Abdul Samad Rabiu, the Chairman of BUA Foods Plc, attributed the shortage and escalating expenses of food items in Nigeria on the actions of a few greedy distributors and manufacturers on Thursday.
At the same time, the business tycoon praised President Bola Tinubu for waiving import duties on groceries.
At the company’s third annual general meeting in Abuja, Rabiu made this revelation.
He said:
The news of the expansion was made just a few days after BUA Foods declared that it had expanded its pasta production plant through an arrangement with FAVA, one of the top manufacturers of pasta equipment worldwide.
According to Rabiu in a Punch report, the partnership with the multinational corporation aligns with the business’s strategic plan for enhancing food security in Nigeria.
Ayodele Abioye, the managing director of BUA Foods, highlighted the company’s planned growth, stating that it was long needed.
Abioye said that the company has persevered in growing and has reached a peak market capitalization of N7.11 trillion, despite the economic downturn and a halt in business activity.
TimesNow.com.ng reported that Abdul Samad Rabiu, the chairman of the board of directors of BUA Cement, disclosed that his company crashed the price of a bag of cement to N3,500.
Speaking at the 8th Annual General Meeting of the company in Abuja, Rabiu, however, revealed that the pricing was thwarted by dealers who exploited the situation, selling the same product at inflated prices of N7,000 and N8,000 per bag to Nigerians.
He revealed that BUA Cement sold over a million tons of cement to dealers at N3,500.
Source: TimesNow.com.ng
