The Biggest Mess Created In 2023 Was Devaluation Of Naira – Aliko Dangote

The Chairman of Dangote Industries Limited, Aliko Dangote said the biggest mess created for the company in 2023 was devaluation of Naira.

During the annual general meeting of Dangote Sugar Refinery Plc, Dangote discussed the challenges faced by the company in 2023.

He emphasized the significant impact of the naira’s devaluation, describing it as the “biggest mess” for the company and many others in the food and beverage sector.

Dangote expressed concerns about the implications of the devaluation on dividend payments, noting that many companies may struggle to pay dividends this year.

Despite these challenges, Dangote assured shareholders of the company’s commitment to overcoming the situation and striving to pay dividends.

He highlighted efforts being made to mitigate the effects of the devaluation, emphasizing the importance of a potential naira rebound in facilitating dividend payments.

Dangote underscored the company’s determination to navigate through the challenges and maintain its financial stability, aiming to ensure that shareholders receive dividends, even if modest, in the future.

“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.

“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.”

KanyiDaily recalls that Cryptocurrency exchange, Binance recently announced its decision to cease all services related to the Nigerian naira, following accusations of exploiting the currency and contributing to its depreciation.