Dangote loses N240 billion in five hours due to coronavirus

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Dangote loses N240 billion in five hours due to coronavirus

Dangote loses N240 billion in five hours due to coronavirus

On Wednesday March 11, Africa’s richest man Aliko Dangote suffered a huge loss, N240 billion was lost in five hours over the case of coronavirus.

Dangote’s firms under the parent-company ‘Dangote Group’, suffered huge losses just after the World Health Organisation (WHO) declared coronavirus a pandemic (spreading in multiple countries around the world at the same time). 

Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost N1.8 billion and N3.05 billion. Dangote Cement’s share price dropped by N17 from N170 to close at N153.  NASCON Allied Industries declined by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share.

The Nation reported that Dangote Cement Plc which is Nigeria’s most capitalised quoted company and accounts for more than 20 per cent of the total market capitalisation, led the decline with the maximum daily allowable drop of 10 per cent or N17, which is equivalent to net depreciation of N289.68 billion. 

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