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.
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.
Meanwhile, it was understood 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.