The Nigerian Exchange has witnessed a reshaping of its leaderboard, as BUA Foods Plc rose to claim the title of the Exchange’s most valuable company within just three years of listing. Its market capitalisation reached ₦11.3 trillion by September 19, 2025, a remarkable leap from its entry valuation and a reflection of sustained investor appetite.
The Abioye Effect
At the heart of this ascent is Ayodele Abioye, Managing Director of BUA Foods. Abioye stepped into leadership during a period of global uncertainty, when food supply chains were strained and Nigeria’s economy was struggling with post-pandemic shocks. Rather than buckle under pressure, he positioned the company for rapid expansion while balancing profitability in an environment of volatile currency and weak consumer demand.
A Rare Blend of Scholarship and Industry Know-How
Abioye’s style of leadership is shaped by decades of technical and managerial experience. Trained as a mechanical engineer at the University of Ilorin, he went on to earn advanced degrees in Engineering Management and Manufacturing Engineering at the University of Benin. Additional exposure to global business practices across the United States, Europe, and South Africa broadened his perspective.
His résumé spans executive roles at Coca-Cola Nigeria, Seven-Up Bottling Company, Nigerian Bottling Co. Ltd, Frigoglass Ltd, Dansa Foods, and SecureID—positions that refined his expertise in operations, supply chain systems, and corporate strategy.
Performance That Speaks for Itself
From its listing value of about ₦1.15 trillion in 2022, BUA Foods has expanded nearly tenfold. Share prices have skyrocketed more than fourteenfold in the same period, closing at ₦629.70 as of September 19, 2025. The company now makes up over 12 percent of the NGX’s equity market—surpassing even BUA Cement in valuation.
The first half of 2025 delivered the company’s strongest financial results in six years, with revenue rising 36 percent to ₦913 billion. A stable naira converted what was once a ₦54.7 billion foreign exchange loss into a ₦407 million gain, proving how quickly market dynamics can turn when paired with the right strategy.
Though finance costs climbed by 53 percent to ₦10.2 billion due to higher interest rates, the company’s reduced debt load eased balance sheet pressure, keeping liquidity in a healthy position.
What Lies Ahead
Analysts see more room for growth. Price adjustments are expected to push up sales volumes, while fresh investments in rice and flour capacity, along with deeper penetration into West African markets, could further strengthen earnings. New product launches also signal a diversification strategy that keeps the company ahead of consumer trends.
For Abioye, the focus is clear: build a resilient company that thrives beyond Nigeria’s borders while ensuring it remains central to domestic food security.
