BUA Foods, the food manufacturing company controlled by Africa’s fourth-richest man, Abdul Samad Rabiu, has grown its total assets beyond $1.2 billion (₦1.67 trillion), underscoring the scale of its ongoing expansion despite a slowdown in revenue growth.
The milestone reflects more than an increase in the company’s balance sheet. It comes as BUA Foods ramps up one of the biggest capacity expansion programmes in its history, investing heavily in new production lines, infrastructure and manufacturing facilities aimed at strengthening its position in Africa’s fast-growing food industry.
According to the company’s audited financial results for the six months ended June 30, 2026, total assets rose by more than 20% from ₦1.39 trillion ($1.01 billion) a year earlier to ₦1.67 trillion ($1.21 billion), driven largely by higher investments in property, plant and equipment, as well as stronger working capital.
The asset growth comes even as revenue moderated during the period, suggesting the company is prioritising long-term capacity expansion while maintaining profitability amid Nigeria’s challenging operating environment.
Investing beyond today’s earnings
