Aliko Dangote, the Chairman of Dangote Industries Limited, recently addressed shareholders during the annual general meeting of Dangote Sugar Refinery Plc, shedding light on the hurdles faced by the company in 2023. Chief among these challenges was the devaluation of the Nigerian Naira, which he described as the "biggest mess" for both Dangote Sugar Refinery and other entities within the food and beverage sector.
Dangote articulated concerns regarding the repercussions of the Naira's devaluation on dividend payments, expressing apprehension that several companies might encounter difficulties in fulfilling dividend obligations this year. Despite these daunting circumstances, Dangote reassured shareholders of the company's unwavering dedication to surmounting the challenges and striving to uphold dividend payments.
In his address, Dangote emphasized ongoing efforts aimed at mitigating the adverse effects of the Naira's devaluation, while also highlighting the pivotal role of a potential Naira rebound in facilitating future dividend distributions. He underscored the company's resolute commitment to navigating through these testing times and maintaining financial stability, with a steadfast aim of ensuring that shareholders receive dividends, even if they are modest, in the foreseeable 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,”
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.” Dangote said.
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