Billionaire Aliko Dangote resigns from Dangote Flour Mills Board as Parent Company Cuts Funding

Africa’s richest man, Aliko Dangote, has resigned from former ‘Dangote Flour Mills’, now known as Tiger Branded Consumer Goods PLC.

South African fast consumer goods company, South African Tiger Brands committed 200 million dollars to owning a 65% equity of the company in 2013.

However, the company “had written down the value of the Nigerian flour mill twice in 2014 for 66.3 million dollars amid stiff completion and sliding Naira value.”, according to Premium Times.

Dangote himself holds 10 percent of the company’s equity through Dangote Industries.

The company released this statement, “Tiger Brands has decided not to provide further financial support with respect to its investment in Tiger Branded Consumer Goods Plc of Nigeria,” and said they will review their investment in the Nigerian flour mill.

On Monday evening, Dangote reported his resignation alongside three other directors of the board – Olakunle Alake, Asue Ighodalo and Arnold Ekpe, a former group Managing Director of Ecobank Transnational Incorporated.

Source: Premium Times