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Dangote is losing N240 billion in five hours because of coronavirus



On Wednesday March 11th Aliko Dangote, the richest of Africa, lost a huge amount of N240 billion in five hours because of the coronavirus.

Coronavirus was declared pandemic (scattering in many countries around the world at the same time) among Dangote companies in the Dangote Group’s parent company, surfers a huge loss due to COVID-19.

The World Health Organization (WHO) declared the epidemic to be a pandemic.

The Nation announced that Dangote Cement Plc which accounts for over 20 percent of the overall market capitalisation, is the most-capitalized quota company in Nigeria, with a maximum allowable daily fall of 10 percent or N17 equivalent to a net depreciation in the region 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.

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