BUA Foods, primarily controlled by billionaire Abdul Samad Rabiu, has become the most valued company on the Nigerian Exchange (NGX).

With a market valuation of more than N10 trillion, it has surpassed long-standing behemoths like MTN Nigeria, the telecom leader, and Dangote Cement, the largest cement manufacturer in the nation under Aliko Dangote's ownership. Over the last seven months, the company has grown remarkably.

The market value of BUA Foods has increased by 38.5 percent since the beginning of 2025, from N7.46 trillion ($4.88 billion) to an astounding N10.34 trillion ($6.76 billion). This gain, roughly N2.9 trillion ($1.88 billion), is a clear indication of the confidence investors have in the company, even as Nigeria’s economy continues to face challenges.

BUA tops Nigerian Stock Exchange

BUA Foods has earned its reputation by focusing on a wide range of vital food products. Its portfolio includes well-known companies like BUA Sugar Refinery, BUA Oil Mills, IRS Flour, IRS Pasta, and BUA Rice.

This variety highlights the company's significant contribution to Nigeria's industrial and food supply sectors.

Abdul Samad Rabiu and his son Isyaku Naziru Rabiu hold 94.25 percent of the corporation, with Isyaku Naziru owning 1.62 percent, or 291.34 million shares, and Rabiu personally holding 92.63 percent. This close family ownership has contributed to consistent performance by providing reliable leadership and a distinct sense of purpose.

At $6.76 billion, BUA Foods now boasts the largest market capitalization on the NGX. MTN Nigeria follows in second place with N9.66 trillion ($6.31 billion), and Dangote Cement ranks third with N9.57 trillion ($6.25 billion). According to this new ranking, Nigeria's capital markets have shifted, with a domestic food manufacturer now surpassing the country’s largest telecom and cement companies.

More sales, more financial gains

The company’s performance supports its high valuation. According to its unaudited financial results, its revenue for the first half of 2025 was N912.5 billion ($596 million), marking a 36% increase from N672.4 billion ($439.2 million) during the same period last year.

This rise reflects the strength of its diverse product range in a competitive industry and shows consistent demand across all product lines.

Net profit more than doubled, from N130.9 billion ($85.5 million) in the first half of 2024 to N260 billion ($169.8 million) this year. As a result of effective management and careful financial planning, the corporation attributes this increase to higher sales, smart pricing strategies, and lower financing expenses.