Dangote Laments Naira Devaluation, Vows to Pay Dividends Despite Challenges

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By Sabiu Abdullahi

Aliko Dangote, Chairman of Dangote Industries Limited, has expressed that the devaluation of the naira from N460 to N1,400 had a significant negative impact on the company in 2023.

Speaking at the annual general assembly of Dangote Sugar Refinery Plc on Tuesday, Dangote stated, “The biggest mess created was actually the devaluation of the naira from N460 to N1,400.”

Despite the challenges, Dangote assured that the company is working diligently to deliver dividends this year.

He acknowledged that numerous companies, particularly those in the food and beverages sector, have also been impacted and may face difficulties in distributing dividends.

However, he expressed determination to overcome the challenges, saying, “We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends… 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.”

Dangote noted that almost 97 percent of companies in the food and beverages sector will not pay dividends this year, but he remains optimistic about the company’s prospects.

He stated that last year’s dividends were almost 50 percent more, and the company will strive to get out of the current mess as soon as possible.

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