Coronavirus Hits Dangote As Shares Plummet

Some companies under the Dangote Group got hit at the stock market on Wednesday as share prices plummeted causing Africa’s richest man, Aliko Dangote to lose more than N240 billion in five hours.

Some of Dangote’s firms under the parent-company, Dangote Group, suffered big losses at the market.

Investors reportedly suffered a total loss of N1.41 trillion loss in the last three days to coronavirus the pandemic

Leading the loss was Dangote Cement Plc, of Dangote Industries Limited (DIL), led the decline with a drop of 10 per cent or N17, translating to a net depreciation of N289.68 billion. Dangote Cement accounts for more than 20 per cent of the total market capitalisation. Others who suffered loss under the Dangote Group are Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc with the former losing N1.8 billion and the later, N3.05 billion.

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The Nigerian Stock Exchange (NSE), recorded shares decline the All Share Index (ASI) – the benchmark value index that tracks all share prices went down from its opening index 24,388.66 points to close at 23,572.75 points.

Dangote had on Wednesday said the Nigerian Economy is not working while speaking at the ongoing Roundtable parley with the CBN Governor, Mr. Godwin Emefiele, with the theme “Going for Growth 2.0.”

“My heart bled when I read that Nigerian Customs collected N1.35trn import duties last year. It means the economy isn’t working. If the economy is working, the Customs shouldn’t collect that much money, it is the Federal Inland Revenue Service (FIRS) that should” he said.