Dangote, Three Others Resign From Flour Firm | Independent Newspapers Limited
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Dangote, Three Others Resign From Flour Firm

Posted: Nov 17, 2015 at 9:12 am   /   by   /   comments (0)
As New Owners Cut Funding
As CCNN Names New CEO
Aliko Dangote, the world’s richest black man, on Monday resigned from the body of his group former subsidiary- Dangote Flour Mills Plc, over the decision by South Africa’s Tiger Brands to review its investment and cut funding to a company it has since realised was a wrong investment decision.
According to Reuters, Tiger Brands has not made money from Dangote Flour Mills since paying nearly $200 million for a 65 percent stake in the firm in 2013 as part of its expansion into sub-Saharan Africa.
“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.
Dangote, whose conglomerate holds a 10 percent equity stake in DFM resigned along with three other directors, following Tiger Brands’ announcement.
Tiger Brands wrote down the value of DFM twice last year for a total of $66.3 million as the business suffered from tough competition and a weakening naira currency.
Tiger Brands’ other businesses in Nigeria, Deli Foods and UAC Foods, will not be affected by the review. Tiger Brands competes with Nestle Nigeria.
Also on Monday, Cement Company of Nigeria Plc wrote the Nigerian Stock Exchange (NSE), announcing the resignation of Alf Karlsen, its Managing Director and Chief Executive, from December 31, 2015.
The company has appointed Ibrahim Aminu, a Chartered Accountant and 1990 graduate of Accounting from the Ahmadu Bello University, Zaria in acting capacity from January 1, 2016.
Aminu, who also holds an MBA from Usman Danfodiyo University, Sokoto, is a fellow of the Association of Chartered Certified Accountants (ACCA, UK).
He joined CCNN in January, 2010 as Assistant Director, Finance and was later promoted to Finance Director. He was appointed on the Board as Executive Director, Finance in May 2013.
He has attended courses in various institutions including London School of Business & Finance and Harvard Business School.