Aliko Dangote Resigns From Board Of Dangote Flour Mills

Aliko Dangote Resigns From Board Of Dangote Flour Mills

By Ekemini Ekwere | Staff Writer on November 16, 2015
Aliko Dangote
Aliko Dangote, President and Chief Executive of Nigeria's Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008. (Photo Credit: REUTERS/Mike Hutchings)

Aliko Dangote has resigned from the board of Tiger Branded Consumer Goods Plc (formerly known as Dangote Flour Mills) on Monday, November 16, 2015.#

Africas richest man alongside three other directors, Olakunle Alake, Asue Ighodalo and Arnold Ekpe. resigned as majority owner Tiger Brands cut funding support to its struggling Nigerian division.

South Africa’s Tiger Brands said it was “currently exploring various alternatives with respect to its shareholding” of 63.35% in the company. Aliko Dangote holds 10 percent of the company’s equity through Dangote Industries.

Tiger Brands Ltd. said it won’t provide further financial assistance for the struggling Nigerian unit which it bought from Dangote Industries in 2012 for about $150 million.


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