The following is the full statement delivered by Abdul Samad Rabiu, CFR, CON, Chairman of BUA Foods Plc, at the company’s 5th Annual General Meeting.
Distinguished shareholders, esteemed investors, members of the Board, and my dedicated management team, good morning.
Thank you all for being here today and thank you for your continued support and confidence in BUA. To our shareholders, investors, and employees, I sincerely appreciate your trust and commitment. Without you, none of what we have achieved would have been possible.
A year of strong performance
I am pleased to report that the business is doing very well. Our performance this year reflects the discipline, efficiency, and hard work of our people across the organisation. We have delivered strong results, and we remain confident about the future.
But let me make an important point. While we are proud of our financial performance, we recognise that we operate in an industry that plays an important role in the development of our country. We therefore have a responsibility not only to create value for shareholders, but also to help build a stronger, more competitive industry that contributes to Nigeria’s long-term growth.
Why we are investing in expansion
This is why we are investing so heavily in expansion.
By next year, when our current projects are completed, BUA will become the largest player in our sector in Nigeria. We are not pursuing growth simply for the sake of becoming bigger. We are pursuing growth because scale matters in an industry like ours.
Today, four companies control almost 90 percent of this market. BUA is the only indigenous Nigerian company among them. In any concentrated market, the strongest force for efficiency, innovation, and value creation is competition. The more competitive the market becomes, the stronger the industry becomes and the greater the benefits for consumers, investors, and the wider economy.
Our objective is straightforward: to build sufficient scale to compete effectively with every player in the market. We believe Nigeria benefits when there are strong indigenous companies capable of competing at the highest level, investing for the long term, and challenging established market positions.
That is the logic behind our expansion. We are increasing capacity, strengthening our competitive position, and building a business that can compete on equal terms with anyone in the industry. A more competitive industry is ultimately a healthier industry, and that is good for consumers, good for investors, and good for Nigeria.
Efficiency has always mattered more than size
Our history demonstrates what is possible when competition is driven by efficiency, transparency, and strong execution. When BUA listed five years ago, we were significantly smaller than some of the more established players in the industry. Yet despite our smaller size, we consistently delivered stronger profitability and better returns.
That performance was not an accident. It was the result of efficient operations, disciplined management, prudent capital allocation, and a relentless focus on execution.
In many ways, our success changed the conversation in the industry. Investors could clearly see what a transparent and efficiently run business in this sector was capable of achieving. Naturally, that led to greater scrutiny of some larger competitors and raised important questions about performance, governance, and value creation. Over time, that scrutiny contributed to significant changes within the sector, including the eventual delisting of some of those companies.
The lesson is a simple one: size alone is not enough. Efficiency matters. Transparency matters. Good management matters. Those principles helped us compete successfully when we were the smallest major player in the industry, and they will continue to guide us as we become the largest.
Building an indigenous champion
As a proudly indigenous company, we believe Nigeria benefits when strong local businesses invest, expand, create jobs, develop local capacity, and reinvest their profits back into the economy. Our ambition is not only to create value for shareholders but also to contribute meaningfully to Nigeria’s industrial development and economic growth.
To our shareholders, investors, Board members, and management team, thank you once again for your trust and support. Together, we are building more than a successful company. We are building an indigenous champion that Nigerians can be proud of, one that competes fiercely, operates transparently, delivers value to its shareholders, and helps shape the future of this industry.
Alhamdulillah, and thank you very much.
Abdul Samad Rabiu, CFR, CON
Chairman, BUA Foods Plc
