Dangote gains as BUA owner, Abdulsamad loses N12.47bn amid sugar price allegation

The Capital Market on Monday was unfavourable to Nigerian billionaire, Rabiu Abdulsamad, as his company, BUA Foods, lost over twelve billion after hours of trading.

It was revealed that BUA dwindled by -0.44% on Monday following a decision by the company on its sales price.

Naija News understands that while BUA was losing fortunes, his counterpart, Aliko Dangote had gained N2.49 billion ($6 million), and his wealth is now estimated at $14.1 billion.

After yesterday’s trading, it was discovered that BUA Foods’ stock slumped in value by -1.45%.

The sad record came to be hours after reports emerged that the company won’t be joining Dangote Sugar and Flour Mills of Nigeria (FMN) to allegedly increase the cost of sugar through scarcity, as Ramadan approaches.

Abdulsamad’s company had alleged in a report that Dangote Sugar and FMN suspended sugar sales on Monday, in an effort to profit on the rise in demand for sugar during the Muslim festive period in six weeks time.

BUA Foods had maintained that it won’t be part of the artificial scarcity.

However, at the end of trading hours yesterday, the capital market rewarded Dangote Sugar and FMN while it reacted negatively to BUA.

At the capital market, Dangote Sugar’s share appreciated by +1.70%, while FMN’s shareholder’s investment grew by +3.56%.

In the part of BUA Foods, shareholders’ investment plummeted 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 wealth – he’s now worth $6.8 billion.