Africa’s richest man and Chairman, Dangote Group, Aliko Dangote has resigned from the board of Tiger Branded Consumer Goods Plc, formerly known as Dangote Flour Mills.
In
a notice to the Nigerian division, and received also by the Nigerian
Stock Exchange, the South African fast consumer goods company said:
“Tiger
Brands has decided not to provide further financial support with
respect to its investment in Tiger Branded Consumer Goods Plc of
Nigeria.”
According to OSG, 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.
Aliko Dangote holds 10 percent of the company’s equity through Dangote Industries.
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