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Why Africa's richest man resigned from Dangote Flour Mills

fuad lawal

November 17, 2015 9:26 AM

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.

READ MORE: Dangote resigns from 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.

fuad lawal

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