Dangote cries over devaluation of naira, calls it a ‘mess’

The chairman of Dangote Industries Limited, Alhaji Aliko Dangote, has stated that the naira devaluation had a severe negative impact on the company in 2023.

Dangote made the remarks on Tuesday as he addressed guests at Dangote Sugar Refinery Plc’s annual general assembly.

Dangote stated that the company is aggressively working to deliver dividends this year.

He said that many businesses, notably those in the food and beverage industry, have been affected and may have difficulties issuing dividends.

“We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because, if you look at our dividends last year, they were almost 50 percent more, so we will try and get out of the mess.”

“The biggest mess created was actually the devaluation of the naira from N460 to N1,400.

“You can see that almost 97 percent of the companies, especially in food and beverage businesses, will not pay dividends this year for sure, but we will try to get out of it as soon as possible.

“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.”

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