Biggest mess created in 2023 was devaluation of naira – Dangote

Aliko Dangote, chairman of Dangote Industries Limited, says the devaluation of naira created the biggest mess for the company in 2023.

Dangote spoke on Tuesday during the annual general meeting of Dangote Sugar Refinery Plc.

According to Dangote, the company is putting in efforts to ensure it pays dividends this year.

He said a lot of companies, especially in food and beverages businesses, were also affected and will be unable to pay dividends.

Again, Dangote reduces diesel, aviation fuel prices to N940, N980

“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 and get out of the mess,” Dangote said.

“The biggest mess created was actually 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.