Aliko Dangote resigns from Dangote Flour


Africa’s richest man, Aliko Dangote, along with three other directors, yesterday announced their resignation from the board of Dangote Flour Mills.

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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