Skip to main content

BREAKING: Dangote resigns from Dangote Flour Mills

By
Alhaji Aliko Dangote, Africa’s richest man, on Monday, announced his resignation from Dangote Flour Mills following South Africa’s Tiger Brands funding withdrawal.

Dangote resigned alongside Olakunle Alake, Asue Ighodalo and Arnold Ekpe immediately after the announcement, which may mean the end of DFM.
Tiger Brands, a South African consumer goods maker, revealed its decision to cease funding its Nigerian division as it undergoes major economic reviews.
“Tiger Brands 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, Tiger Brands has not made money from Dangote Flour Mills (DFM) since paying nearly $200 million for a 65 percent stake in the firm back in 2012.
Though DFM is named after Dangote, his group’s equity stake in the firm is only 10 percent. Anthony Geard, an industry analyst with Investec Securities, said “without Tiger Brands injecting money, it is the end of the line for DFM”.
Dangote Group is investing heavily in the African cement industry, with a plan to build production factories in 18 African countries and Nepal. Tiger Brands has large equity stakes in leading Nigerian companies including Deli Foods and UAC Foods.

Comments

Post a Comment

Popular Posts

Three pastors, herbalist arrested for kidnapping in Ogun

By
Men of Ogun State Special Anti Robbery Squad, led by Officer-in-Charge, Tijani Muhammed, have arrested three pastors and a herbalist for allegedly kidnapping a United State-based Nigerian in the state. A 70-year-old woman, Monilola Lateef, her son, Modiu, and two others were also arrested for alleged armed robbery in Abeokuta, the state capital. Parading the suspects, the state Police Public Relations Officer, Muyiwa Adejobi, told newsmen that the three pastors and one herbalist belong to a five-man gang of kidnappers, who had been terrorising residents of Ijebu area of the state. Adejobi said the suspects were arrested, Tuesday, at Ita-Marun, Ijebu Ode, by men of the state Anti-Robbery Squad. He said the suspects, including Ganiyu Olaiya, Segun Makanjuola, Bisi Akinleye and Bayo Adekunle, were arrested for allegedly abducting a man who just retur-ned to the country from abroad. According to him, the three Christian clerics and herbalist deceived their victim with an offer o...
Post a Comment
Read full story »
By
Many people thought Nollywood actor, IK Ogbonna and his Colombian fiancee were crazy when the duo hooked up off a couple of romantic exchanges over the Instagram. With barely anything to hold on to, the Colombian Sonia Lareinaa left her family and country to come to Nigeria to settle with her hunk here. With open hands IK welcomed her. It is stuff made of crazy love. “She’s an awesome person and we met off social media; I left a breakup and at that point in time I was really not thinking of getting into any relationship. A friend of mine pointed her instagram page to me and I wasn’t really interested in surfing the internet at that point in time, but then again, I had a second look at her page and I was liking her pictures and unconsciously she was liking my pictures and from there, we started talking and it was almost as if it was just meant to be. It was just two people with like minds coming together with a lot of positive chemistry being built up and then before you know anyt...
Post a Comment
Read full story »

IS suicide bomber in guise of a woman kills 10 at Yemen Houthi mosque

By
At least 10 Muslim worshippers performing Eid al-Adha prayers were killed on Thursday when an Islamic State suicide bomber disguised as a woman blew himself up at a mosque run by Yemen's Houthi group, security sources said. Islamic State's branch in Yemen said the attack at al-Balili mosque, just outside the Old City of Sanaa, had killed or wounded dozens of "rejectionists". The Sunni militant group uses that term to describe Shi'ite Muslims it deems to be heretics.
Post a Comment
Read full story »