Aliko Dangote, chairman of Dangote Industries Limited, says the devaluation of naira created the biggest mess for the company in 2023.

Dangote spoke on Tuesday during the annual general meeting of Dangote Sugar Refinery Plc.

According to Dangote, the company is putting in efforts to ensure it pays dividends this year.

He said a lot of companies, especially in food and beverages businesses, were also affected and will be unable 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.

On April 19, Nascon announced the suspension of its proposed merger with Dangote Sugar.

Nascon said the merger was not completed due to the current non-operational status of Dangote Rice.

DANGOTE SUGAR TO END SUGAR IMPORTATION IN 2028

Dangote said the company’s sugar master plan will enable the producer to sell only locally produced sugar in the next four years.

According to the chairman, the implementation of the backward integration policy will give the company the best future in terms of stability and prevent issues relating to exchange rate losses.

“The sugar master plan we are now taking is very, very serious,” he said.

“But to say the least, the industry as a whole, did not really push as we are supposed to push in terms of the backward integration.

“We have done a lot, but we also have our fears because if there is no proper implementation, we do not want to go and sink a lot of your money and we end up losing money because if government is not following or making sure that everybody behaves, then we will not be able to make money. But right now, I think they have called us.

“We have sat down and I can assure you on our own, we think the best future of this company is through the backward integration.

“Because backward integration will actually give you much more forfeit and stability and it will erase all these exchange rate losses.

“So, by the grace of God, in the next four years maximum, our company should be producing what we are selling currently, all domestic, 100 percent domestic.”

However, Dangote said if any sugar is imported by the company, it will only be to complement what it is producing.

President Bola Tinubu says he is open to the idea of a “living wage” for Nigerian workers.

In a message to mark International Workers Day celebration at the Eagle Square, Tinubu, who was represented at the event by Vice-President Kashim Shettima, hailed Nigerian workers for their fidelity to the peace, progress, and development of the nation.

He also said the tripartite committee on a new minimum wage was yet to reach a resolution before May Day.

“You would recall that on January 30th, 2024, the Federal Government convened a 37-member Tripartite Committee on Minimum Wage,” the president said.

“The committee’s mandate was to provide counsel and suggest a national minimum wage that aligns with our current economic conditions.

“Since then, the committee, in collaboration with labour leaders, has been diligently working towards proposing a new National Minimum Wage.

“Unfortunately, despite concerted efforts, the committee was unable to reach a consensus at its last meeting. This shall be resolved soon and I assure you that your days of worrying are over.”

Organised labour has insisted on a new living wage for workers. In his address, Tinubu said he is open to the idea of a living wage, as opposed to a minimum wage.

“Indeed, this government is open to the committee’s suggestion of not just a minimum wage but a living wage,” the president added.

The president also asked workers to trust his administration.

“Great Nigerian Workers, we cannot achieve a just and equitable society that caters to the needs of every member, including the strong and the weak, without fostering peace and unity,” he said.

“Our shared vision for national growth and development can only be realised in an atmosphere of industrial harmony and peaceful coexistence in every segment of our country.

“Dividends we have promised the nation, and which you work tirelessly to ensure, can only be achieved when we all unite for progress.

“On this momentous day, I urge you and all our fellow citizens to place your trust in this administration. The seeds of greatness planted in our nation are beginning to bear fruit, and they promise a future filled with hope and bound by prosperity.

“Let me assure you, with the utmost sincerity, that every initiative undertaken by this administration is geared towards transforming Nigeria into a nation that can truly provide for its people.

“So, I call upon each and every one of you, as I have consistently done, to join hands in shaping the destiny of our nation towards greatness.

“Our allegiance and patriotism are the bedrock upon which our beloved country thrives. The success of our government’s policies and programmes hinges on the willingness of the workers, as the backbone of our workforce, to embrace them wholeheartedly.

“I appeal to you to continue using the power of the labour movement for the greater good of our nation, fostering harmony and cooperation.

“Once more, I extend my heartfelt congratulations on this successful Workers’ Day celebration, and I wish you all joyous festivities.”

Changpeng Zhao, the founder of Binance, has been sentenced to four months in prison for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).

At a sentencing hearing on Tuesday, Richard Jones, the presiding judge, said Zhao put “Binance’s growth and profits over compliance with US laws and regulations”.

According to US officials, Zhao intentionally turned a blind eye to transactions that financed terrorism, the illegal drug trade, and child sex abuse.

“I failed here. I deeply regret my failure, and I am sorry,” Zhao told the court.

“I believe the first step of taking responsibility is to fully recognise the mistakes. Here I failed to implement an adequate anti-money-laundering programme. I realise now the seriousness of that mistake.”

The four-month sentence is lower than the three years prosecutors sought.

Prosecutors told the judge a tough sentence would send a clear signal to other would-be criminals.

“We are not suggesting that Mr. Zhao is Sam Bankman-Fried or that he is a monster,” Kevin Mosley, one of the prosecutors, said.

“But Zhao’s conduct wasn’t a mistake. This wasn’t a regulatory ‘oops.”

On November 21, 2023, Zhao pleaded guilty to money laundering.

Binance also agreed to pay more than $4 billion in fines and other penalties.

Meanwhile, Binance subsidiary in Nigeria is facing charges for illicit foreign exchange (FX) transactions.

Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, its head of financial crime compliance, were charged with tax evasion and money laundering by the federal government.

The duo were arrested and detained on February 28.

However, Anjarwalla escaped custody in March.

Zhao’s sentence is coming less than one month after Sam Bankman-Fried, former CEO and founder of Futures Exchange (FTX), was sentenced to 25 years in prison after being convicted of defrauding his customers, investors, and lenders.