BUA Foods AGM reelects Rabiu, clears N28 dividend payout
Board reelected as Q1 profit before tax climbs 12.74% despite revenue dip
Shareholders of BUA Foods Plc have re-elected Abdul Samad Rabiu, CON, as Chairman of the company and approved a final dividend of N28.00 per ordinary share for the 2025 financial year, at the company’s fifth Annual General Meeting held on July 15, 2026, at the Transcorp Hilton, Abuja.
This is contained in a statement released on July 17, 2026, by the company’s Secretary, Oluseye Alayande.
According to the statement, Mrs. Oluyemisi Lowo-Adesola was also re-elected as a Director, alongside Rabiu, with both having retired by rotation in line with the company’s governance framework.
Shareholders also authorised the Board to fix the remuneration of external auditors for the 2026 financial year, and approved the remuneration of managers and non-executive directors for the same period.
In addition, an Audit Committee was constituted, with Musa Bichi, Eric Akinduro Akinnifesi, and Nwokocha Innocent Peters elected as shareholder representatives, while Lowo-Adesola and Chimaobi Madukwe were named as Board representatives on the committee.
BUA Foods’ current Board comprises Rabiu as Chairman, Ayodele M. Abioye as Managing Director/Chief Executive Officer, and Kabiru Rabiu, Chimaobi Madukwe, Finn Arnoldsen, and Imran Rashid as Non-Executive Directors, with Lowo-Adesola serving as Independent Non-Executive Director.
The AGM came as the company disclosed its first-quarter 2026 results, showing a 12.74 percent rise in profit before tax to N153.76 billion, up from N136.39 billion in the corresponding period of 2025, even as revenue declined by 11 percent to N394.62 billion.
The company attributed the profit growth to lower operating and finance costs during the period. It noted that the results were achieved without any foreign exchange gains, unlike Q1 2025, when it recorded N486 million in FX gains.
