Africa’s richest man, Aliko Dangote, along with three other directors, yesterday announced their resignation from the board of Dangote Flour Mills.
- Read our previous article on Aliko Dangote's investments in Sub-Saharan Africa.
The announcement came as majority owner, South African-based Tiger Brands, cut its funding support to the struggling Nigerian division. The food producer said in a statement that it was "exploring various alternatives with respect to its shareholding."
Tiger Brands, makers of Jungle Oats and Black Cat peanut butter, bought Lagos-based Dangote Flour Mills for some $150 million in 2012. The company reportedly warned investors in May this year that it may need to raise finance for the struggling entity through a sale of shares, following the writing down of some R954 million ($66 million).
Dangote holds 10% of the company's equity through Dangote Industries.
The other directors who resigned are Olakunle Alake, Asue Ighodalo and Arnold Ekpe.
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