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
By SAM POPOOLA, Lagos
Nigeria’s leading industrial and financial figures, Abdul Samad Rabiu and Tony Elumelu, have reinforced a long-standing partnership aimed at accelerating large-scale industrial growth, as BUA Group reported strong financial performance through its subsidiary, BUA Foods Plc.
Rabiu, Founder and Chairman of BUA Group, hosted Elumelu, Chairman of United Bank for Africa (UBA), alongside his executive management team at the company’s Lagos headquarters. The meeting underscored a strategic alignment between capital providers and industrial operators—seen as critical to driving Nigeria’s next phase of economic expansion.
The engagement focused on expanding financing frameworks for large-scale manufacturing, boosting domestic production, and unlocking growth across key sectors such as food, infrastructure, and export-oriented value chains.
Reflecting on a relationship spanning nearly three decades, Rabiu emphasized the importance of shared vision and long-term commitment. He noted that the partnership, which dates back to the era of Standard Trust Bank, has evolved into a trusted collaboration built on conviction about Nigeria’s economic direction.
Elumelu, on his part, highlighted the broader significance of the alliance, describing it as a model of how African-led institutions can drive sustainable growth through strategic capital deployment and disciplined execution.
The renewed collaboration comes amid increasing emphasis on indigenous capacity and private-sector-led development in Nigeria.
Meanwhile, BUA Foods Plc posted a strong financial performance for the year ended December 31, 2025. The company recorded revenue of N1.77 trillion, representing a 16 per cent increase from N1.53 trillion in 2024.
The growth was driven by sustained demand across its core segments, including sugar, flour, pasta, and rice, alongside continued expansion efforts.
Gross profit rose 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 stood at N28.80.
In line with its shareholder value strategy, the board proposed a dividend of N28 per share, marking a 115 per cent increase from N13 declared in 2024, with a total payout of N504 billion pending shareholder approval.
Total assets grew by 27 per cent to N1.39 trillion, reflecting sustained investment across operations and the broader value chain, while cost of sales stood at N1.037 trillion.
Commenting on the results, Rabiu said the company’s performance demonstrates disciplined scaling, capacity expansion, and a continued focus on local production.
Managing Director, Ayodele Abioye, added that the company remains focused on strengthening its market presence and optimizing its supply chain to sustain growth momentum.
The combined signals from the strategic meeting and BUA Foods’ record-breaking results point to a broader trend in Nigeria’s economy—one increasingly driven by large indigenous institutions leveraging capital, scale, and long-term vision to consolidate industrial leadership.
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