Aliko Dangote, Chairman of Dangote Industries Limited, stated that the naira’s devaluation in 2023 caused the most significant challenges for the company.
Speaking at the annual general meeting of Dangote Sugar Refinery Plc on Tuesday, Dangote emphasized that the company is working hard to ensure dividend payment this year.
He noted that many companies, particularly in the food and beverage sector, were similarly affected and may struggle to pay 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 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.”