BUA Foods Plc has disclosed detailed remuneration figures for its board members in its 2024 compliance report, underscoring a shift toward greater transparency in Nigeria’s corporate governance landscape. The company paid a total of ₦59.6 million in directors’ fees and allowances during the year, with non-executive directors receiving ₦5 million each and an additional ₦1 million for committee roles. While the company fulfilled key governance requirements—including board independence and disclosure of remuneration—it reported having only one female director, falling short of the 30% gender diversity threshold recommended by the Nigerian Code of Corporate Governance.
The highest-paid board member earned ₦8 million, while the chairman received ₦7 million, excluding sitting allowances. These figures align with the firm’s adherence to the Nigerian Code of Corporate Governance, which recommends the disclosure of board compensation structures.
The company stated that the remuneration framework is designed to attract and retain experienced professionals, balancing performance incentives with ethical oversight. Analysts view this move as part of a broader trend in Nigeria’s private sector toward more open financial reporting and investor accountability. The report also detailed the company’s sustainability efforts, including compliance with environmental standards and progress in internal audit and enterprise risk management frameworks—further aligning with investor expectations on ESG performance.
