Elombah
Take a fresh look at your lifestyle.

Africa’s richest, Dangote man resigns from Dangote Flour Mills

75

Aliko-Dangote

Image: Aliko-Dangote

Aliko Dangote, Africa’s richest man, on Monday, announced his resignation from Dangote Flour Mills (DFM) 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 has large equity stakes in leading Nigerian companies including Deli Foods and UAC Foods.

© Copyright 2015 www.elombah.com

Send eyewitness accounts/reports/articles to publisher@elombah.com

Follow us on twitter handle @Elombah; like our Facebook page: “Elombah.com”


© Copyright 2020 ElombahNews.

DISCLAIMER : Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers of ElombahNews!
Would you like to be receiving ALL ElombahNews links ‘On The Go’ on WhatsApp Or Telegram? If yes, join us here on WhatsApp or Telegram, or provide us your Telephone number via publisher@elombah.com or sms/inbox +2349050382526 and you are good to go!
DOWNLOAD ElombahNews mobile app here
Send eyewitness accounts/ reports/ articles  to publisher@elombah.com; follow us on twitter @ElombahNews; like our Facebook page ElombahNews 

For adverts & inquiries, call +447460770987, +2349050382526

Comments are closed.