- The cement company loses N420 billion in market capitalisation between January to March this year
- Dangote Cement had ended January with N4.02 trillion but fell to N3.6 trillion in March 2021
- The company's share price also depreciated during the same period, as it lost N29.9kobo
The largest cement company in West Africa, Dangote Cement, suffered a significant loss in its market capitalisation after it declined by 10.44% within the first three months of 2021.
The cement company lost over N420 billion in its market value following the 10.44% decline between January to March 2021. The firm had ended the first month with N4.02 trillion.
In February, Dangote Cement shed N320 billion in its market worth to drop to N3.7 billion, before recording another loss of N100 billion last month to end March with N3.6 trillion.
This brought the total loss of Dangote Cement to N420 billion in the first quarter this year. During the same period, the share price of the company lost N29.9kobo.
The share value fell from N244.90kobo per share in January to N215 per share in March this year, reflecting the depreciating situation in Dangote Cement. As the company loses over N420 billion, more stakeholders sold off their shares to avoid the dip.
Aside from Dangote Cement recording a loss, Legit.ng had reported last week that the founder, Aliko Dangote's wealth dropped by $16.7 billion between 2014 to 2020. His networth fell from $25 billion in 2014, to $11 billion as of April 7, 2021.
Meanwhile, Legit.ng had reported that President Muhammadu Buhari approved the $1.5 billion for the repair of the Port Harcourt refinery. The approval led to a deal between the Nigerian National Petroleum Corporation and Tecnimont.
The repair of the refinery is expected to take place in the next 44 months but will be done in three phases. The approval followed criticism from the private sector which included Stanbic IBTC founder, Atedo Peterside.
Business leaders had advised against the repair, urging the government to sell the refinery at its faulty state and leave the rehabilitation cost to the investor.