Chairman of ?angote Industries Limited, Aliko ?angote, has declared that the Naira devaluation had a significant negative impact on the company in the year 2023.
?angote, who addressed attendees on Tuesday at the yearly general assembly of ?angote Sugar Refinery Plc., conveyed that the company is diligently working towards delivering dividends this year.
He stated that numerous companies, particularly those in the food and beverages sector, have also been impacted and may face challenges in distributing 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”.
“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”.
