The two major sugar manufacturers in Nigeria are up in arms against each other as they throw accusations of wanting to create artificial scarcity of sugar.
The two major sugar manufacturers in Nigeria are up in arms against each other as they throw accusations of wanting to create artificial scarcity of Sugar.
Dangote’s statement
The company claimed that BUA Foods had circulated damaging rumours through a statement published in several media outlets. According to this statement, Dangote Sugar suspended its sugar sales to force a price increase.
It said BUA Foods wants to influence the government through the media to review the denial of allocation to a new competitor. The firm refuted the allegation and called them false and misleading with the intent to mislead and incite the public against Dangote Sugar giving BUA a competitive edge.
What happened?
BUA Foods had published a disclosure stating that it had dissociated itself from every arrangement to cause artificial scarcity of sugar in Nigeria through the decision of two other manufacturers.
A statement by Dangote Sugar which was filed with the Nigerian Exchange Limited said it believes that the allegations by BUA are not only disturbing but conflicts with existing standards.
Dangote Sugar said “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”.
Company names like Dangote and Rabiu top the list of most valuable manufacturing companies in Nigeria
It was reported that Dangote cement and BUA cement, owned by Nigeria’s richest individuals Aliko Dangote and Abdulsamad Rabiu, have been recognized as the country’s two most successful listed manufacturing companies. BUA foods another company owned by Abdulsamad sat in the third position while Nestle Nigeria completed the list of top four valuable manufacturing companies.
The ranking of the banks is based on data from Nigerian Exchange Group (NGX) and analysed by Nairametrics.
