Africa’s richest man, Aliko Dangote, on Wednesday suffered a loss of N240 billion in five hours in the capital market as a result of the ravaging coronavirus disease.
His firms under the parent-company, Dangote Group, including Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), 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, The Nation wrote.
According to the report, two other members of the Group, Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost N1.8 billion and N3.05 billion while Dangote Cement’s share price dropped by N17 from N170 to close at N153.
Giving other breakdowns, NASCON Allied Industries declined by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share.
Recall that Dangote Cement is Nigeria’s most capitalised quoted company and accounts for more than 20 per cent of the total market capitalisation.
The paper wrote: “Investors have suffered a total of N1.41 trillion loss in the last three days to the pandemic which is wreaking havoc across the world.
“Benchmark equities indices indicated an average decline of 3.4 per cent on Weednesday, which is equivalent to net capital depreciation of N426 billion. The equities lost N985 billion between Monday and Tuesday.”
