Nigerian billionaire Abdulsamad Rabiu is set to pocket a record N216.7 billion in dividends following resolutions passed at the fourth Annual General Meeting of BUA Foods Plc, underlining the outsized role his holdings continue to play in one of Africa’s most valuable consumer goods groups.
At the meeting, held Thursday at Abuja’s Transcorp Hilton Hotel, shareholders approved a dividend payout of N13 per ordinary share for the financial year ended December 31, 2024. With Rabiu controlling roughly 16.67 billion ordinary shares in the company, his dividend entitlement makes him the single largest beneficiary of the distribution.
The decision comes as BUA Foods and its sister company, BUA Cement Plc, remain central pillars in Rabiu’s sprawling business empire. According to filings with the Nigerian Exchange, Rabiu’s stake positions him not only as the group’s controlling shareholder but also as one of the most influential figures in Nigeria’s consumer and industrial sectors.
Some context
The resolutions passed at the AGM went beyond dividend approvals. Shareholders also ratified the re-election of directors Kabiru Rabiu and Chimaobi Madukwe, authorized directors to set auditors’ remuneration, and appointed five members three shareholder representatives and two board nominees to the statutory audit committee.
Managerial and non-executive director pay for 2025 was also approved, with the company disclosing the attainment of 70 years by board member Finn Arnoldsen.
Perhaps most notably, shareholders granted a general mandate for recurrent related-party transactions. This allows the board to transact with entities tied to BUA’s operations on commercial terms, a move that aligns with Nigerian Exchange Limited guidelines but underscores the intertwined nature of Rabiu’s corporate holdings.
What you should know
Earlier, Nairametrics reported that Rabiu was the top equity gainer on the Exchange in August, with his share worth swelling by N2.7 trillion based on Nairalytics’ analysis of stock price movements.
The sharp rise reflected strong investor appetite for BUA companies, even as Nigeria’s economy wrestles with inflationary pressure and a volatile currency market.
- The scale of Rabiu’s latest windfall adds to a pattern. He was already among a select group of Nigerian billionaires who collectively earned about N506 billion in dividends from 2022 profits, according to Nairametrics reports. At the time of this publication Rabiu has a networth of $7.2 billion.
- Rabiu’s dominance of Nigeria’s cement and food sectors stems from strategic consolidation. In January 2020, he merged his privately owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he already controlled.
- The combined entity, BUA Cement Plc, now trades on the Nigerian Exchange, where Rabiu holds a 98.2% stake. He also owns 95% of BUA Foods.
The son of a Kano businessman, Rabiu inherited land from his father but built his own fortune independently. He founded his first venture in 1988, importing iron, steel, and chemicals, before expanding into cement, sugar, and other critical sectors.
