Nigerian billionaire Abdulsamad Rabiu is poised for a record windfall as BUA Foods Plc confirmed a ₦216.7 billion dividend payout, solidifying his status as one of Africa’s wealthiest business moguls.
The announcement came during the company’s fourth Annual General Meeting (AGM) held at the Transcorp Hilton Hotel in Abuja, where shareholders approved a dividend of ₦13 per share for the financial year ending December 31, 2024.
With Rabiu holding approximately 16.67 billion ordinary shares, he remains the single largest beneficiary of the distribution. This comes just months after reports revealed his net worth had grown by $2.2 billion in seven months, bringing it to $7.2 billion as of September 2025.
Beyond dividends, shareholders also ratified the re-election of directors Kabiru Rabiu and Chimaobi Madukwe, approved managerial pay for 2025, and appointed members to the statutory audit committee. Additionally, a general mandate for related-party transactions was passed, aligning with Nigerian Exchange rules but highlighting the close integration of Rabiu’s corporate interests.
Rabiu’s dominance of Nigeria’s cement and food sectors stems from decades of strategic consolidation. He controls 95% of BUA Foods and a 98.2% stake in BUA Cement Plc, making him one of the most influential figures in the region’s industrial landscape.
His journey began in 1988, when he started importing steel and chemicals before expanding into cement, sugar, and other consumer goods, transforming BUA into one of Africa’s leading conglomerates.
This latest dividend payout further cements Rabiu’s position as a central figure in Nigeria’s economy, as both BUA Foods and BUA Cement continue to attract strong investor interest despite inflationary and currency pressures in the country.
