Nigerian billionaire Abdulsamad Rabiu stands to receive a record N216.7 billion in dividends from BUA Foods Plc, following shareholder approval at the company’s fourth Annual General Meeting on Thursday at Transcorp Hilton Hotel in Abuja.

Shareholders approved a N13 per ordinary share payout for the financial year ended December 31, 2024, entitling Rabiu, who controls 16.67 billion shares, to the largest individual share.

The resolutions also re-elect directors Kabiru Rabiu and Chimaobi Madukwe, authorize director-set auditor remuneration, appoint five audit committee members (three shareholders, two board nominees), and approve managerial and non-executive pay for 2025, noting board member Finn Arnoldsen reaching 70 years.

A general mandate for recurrent related-party transactions allows board dealings with tied entities on commercial terms, per Nigerian Exchange Limited guidelines.

Rabiu’s influence spans BUA Foods and sister company BUA Cement Plc, core to his empire.

Nairametrics analysis shows his August equity gain of N2.7 trillion, amid strong investor interest despite economic pressures. His 2022 dividends of N506 billion place him among top Nigerian billionaires, with a net worth of $7.2 billion.

Rabiu’s journey began in 1988 with imports of iron, steel, and chemicals, expanding into cement and sugar after inheriting land from his Kano businessman father. The 2020 merger of Obu Cement with Cement Co. of Northern Nigeria formed BUA Cement, where he holds 98.2%, and he owns 95% of BUA Foods, consolidating his dominance in consumer and industrial sectors.