The wealth of Nigerian billionaire, Rabiu Abdulsamad, dwindled by -0.44% on Monday after shares of his company, BUA Foods, plummeted following trading hours in the Nigerian bourse.
BUA Foods’ stock slumped in value by -1.45% hours after report emerged that the company won’t be joining Dangote Sugar and Flour Mills of Nigeria (FMN) to allegedly increase cost of sugar through scarcity, as Ramadan approaches.
The company had accused Dangote Sugar and FMN of suspension of sugar sales on Monday, in an effort to profit on the rise in demand of sugar during the Muslim festive period in six weeks time.
BUA Foods stated in the statement reported by a newspaper that it won’t be joining in the artificial scarcity, and at the end of trading hours, the capital market rewarded the accused companies, and reacted negatively to Abdulsamad’s company.
Following the allegation, Ripples Nigeria analysis of market trading between the three biggest sugar producers showed that Dangote Sugar’s share appreciated by +1.70%, while FMN’s shareholders investment grew by +3.56%.
Read also: Rabiu Abdulsamad’s fortune adds $3.9 billion in 7years, as Aliko Dangote networth drops
BUA Foods wasn’t so lucky, as a negative outlook knocked shareholders’ investment down by -1.45%, losing N16.2 billion, after trading flat most of last week, when it also shed -4.03% in value.
Monday’s loss in BUA Foods led to Abdulsamad losing N12.47 billion ($30 million) from his fortune, which represents -0.44% of his wealrh – he’s now worth $6.8 billion.
During the same period, Aliko Dangote made N2.49 billion ($6 million), and his wealth is now estimated at $14.1 billion.
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