Aliko Dangote and three other directors have reportedly resigned from the board of Dangote Flour Mills on Monday, 16 November. This may have been in response to an announced reduction in the company’s funding by the South African Tiger Brands.
The Tiger Brands company purchased a 63.5% majority stake in the company worth $150 million, according to Ventures Africa. In response to the increased price of wheat importation, from Naira devaluation, Tiger Brands was set to reduce financing of Dangote Flour, a move that may have been curbed by the resignation of the directors.
Other directors who resigned are Olakunle Alake, Asue Ighodalo and Arnold Ekpe.
Source: Reuters
