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Dangote loses N240 Billion in five hours to deadly Coronavirus
Africa’s richest man Aliko Dangote on Wednesday lost more than N240 billion in five hours as the effect of the coronavirus bit harder on the Stock Exchange.
The World Health Organisation (WHO) on Wednesday declared coronavirus a pandemic.
A pandemic is a disease that is spreading in multiple countries around the world at the same time.
Some of Dangote’s firms under the parent-company, Dangote Group, suffered big losses at the market.
Investors have suffered a total of N1.41 trillion loss in the last three days to the pandemic which is wreaking havoc across the world. Loading…
Benchmark equities indices indicated an average decline of 3.4 per cent on Weednesday, which is equivalent to net capital depreciation of N426 billion. The equities lost N985 billion between Monday and Tuesday.
Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), led the decline with the maximum daily allowable drop of 10 per cent or N17, which is equivalent to net depreciation of N289.68 billion. Dangote Cement is Nigeria’s most capitalised quoted company and accounts for more than 20 per cent of the total market capitalisation.
Two other members of the Dangote Group, Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost N1.8 billion and N3.05 billion. Dangote Cement’s share price dropped by N17 from N170 to close at N153. NASCON Allied Industries declined by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share.
Allaying public fears about development in the market, the Association of Securities Dealing Houses of Nigeria (ASHON) assured investors that the market would soon bounce back.
It said the fundamentals of quoted companies remained strong.
ASHON chairman Chief Oyinyechukwu Ezeagu explained that the stock market remained part of the global exchanges and as such any development in the world market would impact on 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 productive 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.”
Coronavirus first hit Wuhan in China in December 2019. Over 3000 people have died of the pandemic in the country.
Since then, the pandemic has spread worldwide with countries in Europe mostly affected. About 125,000 cases have been reported worldwide with 4,605 dead. United States (U.S.) has 31 deaths and United Kingdom, eight.
Italy is the worst hit country in Europe with 827 deaths. Over 16 million people have been quarantined there.
France has suspended flights between it and Italy till April 3 because of the pandemic.
In Nigeria, two persons, including an Italian, who is the index case, are in quarantine in Lagos. Six others comprising four children, their teacher and another person are in isolation, according to Commissioner for Health Prof. Akin Abayomi.
At the Nigerian Stock Exchange (NSE), the All Share Index (ASI) – the benchmark value index that tracks all share prices declined from its opening index 24,388.66 points to close at 23,572.75 points.
The aggregate market value of all quoted equities at the NSE dropped from its opening value of N12.710 trillion to close at N12.284 trillion. Average year-to-date return crossed the double-digit -12.2 per cent. The ASI had opened Monday at 26,279.61 points while market capitalisation opened at N13.695 trillion.
All sectoral indices closed negative with the exception of the NSE Insurance Index, which appreciated by 2.2 per cent. The NSE Consumer Goods Index declined by 4.7 per cent. The NSE Industrial Goods Index depreciated by 3.4 per cent. The NSE Banking Index dropped by 2.7 per cent while the NSE Oil and Gas Index dipped by 0.7 per cent.
“We maintain a bearish outlook on the equities market in the next trading session,” Afrinvest Securities stated.
Other top losers included: Nestle Nigeria, with a drop of N101.70 to close at N915.30; Conoil lost N1.60 to close at N14.60 and Zenith Bank dropped by N1 to close at N12.05 while Cadbury Nigeria declined by 65 kobo to close at N6 per share.
On the positive side, Unilever Nigeria rose by N1.05 to close at N11.65. United Bank for Africa rose by 55 kobo to close at N6.20. Vitafoam Nigeria appreciated by 38 kobo to close at N4.45. UAC of Nigeria added 30 kobo to close at N7.50 while FCMB Group chalked up 15 kobo to close at N1.66 per share.

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Pray For Us Politicians, We Are The Problem Of Nigeria — Peter Obi
Peter Obi, the 2023 Labour Party presidential candidate, has asked Nigerians to pray for political leaders, stating that politicians are the primary cause of the country’s challenges.
Speaking on Sunday at the thanksgiving service to mark Oyo state’s 50th anniversary at the Cathedral of St. Peter Anglican Church, Aremo, Ibadan, the Oyo state capital, Obi said politicians are responsible for the country’s challenges.
“I want to make a request from Nigerians. Do remember us politicians in your prayers. We are the problem of Nigeria, no other person,” he said.
“Nigeria is not a poor country, it is poorly governed. Remember us in your prayers that God should touch our hearts to use public money for public good. That is what is required.”
In a post on X after the event, Obi thanked Seyi Makinde, governor of Oyo state, for the opportunity to speak at the service.
He recalled that at the beginning of Makinde’s administration, the governor invited him to address the maiden executive council (exco) retreat, where they spent a full day discussing governance and leadership.
“I am pleased to note that the governor has remained consistent in his approach. Beyond the visible infrastructure across the state, his performance is widely discussed and appreciated by Oyo people wherever they are,” Obi said.
The former Anambra governor also commended Makinde for his remarks at the thanksgiving service, particularly on building strong institutions rather than relying on individuals.
“His focus on continuity, systems, and shared responsibility reflects a statesmanlike vision and offers reassurance that the progress of Oyo State will be sustained beyond any single administration,” he added.
Obi further thanked Williams Aladekugbe, bishop of Ibadan north, for what he described as a timely and profound sermon.
“He reminded us that thanksgiving is not merely a ritual but a moral discipline that nurtures humility, responsibility, and service to the common good,” Obi said.
He called on residents of Oyo state to continue supporting the governor and to pray that God would guide leaders to work for the common good of the state and its people.
News
Tinubu Celebrates Fela As Philosopher Of Freedom After Historic Grammy Win
President Bola Tinubu has paid tribute to late Afrobeat legend, Fela Anikulapo Kuti, following his posthumous Grammy Lifetime Achievement Award.
Tinubu described Fela as more than a musician, calling him a fearless voice of the people, a philosopher of freedom and a revolutionary force who confronted injustice through music.
The president said Fela’s courage, creativity and conviction defined a generation and continued to inspire audiences across the world.
In a tribute issued on Sunday in Abuja, Tinubu said Fela’s legacy had transcended time, describing him as eternal in cultural and spiritual relevance.
He noted that Fela became the first African to receive the Recording Academy of America’s Lifetime Achievement Award, though posthumously.
The president said the honour affirmed Fela’s enduring global influence and the foundational role he played in shaping modern music from Africa.
Tinubu said Fela defined Afrobeat, with his influence evident across generations of Nigerian musicians and in Afrobeats and global sounds.
“He defined Afrobeat, and you can hear and see his influence in generations of Nigerian musicians and in Afrobeats and beyond.
“Fela lives,” the president said. (NAN)(www.nannews.ng)
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Benue Killings: FG To Arraign Yelwata Massacre Suspects Monday
The Federal Government is scheduled to arraign suspects linked to the Yelwata killings on Monday in Abuja, with the Attorney General of the Federation finalizing the charges.
Justice Abdul-Malik is expected to preside over the arraignment at the Federal High Court.
This was disclosed in a statement released to journalists on Sunday by the Office of the Attorney General of the Federation and Minister of Justice.
According to the statement, the accused persons will be brought before Justice Joyce Abdulmalik of the Federal High Court sitting in Abuja, following what it described as “after a painstaking investigation and collaboration by government agencies.”
“The Office of the Attorney General of the Federation and Minister of Justice wishes to assure Nigerians that justice will be ensured in the matter, to send a strong signal to the enemies of the country acting under any disguise.”
The statement, signed by the media aide to the AGF, Mr. Kamarudeen Ogundele, further noted that “The administration of President Bola Ahmed Tinubu is committed to the protection of the lives and property of all, as enshrined in the Constitution.”
The Yelwata killings took place in June 2025 in the Yelwata community, located in Guma Local Government Area of Benue State.
The violence reportedly started late on June 13, 2025, and spilled into the early hours of June 14, when suspected armed herdsmen launched coordinated attacks on residential buildings, a local market, and a Catholic mission.
During the assault, houses were torched, victims were brutally mutilated, and the attackers exchanged gunfire with security operatives.
Reports indicate that more than 100 people lost their lives, while approximately 3,000 residents were forced to flee their homes.
President Bola Ahmed Tinubu had earlier condemned the massacre and directed security and law enforcement agencies to track down those responsible and ensure they are prosecuted.
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