Dangote Makes Over N2bn in 24 Hours, Widening Further the Gap With Rabiu as Sugar War Intensifies

Dangote Makes Over N2bn in 24 Hours, Widening Further the Gap With Rabiu as Sugar War Intensifies

  • Dangote continue to do what he knows how to do best, make more money despite allegations and counter-accusations on plans to create artificial sugar scarcity
  • Dangote Sugar Refinery Plc and Flour Mills of Nigeria Plc in an open letter accused BUA Foods Plc of accusing them of suspending the sale of sugar
  • As these fights continued, Rabiu wealth in 24 hours dropped by over N12 billion at the Nigerian Exchange

In the last five days, the media has been inundated with news of Dangote sugar, BUA foods and Flourmills accusations and counter-accusations on sugar availability in the market.

BUA Foods had in an advertorial published on Monday said Flour Mills suspended sugar sales because the 2022 raw sugar allocation had been declined by the government.

It also accused Dangote Sugar of halting sales of the product in a bid to create scarcity and force prices to go up.

Read also

Dangote Sugar drags BUA Foods over alleged plans to suspend sale of sugar, induce scarcity

But in a press release published on the Nigerian Exchange Limited on Thursday, Dangote Sugar described the claim by BUA as false.

Dangote makes N2.49 in 24 hours widening further the gap with Rabiu amid as Sugar war intensifies
Aliko Dangote, president and chief executive officer of Dangote Sugar Refinery Plc, speaks during the U.S. Africa Business Forum in New York Credit: Michael Nagle/Bloomberg via Getty Images
Source: Getty Images

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The statement reads:

“In compliance with the requirements of the Rulebook of the Nigerian Exchange Limited, DSR wishes to strongly refute the allegations and assertions in their entirety as these false allegations may mislead the market and may give an undue competitive edge to BUA.
“We believe this behaviour exhibited by BUA is worrisome and appears to conflict with the anti-competition rules. Last year, just before the commencement of Ramadan (the Islamic holy month of fasting), BUA made similar false allegations against the company that it was engaged in ‘price-fixing’ and not honestly pursuing the Backward Integration Project.
“In response to this, we published a press release to refute the false allegations and made a formal complaint to the Anti-Competition Commission. Another formal complaint was made to the commission on February 14, 2022, and we await their actions to address the situation.”

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Rewane To FG: Dangote refinery is not a solution to oil Problem; details what will actually happen

Dangote wealth increases

Despite the confrontations, Africa's richest man continued to accumulate wealth.

According to data from the Forbes billionaire index tracker, Dangote's wealth increased in the last 24 hours by $6 million( N2.49bn) and is currently the 143rd richest man alive.

The increase in Dangote's wealth comes as his sugar company share value increased in value by 1.67% to N18.3 from N18 it traded a before.

On the other hand, Rabiu's wealth remained at $6.9 billion with no changes recorded.

Dangote Cement lead list of the 10 biggest companies

Legit.ng had earlier reported that Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as of October 2021.

The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.

Using data from Nigeria Exchange the report showed how much each of the top firms are worth and their share price for anyone looking to invest.

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Motorists groan, scarcity persists as petrol sells N600 per litre in Abuja

Source: Legit.ng

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