Africa’s richest man, Aliko Dangote, on Wednesday, March 12th, 2020 lost more than N240 billion in five hours due to the adverse effect of the coronavirus pandemic on the Stock Exchange.
The ‘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) which originated from Wuhan, China.
Some of Dangote’s companies under the holding company, Dangote Group, suffered big losses at the stock market.
Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), 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. Dangote Cement is Nigeria’s most capitalised quoted company and accounts for more than 20 per cent of the total market capitalisation.
Two other members of the Dangote Group, 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.
