Abdul Samad Rabiu, founder and chairman of BUA Group, welcomed Tony Elumelu, chairman of United Bank for Africa (UBA), and UBA's executive management team at BUA Group's corporate headquarters in Lagos. The meeting marked a strategic alignment between two of Nigeria's most influential business figures, focused on capital deployment, industrial expansion, and scaling local production. BUA Foods, a subsidiary of BUA Group, recently posted N1.77 trillion in revenue for the year, with a dividend of N28 per ordinary share approved for shareholders. The discussions centred on strengthening financial partnerships to support Nigeria's agro-industrial sector and expand export capacity. Both leaders reaffirmed their commitment to long-term investment in domestic industries, citing the need for private-sector collaboration to drive sustainable growth.
Rabiu and Elumelu are leveraging personal influence to shape Nigeria's industrial finance landscape without waiting for state intervention. With BUA Foods pulling in N1.77 trillion and a N28 dividend, their alliance signals that major economic moves are now being led by private conglomerates, not policymakers. This partnership consolidates power in the hands of a few elite businessmen who control both production and finance. For Nigerians, it means economic direction may increasingly depend on boardroom decisions, not government policy.
