In just three years since debuting on the Nigerian Exchange, BUA Foods Plc has surged from a relative newcomer to the most valuable company on the Nigerian Exchange Limited.
The consumer goods maker saw its valuation rise about 7 percent in one week, with market capitalisation now at N11.3 trillion as of September 19, 2025. This came barely after a month, it crossed the N10 trillion threshold, a feat many attribute to the steady hand of its chief executive, Ayodele Abioye.
Abioye, who joined BUA Group as chief operating officer in 2021 to oversee the company’s diverse food businesses, was subsequently appointed managing director of BUA Foods Plc at a time when supply chains were strained and global economies, including that of Nigeria, were still reeling from the financial meltdown occasioned by the COVID-19 pandemic.
Under his watch, BUA Foods has scaled operations rapidly while maintaining strong margins in an economy struggling with currency volatility and declining purchasing power.
Read also: BUA Foods doubles revenue to ₦1.53trn on strong volume, price gains
His academic and career trajectory must have been instrumental in his approach to managing a firm that has aggressively expanded into flour, sugar, pasta, rice, and edible oils, all businesses tightly woven into Nigeria’s food security architecture.
With a bachelor’s degree in Mechanical Engineering and Technology from the University of Ilorin, a master’s degree in Engineering Management and a PhD in Manufacturing Engineering – both from the University of Benin, Abioye is a prototype of a thoroughbred Nigerian-made scholar cum business leader.
His extensive professional training and exposure locally and internationally across the United States of America, Europe, and South Africa must have played a crucial role in his management of BUA Foods with the company now accounting for about 12.6 percent of the entire Nigerian Stock Exchange equity market.
Notwithstanding his strong academic background, Abioye’s management experience must have been honed from his previous roles at Seven-Up Bottling Company, Coca-Cola Nigeria, Nigerian Bottling Co. Ltd, Frigoglass Ltd, Dansa Foods Ltd. and SecureID Ltd, amongst others, where he had sat in key leadership positions.
An engineer with over 30 years of experience in business and manufacturing engineering, supply chain management and business development, Abioye has, for the past three years, delivered constant growth and profitability despite operating in a country where citizens’ spending power has been hammered.
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Since listing on the Nigerian Exchange Limited (NGX) three years ago, BUA Foods has seen a nearly 10-fold rise in its market capitalisation, growing from approximately N1.15 trillion to N11.3 trillion. That’s more than double the valuation of its cement arm, BUA Cement.
Market sentiments for its stock have also been on a bull run. Shares of BUA Foods rose more than 14-fold within the listing period to close at N629.70 as of Friday, September 19, 2025.
BUA Foods, controlled by Nigerian billionaire AbdulSamad Rabiu, has continued to record stellar financial performance, a condition that has continued to fuel investor confidence in the company’s operations.
The fast-moving consumer goods giant recorded the highest profit in six years in the first six months of 2025, supported by a 36 percent rise in revenue to N913 billion and a stable naira that returned the manufacturer to FX gain after swimming in losses in the past year.
Read also: BUA Foods’ profit jumps the most in six years as FX gains return
After booking a N54.7 billion forex loss a year earlier, BUA recorded a N407 million gain in H1 2025, amid a relatively stable naira and lower FX exposure. Finance costs rose 53 percent to N10.2 billion, reflecting continued pressure from interest rates despite a decline in total debt.
“We are encouraged by the sustained performance recorded in the second quarter of 2025, amidst an improving macroeconomic environment. Key indicators such as inflation and a deepened exchange rate margin continue to shape consumer behaviour and operational decisions,” said Abioye.
The company is on track to record its best earnings year yet, as the company’s strategic price reduction is expected to propel improved volumes. Also, the launch of new products, capacity expansion of the rice and flour product segments, and the scale-up of export sales to West African countries are positive for the company’s outlook.
The deleveraging exercise of the balance sheet by the company bodes well for liquidity and leverage ratios, a move that is expected to boost working capital.