Dangote loses N240 billion in five hours over coronavirus

Dangote loses N240 billion in five hours over coronavirus

Africa’s richest man, Aliko Dangote has lost over N240 billion in five hours to the spiraling effect of coronavirus which bit harder on the Stock Exch

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Africa’s richest man, Aliko Dangote has lost over N240 billion in five hours to the spiraling effect of coronavirus which bit harder on the Stock Exchange, TheNation reports.

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 Cement Plc, which is Nigeria’s most capitalized quoted company accounts for over 20 percent of the total market capitalization, led the decline with the maximum daily allowable drop of 10 percent or N17, which is equivalent to net depreciation of N289.68 billion.

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.