Coronavirus effect: Dangote reportedly loses $652 million in hours
On March 11, 2020, it was reported that Africa’s richest man and Chairman of the Dangote Group has lost $652 million following the adverse effects of Coronavirus. Yesterday, the World Health Organization declared the Corovirus as a pandemic, which means the virus has spread to almost all parts of the world and causing a problem….
On March 11, 2020, it was reported that Africa’s richest man and Chairman of the Dangote Group has lost $652 million following the adverse effects of Coronavirus.
Yesterday, the World Health Organization declared the Corovirus as a pandemic, which means the virus has spread to almost all parts of the world and causing a problem.
The effect of the Coronavirus pandemic has affected trade and commerce, imports and exports have dwindled and there has been a marginal fall in commodity prices on the world market.
Dangote Cement Plc which is Nigeria’s most capitalized quoted company and accounts for more than 20 percent of the total market capitalization, led the decline with the maximum daily allowable drop of 10 percent which is equivalent to net depreciation of $652 million.
Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost $4.8 million and $8.2 million. Dangote Cement’s share price dropped.
NASCON Allied Industries has declined marginally.
