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Aliko Dangote, Africa’s richest man, has reportedly suffered a huge loss of N240 billion in five hours due to coronavirus on Wednesday March 11, 2020.

Some of Dangote’s firms under the parent-company, Dangote Group, suffered big losses at the market due to the coronavirus pandemic which originated from Wuhan, China.

The World Health Organisation (WHO) on Wednesday declared coronavirus a pandemic.

According to the Nation, Dangote Cement Plc which is Nigeria’s most capitalised quoted company and accounts for more than 20 per cent of the total market capitalisation, 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.

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.