Connect with us

Business

Rabiu Abdulsamad’s wealth declines, loses N87.42bn, Dangote makes N114.76bn

Published

on

The networth of Africa’s richest man, Aliko Dangote, grew by 1.89% on Wednesday, while that of his market rival, Abdulsamad Rabiu, the founder of BUA Foods, fell by -2.97% on the same day.

Dangote, who owns Dangote Group, made N114.76 billion ($277 million) after eight hours of trading. This increased his estimated wealth to $15 billion, cementing his position as the wealthiest person on the continent.

The increase in Dangote’s networth was fueled by the positive turn in Dangote Sugar’s share value, which jumped by 2.59% to N300 per share on Wednesday, according to Ripples Nigeria analysis, against Tuesday’s N292.4 kobo.

His cement company, Dangote Cement, also gained from the bulls’ presence in the Nigerian capital market, appreciating by 2.71%, as its stock closed at a price of N17 per share, in contrast to the N16.55 kobo the previous day.

Read also :Aliko Dangote rises to 72nd spot on world’s rich list

Meanwhile, Ripples Nigeria understands that Rabiu wasn’t so fortunate, as he lost N87.42 billion ($211 million) out of his fortune, which is now down to $6.9 billion, after BUA Foods’ share slumped by -10% in the Nigerian bourse.

At the end of trading on Wednesday, profit-takers dragged BUA Foods stock value down to N56.7 kobo per share, a day after the equity closed trading at N63.

Note that prior to the hike on Tuesday, the share had been trading flat at N59.6 kobo since March 18, while BUA Cement has remained unchanged, trading flat at N74.25 kobo per share.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations