Nigerian billionaire and pioneer of Dangote Group, Aliko Dangote, has on Monday, November 16, resigned from the board of Tiger Branded Consumer Goods Plc, formerly known as Dangote Flour Mills.
Mr. Dangote, who is Africa’s richest man, resigned alongside three other directors – Olakunle Alake, Asue Ighodalo and Arnold Ekpe, a former group managing director of Ecobank Transnational Incorporated.
His resignation reportedly comes on the back of South Africa’s Tiger Brands’ withdrawal of investments in the Flour Mills. The company experienced a change of name to Tiger Branded Consumer Goods.
The South African fast consumer goods company, Tiger Brands, said in a notice to the Nigerian division, and received also by the Nigerian Stock Exchange, that they were exploring various options with regard to their investment in Dangote Flour Mills.
“Tiger Brands has decided not to provide further financial support with respect to its investment in Tiger Branded Consumer Goods Plc of Nigeria,” it said.
Mr. Dangote holds 10 percent of the company’s shares through his Dangote Industries.
Dangote Flour Mills only recently changed its corporate name to Tiger Branded Consumer Goods Plc, following the acquisition of the majority shares by the South African company.
Sources close to the South African company said Tiger Brands decision followed their inability to make money from Dangote Flour Mills after committing about 200 million dollars or 65 per cent equity in the Nigerian flour mill in 2013.