Prime Business Africa
Aliko Dangote, the founder of Dangote Sugar, has recorded a 10 percent decline in his investment in the company after sell off ended the company’s trillionaire status.
According to Prime Business Africa’s (PBA) analysis, Dangote Sugar’s share price declined to N78.3 kobo at the end of trading on Tuesday, falling below the N87 a share of the company was traded on Monday.
Join our WhatsApp ChannelWith equity investors only willing to trade the company’s share at N8.7 kobo lower on Tuesday, 10 percent of the investments held by Dangote Sugar shareholders, including the billionaire, was wiped off.
The decline resulted in a N105.67 billion unrealised loss for the company’s shareholders, and also reduced the market valuation of Dangote Sugar to N951.1 billion on Tuesday, below the N1.05 trillion the manufacturer was valued on Monday.
According to Prime Business Africa’s analysis, the decline resulted in the exit of Dangote Sugar from the trillionaire’s club in the Nigerian Exchange (NGX) Limited, also known as the stock market.
Further analysis by the publication showed that out of the unrealised loss recorded by the shareholders, Dangote accounted for 72.25 percent due to the volume of his shares in the sugar company.
Dangote holds 8.77 billion shares in the sugar company, which is split into direct shares of 653.09 billion, representing 5.38 percent stake in the first, and indirect shares of 8.12 billion, representing 66.87 percent stake.
It was gathered that the value of the 8.77 billion shares Dangote held declined to N687.12 billion at the end of trading on Tuesday, compared to the N763.47 billion recorded at the end of trading the previous day, indicating the billionaire lost N76.34 billion within one day.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
