Devaluing The Naira Was A Messy Decision – Dangote

Chairman of Dangote Industries Limited, Aliko Dangote has come out to say that the devaluation of Naira created the biggest mess for the company in 2023.

He recently had his say while speaking at the annual general meeting of Dangote Sugar Refinery, and Nigerians have been reacting.

According to him, the devaluation of Naira definitely affected lots of companies in the country, especially those in food and beverages businesses.

Dangote added that no matter how small, he wants to ensure he still pays out some dividends, especially if there is a rebound of the naira.

His words, “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.

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.”

WOW.