The founder of Dangote Cement, Aliko Dangote and other shareholders have lost N119bn within two days.
The largest cement manufacturer’s share price dropped to N250 in the first two trading days between January 5 and 6.
The company which is owned by Africa’s richest man closed the year with share price of N257 on December 31 2021.
Following the depreciation, the company’s market capitalization dropped by N199bn to settle at N4.26trn.
In December 2021, the manufacturer maintained a market capitalization of N4.38trn.
Aliko Dangote is the biggest loser as he owns 27,642,637 units, and an indirect stake of 14,621,387,610 ordinary shares.
In monetary terms, his combined 14,649,030,247 shares translate to N3.76trn at N257 per share.
But Dangote has lost N102.54bn after his share value fell to N3.66trn by January 5.
According to Forbes, Africa’s richest man is worth $12.5bn.
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