Shareholders of BUA Foods Plc have re-elected Abdul Samad Rabiu as Chairman of the company and approved a final dividend of N28.00 per ordinary share for the 2025 financial year.
These resolutions were passed at the company’s 5th Annual General Meeting (AGM), held on July 15, 2026, at the Transcorp Hilton Hotel in Abuja. The outcomes were officially released on July 17, 2026, in a statement signed by Company Secretary Oluseye Alayande.
During the meeting, shareholders also received and considered the company’s Audited Financial Statements, Directors’ Report, Auditors’ Report, and Audit Committee Report for the year ended December 31, 2025.
Abdul Samad Rabiu, CON, and Mrs. Oluyemisi Lowo-Adesola, who both retired by rotation, were re-elected to the Board. The resolution specifically stated, “That the re-election of the following directors, Abdul Samad Rabiu and Oluyemisi Lowo-Adesola retiring by rotation be and is hereby approved.”
Further approvals included authorizing the Board of Directors to determine the remuneration of the company’s external auditors for the financial year ending December 31, 2026. The remuneration for the company’s managers and Non-Executive Directors for the 2026 financial year also received shareholder endorsement.
The AGM also saw the election of three shareholder representatives to the Statutory Audit Committee: Musa Bichi, Eric Akinduro Akinnifesi, and Nwokocha Innocent Peters. The Board’s representatives on this committee are Mrs. Oluyemisi Lowo-Adesola and Mr. Chimaobi Madukwe.
Following the AGM, the BUA Foods Board composition remains with Abdul Samad Rabiu, CON, as Chairman; Ayodele M. Abioye as Managing Director/CEO; Kabiru Rabiu, Chimaobi Madukwe, Finn Arnoldsen, and Imran Rashid as Non-Executive Directors; Oluyemisi Lowo-Adesola as Independent Non-Executive Director; and Oluseye Alayande as Company Secretary.
These resolutions come as BUA Foods continues to demonstrate strong profitability, despite a softer revenue performance. The company reported a profit before tax of N153.76 billion in the first quarter of 2026, marking a 12.74% increase from N136.39 billion recorded in the corresponding period of 2025.
This growth in profitability was primarily driven by lower operating and finance costs, even though revenue declined by 11% year-on-year to N394.62 billion. Notably, BUA Foods reported no foreign exchange gains during the quarter, a contrast to the N486 million recorded in the same period of 2025, underscoring the company’s ability to grow earnings without FX-related boosts.
