Abdul Samad Rabiu, Africa’s third-richest man, received a dividend payout of N189.74 billion ($137.8 million) from BUA Cement.
The dividend, approved during the company’s recent AGM, amounts to N10.00 per share, a 387.8% increase over last year.
Rabiu controls 56.03% of BUA Cement’s shares, making him the primary beneficiary of the N338.64 billion total payout.
Shareholders, including minority investors, supported the massive dividend due to the company’s outstanding financial performance.
This historic individual payout follows the explicit approval of the manufacturing company’s financial rewards by its investors during the recent Annual General Meeting (AGM) held in Abuja.
At the meeting, shareholders officially approved the board of directors’ proposal to pay a gross dividend of N10.00 per ordinary share for the 2025 financial year.
This final payout represents a massive 387.8 percent increase compared to the N2.05 per share distributed to investors in the previous fiscal period.
Rabiu’s significant income is a direct result of his dominant equity position in the firm.
As the primary promoter and Chairman, he directly controls 18.974 billion units of BUA Cement’s ordinary shares.
This massive personal investment accounts for 56.03% of the company’s total 33.864 billion outstanding shares.
Consequently, more than half of the total approved cash distribution of N338.64 billion ($246.2 million) goes directly to its main leader.
Financial analysts point out that this situation highlights a standard pattern across Nigeria’s heavy industrial sectors, where primary corporate founders maintain majority control.
While this represents one of the single largest cash rewards to an individual in the history of the Nigerian Exchange Group (NGX), minority shareholders warmly supported the move due to the company’s strong overall returns.
The dividend payout was fully supported by BUA Cement’s exceptional financial statements presented to investors.
The company reported a record-breaking full-year revenue of N1.2 trillion, representing a 34.5 percent rise from the N876.5 billion recorded in 2024.
Even more impressive was the sharp surge in bottom-line profitability. The firm’s Profit After Tax (PAT) experienced an explosive 381.7% increase, vaulting from N73.9 billion to N356 billion in 2025.
This strong rise in profits brought the company’s earnings per share up to N10.00. This meant the company earned enough profit to easily cover the larger payout, helping it give great value to its investors despite a challenging macroeconomic environment.
