{"id":4751,"date":"2022-10-14T14:07:19","date_gmt":"2022-10-14T14:07:19","guid":{"rendered":"https:\/\/ebirareporters.com\/?p=4751"},"modified":"2022-11-02T09:52:52","modified_gmt":"2022-11-02T08:52:52","slug":"dangote-cement-shareholders-lost-n417-48bn-in-8-days","status":"publish","type":"post","link":"https:\/\/ebirareporters.com\/dangote-cement-shareholders-lost-n417-48bn-in-8-days\/","title":{"rendered":"Dangote Cement Shareholders Lost N417.48bn in 8 Days"},"content":{"rendered":"

By Ukpe Philip | The Whistler<\/p>\n

The dispute between the Kogi State Government and Dangote Cement Plc over the ownership of Obajana Cement Plant has resulted into a loss of N417.48bn by shareholders of the company.<\/p>\n

<\/p>\n

This is following the shutdown of its flagship plant<\/a> and the largest of three factories in Nigeria at 16.25 metric tonnes per annum capacity across five lines.<\/p>\n

The plant which is supported by a fleet of 2,370 trucks was shut down by the state on Wednesday October 5, 2022 following ownership tussle.<\/p>\n

But the cement manufacturer has denied any wrong doing<\/a>, claiming it duly acquired the plant.<\/p>\n

Eight days after sealing the plant, the company\u2019s shares which has been stable at N245 per share at market capitalisation of N417trn has suffered a drastic drop.<\/p>\n

Investigation by has revealed that the company\u2019s shares dropped by N24.5 to N220.5 per shares, according to data seen on the Nigerian Exchange Ltd where it is trading.<\/p>\n

This has led to drop in its market capitalisation to N3.76trn leading to a N417bn loss by investors.<\/p>\n