Why Africa's richest man resigned from Dangote Flour Mills

It was recently made public that Dangote has resigned from the board of Tiger Branded Consumer Goods Plc, formerly known as Dangote Flour Mills.

 

Africa’s richest man and Chairman, Dangote Group, Aliko Dangote has resigned from the board of Tiger Branded Consumer Goods Plc, formerly known as Dangote Flour Mills.

In a notice to the Nigerian division, and received also by the Nigerian Stock Exchange, the South African fast consumer goods company said:

“Tiger Brands has decided not to provide further financial support with respect to its investment in Tiger Branded Consumer Goods Plc of Nigeria.”

According to OSG, sources close to the South African company said Tiger Brands decision followed their inability to make money from Dangote Flour Mills after committing about 200 million dollars or 65 per cent equity in the Nigerian flour mill in 2013.

Aliko Dangote holds 10 percent of the company’s equity through Dangote Industries.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

10 Katsina LGAs under severe bandits' attack daily, Gov. Masari tells COAS

EFCC arraigns 3 personnel of investment company for alleged N1.4bn fraud

Gunmen abduct Zamfara Assembly Speaker’s parents, 4 others

35 corps members test positive for Coronavirus in Ogun NYSC camp

145 girls, women die daily from pregnancy-related complications in Nigeria

Lagos approves 24 Magistrate Courts to prosecute environmental defaulters

The U.S says it is worried by Buhari's ongoing Twitter ban, stifling of press freedom

COAS praises troops for pummeling bandits, kidnappers in Zamfara

Court grants 12 detained Igboho’s associates to bail