The Chairman of Dangote Industries Limited, Alhaji Aliko Dangote, has stated that the naira devaluation by President Bola Ahmed Tinubu’s administration had a significant negative impact on his companies in 2023.
Dangote made the statement while speaking to attendees at Dangote Sugar Refinery Plc’s yearly general assembly on Tuesday in Lagos State.
Dangote expressed confidence that the company is diligently working to deliver dividends this year.
He mentioned that many businesses, particularly those in the food and beverage industry, have been affected and may face difficulties in distributing 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, it was almost 50 percent more, so we will try to get out of the mess.”
“The biggest mess was caused by the devaluation of the naira from N460 to N1,400.
“You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and 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.”
