Aliko Dangote explains the reason he lost his wealth after the elections

Africa's richest man, Aliko Dangote says the devaluation of the naira has affected his businesses countrywide.

The serial entrepreneur made the comment at the Dangote Sugar Refinery Plc Annual General Meeting on Tuesday, April 30.

According to him, the introduction of a new administration has made the domestic operating environment difficult.

The business magnate added that many manufacturing firms were impacted by the changes in the value of the naira relative to the US dollar and that they had experienced operating losses.

He said: “The biggest mess created was the naira devaluation from N460 to N1,400. You can see that almost 97% of companies in the food and beverage business will not pay dividends this year. But we will try and get out of it.”