Dangote Loses N240 Billion In Five Hours Due To Coronavirus
Africa’s richest Aliko Dangote suffered a huge loss due to coronavirus on Wednesday March 11, as he lost N240 billion in five hours.
Dangote’s firms under the parent-company ‘Dangote Group’, suffered huge losses just after the World Health Organisation (WHO) declared coronavirus a pandemic (spreading in multiple countries around the world at the same time).
The Nation 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
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 ...