Africa’s richest man resigns from Dangote Flour

However, Tiger said yesterday it is “currently exploring various alternatives with respect to its shareholding in Tiger Branded Consumer Goods plc”.

Tiger Brands’ other businesses in Nigeria, Deli Foods and UAC Foods, will not be affected by the review.

He also said that Tiger Brands should have been “more circumspect” in its approach to buying up the Nigerian assets.

But DFM is battling tough competition and weakening naira currency, forcing Tiger Brands to twice write down the value of the business by a total of 954 million rand ($66.31 million). But it could also set it back in building a business in Africa’s most populous country and biggest economy.

Shares in Dangote Flour fell as much as 4.7 percent, EyewitnessNews reports.

The withdrawal of funding by Tiger Brands, made to resign as chairman of flour milling firm.

“The business has been losing a lot of money”, Geard told Naija247. The Company Secretaryof the Dangote Flour, Aisha Ladi Isa, in a notification to the Nigerian Stock Exchange (NSE) said, the new name is to better reflect the new ownership of the company as the change in the substantial ownership and shareholding of the company has been approved by the shareholders.

One analyst said the move would enhance Tiger Brands’ earnings.

Tiger Brands said it would comment further at its results presentation on Thursday.

According to Reuters, other directors that turned in their resignations alongside Africa’s richest man are Arnold Ekpe, Asue Ighodalo and Olakunle Alake. The company experienced a change of name to Tiger Branded Consumer Goods.