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

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

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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.

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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.

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“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.”

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

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

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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.

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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.

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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.

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Rabiu attributed the performance to sustained growth and operational discipline.

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“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.

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

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

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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.

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