Africa’s richest man known as Aliko Dangote underwent a huge loss due to coronavirus outbreak on Wednesday March 11, as he lost N240 billion in five hours.
Dangote’s firms under the parent-company ‘Dangote Group’, underwent huge losses just after the World Health Organisation (WHO) declared coronavirus a pandemic (spreading in multiple countries around the world at the same time).
However, it was 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 fall with the maximum daily allowable drop of 10 per cent or N17, which is equivalent to net depreciation of N289.68 billion.
Furthermore, 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 decreased by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share.