Fakoyejo OlalekanThe founder and Chairman of BUA Cement, Abdulsamad Rabiu, and his brother, Kabiru Isyaku Rabiu, lost a whopping N109,287 billion within five days of trading last week.
Both Abdulsamad and Kabiru lost the sum in investment value after shareholders engaged in sell off that resulted in BUA Cement’s share value depreciating by -10.39%.
This indicates investors’ confidence in BUA Cement weakened, resulting in the stock’s market value falling to N47.85kobo per share on September 23, reflecting shareholders cut their asking price by N5.55kobo, below the N53.4kobo the stock sold for on September 16.
Due to the drop in investors’ confidence and sell off, Abdulsamad alone lost about N109.28 billion in five days, as his investment value in BUA Cement nosedive from N1.05 trillion, to N942.19 billion.
Abdulsamad is currently the largest shareholder in BUA Cement, with a controlling stake 58.15%. He holds 19.69 billion direct and indirect shares to his name.
His brother lost N4.55 million during the period in review, as his investment in BUA Cement dwindled to N39.23 million, from N43.78 million. In all, shareholders in the firm lost N187.94 billion.
In response to the loss, BUA Cement’s market worth depreciated to N1,62 trillion, down from N1.80 trillion, reflecting a -10.39% loss in equity valuation.
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