Nigeria’s second richest man, Abdul Samad Rabiu, will get a total of N324.38 billion in final dividends from the country’s second largest cement maker, BUA Cement, after the company’s nearly fivefold profit rise in 2025.

Rabiu, the chairman of the BUA Group, personally controls more than half of BUA Cement holdings, making him the largest shareholder.

With a final dividend of N10 per share declared, the industrialist will receive roughly N189.75 billion in gross dividends from his direct stake alone. An additional N134.6 billion will accrue to BUA Industries Limited, the holding company he controls.

Combined, more than N324 billion in gross dividend flows to Rabiu’s business empire, highlighting the concentration of ownership and cash generation within Nigeria’s cement industry.

The dividend spree comes as the cement maker grows his annual profit almost five times after foreign-exchange losses narrowed and revenue climbed to a record, underscoring how Nigeria’s currency stability and pricing power are reshaping earnings in heavy industry.

Net profit rose to N356.0 billion in 2025 from N73.9 billion a year earlier, according to the company’s audited results released on Friday.

Revenue from contracts with customers increased 35 percent to N1.18 trillion from N876.5 billion, reflecting stronger volumes and price adjustments in a year marked by infrastructure spending and private real estate demand.

The cement maker’s gross profit doubled to N604.2 billion as cost of sales held largely flat at N575.3 billion, compared with N576.2 billion in 2024.

That widened gross margin to about 51 percent, from 34 percent previously, a sign that earlier cost pressures from energy and imported inputs have moderated.

A sharp reduction in foreign-exchange losses provided further lift. Net FX loss narrowed to N9.7 billion from N92.1 billion the prior year, easing the drag that had weighed heavily on earnings during the peak of currency volatility.

Operating profit more than tripled to N504.6 billion from N144.3 billion.

Investors are already positioning themselves as the shares of BUA Cement hit a 52-week high, rising to N219 per unit on the Nigerian Exchange as of the close of trading on Friday. That led to a 22.7 percent gain since the beginning of the year. (BusinessDay)

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