News
Dangote Resigns From Dangote Flour Mills
Aliko Dangote, Africa’s richest man, on Monday, 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 has large equity stakes in leading Nigerian companies including Deli Foods and UAC Foods.
-
Celebrity Gossip & Gist1 day ago
“Korra slept with a man when she was 5 months pregnant with our daughter, she sleeps around” – Korra Obidi’s estranged husband, Justin Dean cries out (Video)
-
Celebrity Gossip & Gist1 day ago
Tolanibaj reacts to viral video of schoolgirl who names her as role model (Watch)
-
Celebrity Gossip & Gist1 day ago
“Your presence is deeply missed” – Billionaire mogul E Money vows to raise Junior Pope children, pays tribute to late actor (Video)
-
Celebrity Gossip & Gist1 day ago
“It’s confirmed Chief Priest is not small. Money na water” – Cubana Chief Priest boasts as he’s granted N10m bail