Business

BUA Foods Declares N13 Per Share Dividend For Shareholders

Published

3 months ago

September 11, 2025

BUA Foods Plc has announced a dividend of N13 per share for its shareholders following the company’s 4th Annual General Meeting on Thursday in Abuja.

According to a press statement issued after the AGM on Thursday by the Director of Marketing and Corporate Communications for BUA Foods, Adewunmi Desalu, this payout represents a significant 136 per cent increase from the N5.50 paid the previous year.

The dividend was declared after BUA Foods reported a profit after tax of N265.9bn for the 2024 financial year, marking a 137 per cent growth from N112bn in the prior year.

The statement read, “BUA Foods Plc, a frontrunner in Nigeria’s Food manufacturing Industry and the most capitalised Business on the Nigerian Exchange Limited, held its 4th Annual General Meeting in Abuja at the Transcorp Hilton Hotel.

“At the meeting, shareholders approved a dividend of N13 per share, representing a 136 per cent increase from N5.50 paid in the previous year,” the statement read.

In the statement, the Chairman of BUA Foods, Abdul-Samad Rabiu, expressed gratitude to the shareholders for their unwavering support.

He highlighted the company’s progress in tackling food supply challenges and advancing food security.

“We remained steadfast in our operations and achieved notable progress on key strategic initiatives geared towards addressing food supply challenges and promoting food security,” Rabiu was quoted in the statement.

Rabiu also provided insight into the company’s growth plans, including the expansion of its pasta production facility, which will introduce nine new long-cut pasta lines, doubling the company’s annual capacity.

Also, BUA Foods is set to enhance its flour division with the construction of four state-of-the-art wheat milling plants, significantly increasing its milling capacity.

He further noted that the company’s sugar agricultural project remains on track for completion.

Managing Director of BUA Foods, Ayodele Abioye, attributed the company’s growth to strategic investments in production systems, market penetration, and product diversification.

He emphasised that these efforts had been key to the company’s resilience amid a volatile economic environment.

Abioye also expressed gratitude to shareholders, employees, suppliers, and customers for their roles in the company’s continued success.

The statement also included comments from various shareholders who praised the company’s performance.

The National Coordinator of the Pragmatic Shareholders Association, Mrs Bisi Bakare, commended the Chairman for his leadership and expressed satisfaction with the dividend payout.

The President of the Association of the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, noted BUA Foods’ remarkable growth, citing the company’s N1.5tn revenue as an outstanding achievement.

The President of the New Dimension Shareholders Association, Patrick Ajudua, also lauded the company’s consistent delivery of value to shareholders and encouraged other investors to consider adding BUA Foods shares to their portfolios.

At the AGM, all resolutions were approved by shareholders, including the re-election of directors and the approval of remuneration policies.

The PUNCH observed that in the firm’s 2024 financial results, BUA Foods reported growth across key performance metrics.

The company’s revenue soared to N1.53tn, an increase from N729.4bn in 2023.

The earnings before interest, tax, depreciation, and amortisation stood at N481.7bn, a rise from N215.7bn the previous year.

The company’s EBITDA margin also improved, rising to 31.5 per cent from 29.6 per cent in 2023.

The company’s earnings per share for the year were N14.78, an increase from the N6.23 recorded in 2023.

Also, BUA Foods reduced its net debt to N360.5bn, down from N551.5bn in 2023. Total assets grew to N1.09tn from N1.07tn the previous year, further highlighting the company’s solid financial standing.

In terms of capital expenditure, BUA Foods allocated N31.6bn for the year, although this was a decrease from the N37.1bn spent in 2023. Free cash flow also decreased to N31.3bn from N99.6bn in 2023.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

3 days ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

4 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

1 week ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.