Africa’s richest man Aliko Dangote on the 12th of March, lost more than N240 billion in five hours as the adverse effect of the coronavirus bit harder on the Stock Exchange.
Some of Dangote’s firms under the parent company, Dangote Group, suffered big losses at the market.
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 percent on Wednesday, which is equivalent to net capital depreciation of N426 billion. The equities lost N985 billion between Monday and Tuesday.
Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), led the decline with the maximum daily allowable drop of 10 percent or N17, which is equivalent to net depreciation of N289.68 billion. Dangote Cement is Nigeria’s most capitalized quoted company and accounts for more than 20 percent of the total market capitalization.
Two other members of the Dangote Group, 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 kobos to close at N9.75 per share.