Dangote says he Lost over N240 Billion In Five Hours over Coronavirus

Aliko Dangote, chief executive officer of Dangote Group and also Africa’s richest man, reportedly suffered a huge loss of over N240 billion in five hours over coronavirus he said this on Wednesday March 11, 2020.

As Some of Dangote’s firms under the parent-company, Dangote Group, suffered huges losses at the market due to coronavirus pandemic which started from Wuhan, China.

World Health Organisation (WHO), had on Wednesday declared coronavirus a pandemic.

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

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

To soothing public fears about the developments in the market, the Association of Securities Dealing Houses of Nigeria (ASHON) reassured investors that the market would soon bounce back.

Updated on March 12, 2020 at 11:22 AM and categorized under Today News Updates

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