BUA Foods Chairman, Rabiu To Receive N75bn As Board Approves N81bn Dividend

BUA Foods Plc has approved N81bn dividend payout to its shareholders but the Chairman, Abdul Samad Rabiu will take the lion’s share of N75bn, THE WHISTLER reports.

The company will pay N4.50 for each ordinary share of 50k held by a shareholder, BUA Foods said in a filing on Friday.

“That the recommended dividend of N4:50 (Four Naira Fifty Kobo) per one ordinary share of 50k amounting to a total dividend of N81,000,000,000 be and is hereby approved,” BUA resolved in its 2nd annual meeting.

The company had recommended in its annual statement seen by THE WHISTLER for an upward review of dividend payment from the N3.50 paid to shareholders for the year 2021.

BUA Food declared N418bn revenue in December 2022, up from the N333.27bn realized in 2021 December.

The company also declared N91.3bn profit after tax which rose from the N69.76bn posted in 2021.

The company has 18 billion shares out of which the Chairman, Abdul Samad Rabiu controls 16,172,601,967 or 89.84 direct shares and 500,485,433 shares equivalent to 2.78 per cent.

In total Rabiu controls 16,676,364,661 which is equivalent to 92.646 per cent of the 18bn shares held as of December 2022.

Analysis by THE WHISTLER shows that Rabiu will get N75bn out of the N81bn dividend declared by BUA Foods, while Alhaji Isiyaku Rabiu (Jr) who is the second highest shareholder with 473,628,201 shares or 2.631 per cent will get N2.13bn.

FPCNL/NPF FUND II INVEST A/C – MAIN which controls 242,000,000 shares or 1.344 per cent of the total shares will get N1.08bn while other minority shareholders controlling a cumulative 611,284,399 (3.397 per cent) shares of BUA Foods will get N2.75bn as dividend.