Coronavirus: Dangote Looses N240 Billion Due To Coronavirus In Five Hours

Alhaji Aliko Dangote, Africa’s richest man reportedly suffered a huge loss due to Coronavirus on Wednesday, March 11 as he lost N240 billion in five hours.

Hours after the World Health Organisation (WHO) declared coronavirus a pandemic (spreading in multiple countries around the world at the same time), Dangote’s firms under the parent-company ‘Dangote Group’ suffered huge losses.

According to report, 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 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 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.

Don Writer

Oreoluwa fondly called Don Writer is writer and ProBlogger with a B.A degree in English. He's passion-driven and goal-oriented.

Leave a Comment on CmaTrends

Next Post

Breaking!!! Dethroned Emir, Sanusi Sues IGP, DSS DG

Fri Mar 13 , 2020
The deposed Emir of Kano, Lamido Sanusi, has filed a legal suit against the Inspector General of Police and the Director-General of the Department of State Services (DSS) over his post-dethronement detention and confinement. Sanusi’s lawyers led by Lateef Fagbemi filed the suit on Thursday before the Federal High Court […]