Following WHO’s declaration of Covid-19 being a pandemic, many businesses have been experiencing a downtime.
One of such businesses is the one owned by Africa’s richest man for nine years consecutively, Aliko Dangote.
The Dangote group has experienced big losses in the market because of some firms under the head company that has suffered some losses.
According to The Nations, Investors have been hit with losses of about ₦1.41 trillion due to the pandemic which is quickly spreading and affecting countries across the world.
Dangote Cement Plc, which is is Nigeria’s most capitalised valued company and accounts for more than 20 per cent of the total market capitalisation is also affected.
the primary firm in Dangote Industries Limited (DIL), led the decline with the maximum daily allowable drop of 10 per cent or ₦17, which is equivalent to net depreciation of ₦289.68 billion.
Dangote Cement’s share price dropped by N17 from N170 to close at ₦153
Also, two other members of the Dangote Group, NASCON Allied Industries Plc and Dangote Sugar Refinery (DSR) Plc lost ₦3.05 billion and ₦1.8 billion respectively.
NASCON Allied Industries declined by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share.
Since the first case of the novel coronavirus whose Epicentre is in China, the disease has fast spread all over the world infecting over 120,000 people; killing over 4,400 people.
The disease has officially been declared a pandemic by the World Health Organization (WHO) on the 11th of March, 2020.
