Shareholders have commended the corporate governance leadership style of the chairman of BUA Group, Abdul Rabiu, urging other business leaders to emulate his compassionate approach to staff and stakeholders’ welfare.
The shareholders said Rabiu has consistently demonstrated how to translate private enterprise and wealth into public benefits by opening up his companies for public ownership through highly incentivised employee compensation and welfare schemes and customer empowerment.
They also noted Rabiu’s shareholders’ return record and utmost consideration for the public good in product pricing and advocacy as exemplary attributes worthy of emulation. Two members of BUA Group, BUA Cement Plc and BUA Foods Plc, are among the largest companies on the Nigerian stock market, with a total value of about N26tn.
BUA Foods is Nigeria’s largest publicly quoted food manufacturing company and the nation’s second-largest quoted company. BUA Cement is the country’s second-largest cement company and one of the top five quoted companies.
In a statement signed by the president of the Association for the Advancement of Rights of Nigerian Shareholders, Faruk Umar, on Sunday, shareholders cited the recent gifting of about N30bn or $21m to 510 long-serving employees as unprecedented in Nigeria’s corporate history.
He said, “Under the December 2025 reward programme, Rabiu had distributed money to all categories of employees, ranging from junior staff to senior management members. Five employees became instant billionaires with a gift of N1bn each, while several employees received as much as N500m. Other rewards ranged from N5m, depending on the length of service and role. BUA Group had earlier in 2024 increased staff salary by 50 per cent.
“We think corporate leaders have an excellent example to emulate in Alhaji Rabiu. The way he has been running his companies, treating his employees and dealing with customers, and even we shareholders are quite encouraging. When corporate leaders see their success more as a blessing to the community than to themselves, the entire country will be better for it.”
He noted that Rabiu’s expansive investments in food and cement manufacturing were part of the pillars of Nigeria’s economic development, pointing out that BUA Group’s ongoing investment in a petroleum refinery would further deepen Nigeria’s energy independence.
Umar, who represents minority retail shareholders on the board of the Nigerian Exchange, applauded BUA Group’s corporate governance compliance record, which underlines the priority accorded to inclusive and sustainable growth.
“There are several ways to know a good company. First, you check the corporate disclosure records. How is the company complying with accurate and timely dissemination of relevant facts and figures? Then, check staff management, because that is where sustainability lies.
“As an investor, you look at financial results and dividend records. You look at the corporate growth strategies. Where are the new investments? How diversified is the revenue profile, and how resilient is the business model? Public reputation is also important. In all these, you find BUA Group doing excellently well,” Umar added.
He assured that shareholders would continue to support corporate leaders like Rabiu who prioritise people’s welfare while committing their wealth to national economic rejuvenation.
Rabiu, of BUA Group, had played a critical role in moderating prices of common goods like sugar and cement through increased supply and discounted pricing, which helped to prevent skyrocketing inflationary prices.
Umar’s commendation comes on the heels of the release of the audited reports and accounts of BUA Group’s companies and dividend recommendations, highlighting sustained growth across key parameters.
BUA Foods has declared a final dividend of N28 per share, 115.4 per cent above N13 paid for the 2024 business year. BUA Cement is paying a N10 dividend per share, representing 387.8 per cent above the N2.05 paid for the 2024 business year.
Key items for the audited report and accounts ending 31 December 2025 showed that BUA Foods recorded group revenue of N1.77tn in 2025 as against N1.53tn in 2024. Profit before tax doubled from N284.32bn to N521.53bn. After taxes, net profit jumped from N266bn in 2024 to N518.39bn in 2025.
BUA Cement recorded a total turnover of N1.18tn in 2025 as against N876.47bn in 2024. Profit before tax rose from N99.63bn to N465.28bn. Profit after tax quadrupled to N356.04bn in 2025 compared with N73.91bn in 2024.
