.4 billion) in dividends from BUA Foods Plc, following the company’s stellar 2024 financial year. This marks a sharp increase—more than 80 percent—over the $79.4 million dividend he earned from the company in 2023.
The payout represents the lion’s share of the ₦234 billion ($152.43 million) total dividend declared by the food giant, and it will be officially disbursed on September 25, 2025.
Dominant Shareholding and Family Ties
Rabiu maintains a 92.63 percent controlling stake in BUA Foods, while his son, Isyaku Naziru Rabiu, holds an additional 1.62 percent, giving the family a combined 94.25 percent ownership of the $4.9 billion company. Their collective shareholding not only reinforces the family’s grip on one of Nigeria’s largest conglomerates but also ensures that most of BUA Foods’ profits remain within the Rabiu dynasty.
Dividend Soars 140% on Back of Strong Profits
The dividend jump—from ₦5.5 per share in 2023 to ₦13 in 2024—reflects the company’s exceptional performance. Profit after tax more than doubled, rising from ₦112.1 billion ($72.9 million) to ₦266 billion ($173 million), driven by strong consumer demand, price adjustments, and operational efficiency across its food manufacturing segments.
BUA Foods operates several core businesses, including:
•BUA Sugar Refinery
•IRS Flour and Pasta
•BUA Oil Mills
•BUA Rice
•Fortified and non-fortified sugar
•Maize, wheat bran, semolina, and molasses production
The company’s ability to scale production and capitalize on Nigeria’s growing food demand has positioned it as a national leader in FMCG (fast-moving consumer goods).
Revenues Surpass $1 Billion
For the fiscal year ending December 31, 2024, BUA Foods posted a 109.29% increase in revenue, surging from ₦729.44 billion ($484.8 million) to ₦1.53 trillion ($1.02 billion). The company’s top-performing products were:
•Bakery flour – ₦544.88 billion ($362.2 million)
•Fortified sugar – ₦567.39 billion ($377.1 million)
Other products, including semolina, non-fortified sugar, sugar molasses, pasta, and maize, also saw notable growth.
Strong Balance Sheet and Financial Health
Beyond earnings, BUA Foods improved its balance sheet. While total assets rose marginally—from ₦1.07 trillion ($696 million) to ₦1.095 trillion ($712 million)—its retained earnings surged from ₦254 billion ($165 million) to ₦421 billion ($273.8 million). Likewise, total equity increased by 63.8%, reaching ₦429 billion ($279 million).
This growth reflects a healthy reinvestment strategy and disciplined financial management, strengthening BUA Foods’ capacity for future expansion, capital investments, and shareholder value creation.
Richlist Nigeria Commentary
Abdul Samad Rabiu’s latest dividend windfall solidifies his position as one of Nigeria’s most powerful industrialists and one of the richest men in Africa. With personal earnings of $143.6 million from just one company, Rabiu’s liquidity inflow rivals those of legacy families and conglomerates globally.
This dividend also highlights BUA Group’s unique structure—where tight family control and operational efficiency drive consistent returns. With interests spanning cement (via BUA Cement Plc), sugar, flour, oil, and real estate, Rabiu’s multi-billion-dollar empire is a cornerstone of Nigeria’s manufacturing renaissance.
The 2024 BUA Foods performance not only reinforces the company’s dominance in the food sector but also raises the bar for dividend-paying companies across the NGX (Nigerian Exchange).
