BUA Foods Shareholders Endorse Abdulsamad Rabiu’s Continuation As Chairman, Approve N28 dividend

Shareholders of BUA Foods Plc have unanimously voted to keep Abdulsamad Rabiu on as Chairman of the company and signed off on a final dividend payout of N28.00 for every ordinary share held, covering the 2025 financial year.

The vote took place at the company’s 5th Annual General Meeting on July 15, 2026, held at the Transcorp Hilton in Abuja.

Company Secretary Oluseye Alayande confirmed the outcome in a statement issued on July 17, 2026, noting that shareholders went through the company’s full set of yearly financial documents, the audited accounts, the directors’ and auditors’ reports, and the audit committee’s report, covering the period that ended December 31, 2025.

The N28 payout brings the total dividend to about N504 billion, a 115 per cent jump from the N13 per share the company paid out for the 2024 financial year. It comes on the back of the company’s strongest year yet: full-year revenue climbed 16 per cent to N1.77 trillion in 2025, while profit after tax nearly doubled, rising 95 per cent to N518.38 billion.

Two directors were due to step down as part of the company’s rotation system: Rabiu himself and Mrs Oluyemisi Lowo-Adesola. Both put themselves forward again, and shareholders voted to bring them back onto the Board.

Shareholders also handed the Board the power to set pay for the company’s external auditors going into the 2026 financial year, and separately approved pay packages for the company’s management team and Non-Executive Directors for the same year.

Musa Bichi, Eric Akinduro Akinnifesi, and Nwokocha Innocent Peters were picked by shareholders to sit on the company’s Statutory Audit Committee, among which the Board’s own nominees were Mrs Lowo-Adesola and Mr Chimaobi Madukwe.

With the AGM concluded, BUA Foods Board of Directors now includes: Abdulsamad Rabiu, CON, as Chairman; Ayodele M. Abioye as Managing Director/CEO; Kabiru Rabiu, Chimaobi Madukwe, Finn Arnoldsen and Imran Rashid sit as Non-Executive Directors; while Mrs Lowo-Adesola holds the Independent Non-Executive Director seat and Oluseye Alayande remains Company Secretary.

The AGM outcome lands against a backdrop of solid profit growth for the company even as its top line has come under pressure more recently. In the first quarter of 2026, BUA Foods posted a pre-tax profit of N153.76 billion, up 12.74 per cent from N136.39 billion in the same quarter of 2025, a gain the company achieved by trimming operating and finance costs rather than through revenue growth, since revenue actually dropped 11 per cent year-on-year to N394.62 billion.

It is worthy of note that the company earned nothing from foreign exchange movements in the quarter, a sharp contrast to the N486 million FX gained in the same period a year earlier, underlining that the profit growth came purely from operational efficiency rather than currency swings.