The founder of BUA Foods, Abdulsamad Rabiu, lost 0.66 percent of his wealth on Monday despite the rise in the value of his staple food company.
However, his market rival, Aliko Dangote cemented his position as Africa’s richest man following the increase in his networth by 2.84 percent.
Rabiu’s fortune dropped to $4.5 billion after losing N12.40 billion at the close of trading on the floor of the Nigerian stock market on Monday, dropping to sixth in Africa’s rich list.
This followed the drop in his firm, BUA Cement’s value by 0.72 percent on Monday.
The company’s stock was priced low at the capital market, with holders selling at N68.50kobo per share, below the N69 stakeholders offered the equity on Friday.
However, BUA Foods crossed the trillion naira mark in the capital market where it is now valued at N1.05 trillion, four days after listing on the bourse.
While Rabiu lost N12.40 billion, Dangote made a whooping N146.34 billion ($354 million) to end the day with $12.8 billion.
The improvement in Dangote’s fortune was driven by the 4 percent rise in the value of his cement business.
Dangote Cement’s share price rose from N250 per share on Friday to N260 on Monday.
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