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Aliko Dangote who is the richest man in Africa suffered a huge loss of ₦240 billion in 5hours due to coronavirus on Wednesday, March 11th .
‘Dangote Group’ the parent company of all Dangote’s firms suffered huge losses just after the World Health Organization (WHO) declared coronavirus a Pandemic disease.
The Nation reported that Dangote Cement Plc which is Nigeria’s most capitalized quoted company and accounts for more than 20% of the total market capitalization, led the decline with the maximum daily drop of 10% which is equivalent to net depreciation of ₦289.68 billion.
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Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost ₦1.8 billion and ₦3.05 billion. Dangote Cement’s share price dropped by ₦17 from ₦170 to close at ₦153. NASCON Allied Industries declined by ₦1.15 to close at ₦3.05 while DSR lost 15 kobo to close at ₦9.75 per share.
