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Shareholders of BUA Foods Plc have re-elected Abdul Samad Rabiu as Chairman of the company and approved a final dividend of N28.00 per ordinary share for the 2025 financial year.
The resolutions were passed at the company’s 5th Annual General Meeting (AGM), held on July 15, 2026, at the Transcorp Hilton Hotel in Abuja.
According to a statement signed by Company Secretary Oluseye Alayande and released on July 17, 2026, shareholders also received and considered the company’s Audited Financial Statements, Directors’ Report, Auditors’ Report, and Audit Committee Report for the year ended December 31, 2025.
What they are saying
At the meeting, shareholders approved the re-election of Abdul Samad Rabiu, CON, and Mrs. Oluyemisi Lowo-Adesola, both of whom retired by rotation and offered themselves for re-election.
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- “That the re-election of the following directors, Abdul Samad Rabiu and Oluyemisi Lowo-Adesola retiring by rotation be and is hereby approved,” the resolution stated.
Shareholders also authorised the Board of Directors to determine the remuneration of the company’s external auditors for the financial year ending December 31, 2026.
In addition, the remuneration of the company’s managers and Non-Executive Directors for the 2026 financial year received shareholder approval.
More insights
The AGM also saw the election of three shareholder representatives to the Statutory Audit Committee. They are Musa Bichi, Eric Akinduro Akinnifesi, and Nwokocha Innocent Peters.
The Board’s representatives on the committee are Mrs. Oluyemisi Lowo-Adesola and Mr. Chimaobi Madukwe.
Following the AGM, the composition of the BUA Foods Board remains as follows:
- Chairman: Abdul Samad Rabiu, CON
- Managing Director/CEO: Ayodele M. Abioye
- Non-Executive Directors: Kabiru Rabiu, Chimaobi Madukwe, Finn Arnoldsen, and Imran Rashid
- Independent Non-Executive Director: Oluyemisi Lowo-Adesola
- Company Secretary: Oluseye Alayande
What you should know
The AGM resolutions come as BUA Foods continues to deliver strong profitability despite softer revenue performance.
The company reported a profit before tax of N153.76 billion in the first quarter of 2026, representing a 12.74% increase from N136.39 billion recorded in the corresponding period of 2025.
The growth in profitability was largely driven by lower operating and finance costs, even as revenue declined by 11% year-on-year to N394.62 billion.
BUA Foods also reported no foreign exchange gains during the quarter, compared with N486 million recorded in the same period of 2025, highlighting the company’s ability to grow earnings despite the absence of FX-related gains.
