Dangote suffers heavy losses because of Coronavirus

Aliko Dangote

Aliko Dangote who is a Nigerian billionaire businessman, and the owner of the Dangote Group.

He has interests in commodities in Nigeria and other African countries. As of January 2020, he had an estimated net worth of US$10 billion.

Africa’s richest man Aliko Dangote on Wednesday lost more than N240 billion in five hours as the out-turn of the coronavirus is a bit harder on the Stock Exchange.

Investors have suffered a total of N1.41 trillion loss in the last three days to the pandemic (coronavirus) which is creating desolation across the world.

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

Chief Oyinyechukwu Ezeagu who is ASHON chairman stated that the stock market remained part of the global exchanges and as such any development in the world market would impact its operations.

Chief Ezeagu said that the effect of the coronavirus is gradually affecting trading all over the world and whatever happens elsewhere reflects in their market.

He continued saying; “The center of it all is China being a major world power both in production and consumption capacities, any ill wind affecting China would naturally cause a big sneezing to the rest of the world”.

“Investors should not panic. The share prices will bounce back. The companies’ fundamentals remain strong. Many investors are taking advantage of the bearish run to beef up their portfolios.”

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