Rabiu, Elumelu Strengthen Industrial Financing Push as BUA Foods Hits N1.77trn Revenue, Declares N28 Dividend
L-R: Mr. Oliva Alawuba, Group Managing Director/CEO, UBA Plc; Abdul Samad Rabiu (CFR, CON), Executive Chairman, BUA Group; Tony Elumelu (CFR), Chairman, UBA Plc; and Kabiru Rabiu, Group Executive Director, BUA Group during the courtesy visit by the UBA executive management.
LAGOS, NIGERIA | MARCH 31, 2026 — Nigeria’s push for industrial expansion and economic self-sufficiency received a boost as Abdul Samad Rabiu and Tony Elumelu moved to deepen strategic collaboration between BUA Group and United Bank for Africa.
The renewed alignment was reaffirmed during a high-level meeting at BUA Group’s corporate headquarters in Lagos, where both parties explored ways to scale financing for large-scale manufacturing, strengthen domestic production, and accelerate growth across key sectors including food, infrastructure, and export-driven value chains.
The engagement underscores a long-standing relationship spanning nearly three decades, dating back to the era of Standard Trust Bank, and reflects a shared commitment to leveraging capital for sustainable industrial growth.
Rabiu emphasised the importance of trust and long-term vision in sustaining impactful partnerships. He noted that the collaboration with UBA and the broader Nigerian financial ecosystem has consistently been anchored on a mutual understanding of the country’s economic trajectory.
Elumelu, on his part, highlighted the critical role of financial institutions in enabling industrial scale, noting that enterprises like BUA represent the potential of African-led growth when supported with the right capital structure and execution discipline.
The meeting comes amid growing recognition that Nigeria’s economic expansion is increasingly being driven by indigenous companies with the capacity to combine capital efficiency, operational scale, and long-term investment strategies.
In a related development, BUA Foods posted a strong financial performance for the year ended December 31, 2025, further reinforcing the group’s industrial momentum.
The company reported revenue of N1.77 trillion, marking a 16 per cent increase from N1.53 trillion recorded in 2024. Growth was driven by sustained demand across its core product lines, including sugar, flour, pasta, and rice, alongside continued expansion efforts.
Gross profit rose significantly to N737.26 billion from N540.82 billion, while profit after tax surged by 95 per cent to N518.4 billion, up from N265.99 billion in the previous year. Earnings per share also climbed to N28.80, reflecting improved profitability.
In line with its strong earnings performance, the board proposed a dividend of N28 per share, representing a 115 per cent increase from N13 declared in 2024. The total proposed payout stands at N504 billion, subject to shareholder approval.
The company’s cost of sales was recorded at N1.037 trillion, while total assets grew by 27 per cent to N1.39 trillion, indicating sustained investment across its operations and supply chain.
Rabiu described the results as a reflection of disciplined growth and strategic capacity expansion, noting that the company remains focused on strengthening local production while delivering value to shareholders.
Managing Director, Engr. Ayodele Abioye, added that BUA Foods will continue to prioritise capacity expansion, market penetration, and supply chain optimisation to sustain its growth trajectory.
Analysts say the convergence of capital and industrial capacity, as demonstrated by the BUA-UBA partnership and BUA Foods’ performance, signals a broader consolidation of Nigeria’s industrial base, driven by institutions capable of executing at scale and sustaining long-term economic value.
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