Coronavirus: Dangote Loses $107m on Thursday

• Coronavirus: Dangote Loses $107m on Thursday

The total net worth of Aliko Dangote, Africa’s richest man, declined by $107 million or N32.853 billion (using the exchange rate of N306.95) on Thursday, according to Bloomberg Billionaire Index.

Dangote’s total net worth declined from $14.91 billion on Wednesday to $14.8 billion on Thursday. Bringing his year-to-date loss to $5.68 million.

Global financial markets declined following the World Health Organisation (WHO) declaration that the outbreak is a global pandemic. This, led to President Trump announcing a ban on European flights to curb the spread of the virus in America after over 1,200 people were said to be infected with at least 37 deaths.

Dangote declined spread across his holdings with Dangote Cement losing as much as 10 percent, while shares of Dangote Sugar Refinery Plc and NASCON Allied Industries Plc declined by N1.15 and 15 kobo to close at N3.05 and N9.75, respectively.

Chief Oyinyechukwu Ezeagu, Chairman, the Association of Securities Dealing Houses of Nigeria (ASHON), said since the Nigerian Stock Exchange remains part of the global stock market, any global development would impact its operations.

Ezeagu said: “The effect of the coronavirus is gradually affecting trading all over the world and whatever happens elsewhere reflects in our market.

“The centre of it all is China and 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 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.”

Meanwhile, the world’s richest man, Jeff Bezos also saw $8.14 billion erased from his total net worth on Thursday.