Aliko Dangote resigns from Dangote Flour as Tiger Brands withdraws funding

16 Nov 2015
Chibuike Oguh


Mr. Dangote quit Dangote Flour along with three other directors.

Aliko Dangote, President/CEO, Dangote Group

Africa’s richest man, Aliko Dangote, has resigned from the board of Dangote Flour Mills after South Africa’s Tiger Brands announced today that it was withdrawing funding from the lossmaking flour and pasta producer.

Mr. Dangote quit Dangote Flour along with three other directors: Olakunle Alake, Asue Ighodalo and Arnold Ekpe.

The Kano-born businessman became the minority shareholder in Dangote Flour Mills, with a 10 percent stake, after selling 65 percent stake to Tiger Brands for $200 million in 2012.

Since acquiring Dangote Flour Mills, Tiger Brands has failed to turn a profit at the company and has subsequently written down more than $66 million out of the value of its stake.

Chibuke Oguh is Financial Nigeria's Frontier Markets Analyst

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