Abdul Samad Rabiu, the Chairman of BUA Foods Plc, has issued a scathing accusation against competitors in the food industry, alleging that they deliberately create scarcity to drive up prices.
In a statement released on Thursday, Rabiu revealed that his company had faced significant challenges in maintaining lower prices for its products due to the actions of other producers.
Rabiu highlighted the example of flour prices, which had reached exorbitant levels, reaching as high as N70,000 per bag. Despite BUA Foods maintaining a significantly lower price of N50,000 for an extended period, other companies allegedly resorted to a deliberate strategy of halting production to create scarcity, leading to further price increases.
