See why Africa's richest man, Aliko Dangote resigned from Dangote flour mills.

In the wake of his resignation, many have wondered why he did, here is why.

 

 

 

 

 

The real reasons why Africa's richest man and Chairman, Dangote Group, Aliko Dangote resigned from the board of Tiger Branded Consumer Goods Plc, formerly known as Dangote Flour Mills has been revealed.

 

The decision came as a result of  the announcement by the majority share owner, South African Tiger Brands, to reduce its financial support to the Nigerian subsidiary.

 

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 still holds 10 percent of the company’s equity through Dangote Industries. However, Tiger Brands has announced that the decision on the flour mill will not affect their other business interests in Nigeria.

 

Tiger Brands had written down the value of the Nigerian flour mill twice in 2014 for 66.3 million dollars amid stiff completion and sliding naira value.