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Aliko Dangote Resigns From Dangote Flour Mills

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Aliko Dangote Resigns From Dangote Flour Mills

Aliko Dangote, Africa’s richest man, on Monday evening announced his resignation from Dangote Flour Mills following South Africa’s Tiger Brands funding withdrawal.

Dangote resigned alongside Olakunle Alake, Asue Ighodalo and Arnold Ekpe immediately after the announcement, which may mean the end of DFM.
Tiger Brands, a South African consumer goods maker, revealed its decision to cease funding its Nigerian division as it undergoes major economic reviews.

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

According to Reuters, Tiger Brands has not made money from Dangote Flour Mills (DFM) since paying nearly $200 million for a 65 percent stake in the firm back in 2012.

Though DFM is named after Dangote, his group’s equity stake in the firm is only 10 percent. Anthony Geard, an industry analyst with Investec Securities, said “without Tiger Brands injecting money, it is the end of the line for DFM”.

Dangote Group is investing heavily in the African cement industry, with a plan to build production factories in 18 African countries and Nepal.

Tiger Brands also has large equity stakes in leading Nigerian companies including Deli Foods and UAC Foods.

Moji Delano is a Lawyer turned Blogger, Entrepreneur, Digital Media Strategist/expert. For news as it breaks: BBMpin1: 7AFE1932, (NEWS UPDATES,BUSINESS, BLOG INQUIRIES AND TIP-OFFS ONLY) BBMpin2 : D3E76039 (NEWS UPDATES,BUSINESS, BLOG INQUIRIES AND TIP-OFFS ONLY) Breaking news hotline : 08093005118, 08040003887(enquiries and tip offs only)

6 Comments

6 Comments

  1. Ahmed

    November 17, 2015 at 9:52 am

    I hope the resignation won’t affect his wealth in a bad way.

  2. Lionheart

    November 17, 2015 at 10:18 am

    Hmmm, Na wa o

  3. Bomi

    November 17, 2015 at 1:34 pm

    Thanks for this full package article, it’s more comprehensive than those have come across…
    I think Dajgote want to focus on other sides of business that brings more money.

    It’s all about the dough, mullah, Cheddar…

  4. Toxy

    November 18, 2015 at 8:06 am

    Fayose basket mouth.

  5. Toxy

    November 18, 2015 at 8:08 am

    Basket mouth Fayose

  6. timi

    November 28, 2015 at 8:13 pm

    why ?

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