3-Year-Old Company Overtakes MTN, Dangote, Banks as Nigeria’s Most Valuable Firm

In just three years, BUA Foods Plc has rewritten history on the Nigerian Exchange Limited (NGX). The company, which was listed on the stock market in January 2022, is now officially Nigeria’s most valuable listed firm overtaking giants like MTN Nigeria, Dangote Cement, and leading banks.

As of September 19, 2025, BUA Foods’ market capitalisation climbed to ₦11.3 trillion (about $7.5 billion), giving it a 12.6% share of the entire stock market value. 

This remarkable rise marks almost a tenfold increase since its debut at around ₦1.15 trillion three years ago.

The rapid growth story

The man steering this growth is Ayodele Abioye, who became Managing Director of BUA Foods in 2021 during the height of global supply chain disruptions. Under his leadership, the company has expanded aggressively into sugar, rice, flour, pasta, and edible oils sectors that are central to Nigeria’s food security.

Shares of BUA Foods have also surged, rallying more than 14 times since its listing. On September 19, the stock closed at ₦629.70 per share, more than double the value of its sister company, BUA Cement.

Strong financial results

Behind this stock market success are solid financials. In the first half of 2025, BUA Foods recorded its highest profit in six years, with revenue rising 36% to ₦913 billion. 

The company also turned a corner on foreign exchange, swinging from a ₦54.7 billion loss in 2024 to a ₦407 million gain in 2025, thanks to a more stable naira.

Even though finance costs rose by 53% to ₦10.2 billion due to high interest rates, the company’s overall performance remained strong. Analysts point to strategic price cuts, capacity expansion in rice and flour, and increased exports to West Africa as drivers of this momentum.

Why investors are confident

Investors have been drawn to BUA Foods for its clear growth strategy. With plans to expand production, diversify product lines, and capture more of the West African market, the company is positioning itself as a long-term leader in the food industry. 

Its financial discipline, including debt reduction to improve liquidity, has also boosted confidence.

Abioye himself has acknowledged the challenges of high inflation and changing consumer behaviour but says the company is focused on adapting. In his words, BUA Foods remains “encouraged by the sustained performance recorded in the second quarter of 2025, amidst an improving macroeconomic environment.”

Abdul Samad Rabiu’s vision

The company is controlled by billionaire businessman Abdul Samad Rabiu, who has been vocal about making food more affordable in Nigeria. 

In recent months, he promised further cuts in the price of rice and other food staples, highlighting his long-term plan to ease the burden of food inflation on Nigerians.

This aligns with government efforts, including President Bola Tinubu’s suspension of import duties on food items in 2024, a move that contributed to a reduction in food prices across the country.

What to note

That a three-year-old company now sits above MTN, Dangote Cement, and the banking giants on the NGX is a landmark moment. 

It shows how fast-growing firms in critical industries like food production can capture investor interest and reshape Nigeria’s business landscape.

With expansion plans still in motion, analysts believe BUA Foods may not only keep its crown as Nigeria’s most valuable company but also push the boundaries of what a homegrown consumer goods giant can achieve.