Dangote Resigns From Flour Mills

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Africa’s richest man  has resigned from , a subsidiary of the .

He announced his resignation on Monday following the withdrawal of the funding from ’s ’s a consumer goods maker owns around 90% stake at .

Dangote resigned alongside , Asue Ighodalo and Arnold Ekpe immediately after the announcement, which may mean the end of DFM.

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has decided not to provide further financial support with respect to its investment in Tiger Branded Consumer Goods Plc of Nigeria,” the company said in a statement.

According to Reuters, has not made money from (DFM) since paying nearly $200 million for a 65 percent stake in the firm back in 2012.

, an industry analyst with , said “without Tiger Brands injecting money, it is the end of the line for DFM”.

is investing heavily in the African cement industry, with a plan to build production factories in 18 African countries and . Tiger Brands has large equity stakes in leading Nigerian companies including and UAC Foods.

 

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