Rabiu, Elumelu strengthen partnership as BUA Foods hits N1.77tn revenue

Nigerian industrialist, Abdul Samad Rabiu, and banking executive, Tony Elumelu.

A meeting between leading Nigerian industrialist, Abdul Samad Rabiu, and banking executive, Tony Elumelu, has signalled renewed collaboration between capital and industry, as BUA Foods posted strong financial results for 2025.

Rabiu, founder and chairman of BUA Group, hosted Elumelu and his executive team from United Bank for Africa at the group’s Lagos headquarters, where discussions focused on expanding financing for large-scale manufacturing and boosting domestic production.

“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said, reflecting on a relationship spanning nearly three decades. “What we have built… is a shared understanding of where Nigeria is going and what it will take to get there.”

Elumelu highlighted the role of financial institutions in supporting industrial growth, noting that partnerships like this are critical to economic transformation.

“Our role is to continue enabling that scale, supporting enterprises that are not only growing, but reshaping the Nigerian economy,” he said.

The meeting comes as BUA Foods reported a revenue of N1.77 trillion for the financial year ended December 31, 2025, representing a 16 per cent increase from N1.53 trillion recorded in 2024.

The company’s audited results also showed strong profitability, with gross profit rising to N737.26 billion from N540.82 billion, while profit after tax surged by 95 per cent to N518.4 billion.

Earnings per share stood at N28.80, and the board proposed a dividend of N28 per share, marking a 115 per cent increase from the previous year.

Rabiu attributed the performance to sustained growth and operational discipline.

“Our 2025 performance reflects a business that is not only growing, but scaling with discipline. We are building capacity, deepening local production, and delivering consistent value to shareholders,” he said.

Managing Director, Engr. Ayodele Abioye, said the company would continue to expand capacity and strengthen its market position.

“The demand signals are strong, and we are well positioned to sustain this momentum,” he said.

The engagement between BUA Group and UBA, alongside the company’s financial performance, underscores the growing role of indigenous firms in driving Nigeria’s industrial expansion.