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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.

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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