PM News: The Effects Of Nigeria’s Recession On Dangote

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The Ongoing recession in Nigeria affected everyone including Africa’s richest man, Aliko Dangote.

According to Investigations at Dansa Foods Nig. Ltd, located off Lagos-Badagry expressway revealed that workers have not been paid their salaries for the past six months.

Though Dansa Foods Nigeria Limited is a member of the Dangote Group, Alhaji Sani Dangote, a brother of Aliko Dangote is the company’s Executive Chairman and runs its affairs, with Aliko’s shares embedded in the company.

The company which produces Dansa juice and other goods, it was learnt, has laid off more than half of the workforce following dwindling sales and high cost of production caused by high exchange rate of the Naira.

The company, our correspondent gathered, has suspended the production of Dansa juice and other products. ”We are only producing Mowa bottle water now,” a source at the company revealed.

But the workers are not taking it kindly with the management of the company and have insisted that their six months unpaid salaries be paid to them.

To this end, the workers have embarked on strike to press home their demand.

One of the workers who did not want his name mentioned said he and his colleagues decided to go on strike to force the management to pay their salaries.

”We are being owed six months. The company has refused to pay us so we are embarking on strike,” the worker added.

Efforts to speak with the management of the company proved unsuccessful as one of the managers refused to pick his phone calls.

Bloomberg in its latest Billionaire Index reports revealed that Africa’s richest man, Aliko Dangote, lost $ 5.4 billion in his fortune this year.

The loss was occasioned by the massive fall of the Naira as the Central Bank of Nigeria rations the dollar to stem huge capital outflow in the wake of Nigeria’s worst economic crisis.

About The Author

Mercy Asiegbu is a creative writer, astute thinker and an imaginative-clarify content writer, utilizing every possible form of writing to educate, inform, entertain and present life by Original Design. Follow me on Twitter @bluenaza and on Facebook- Asiegbu Chinaza Mercy.

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