Dangote Quits Dangote Flour Mills

Forbes Africa’s richest man, Aliko Dangote has pulled out of Dangote Flour Mills after South Africa’s Tiger Brands withdraw funding of DFM.Others that resigned alongside Dangote are: Olakunle Alake, Asue Ighodalo and Arnold Ekpe.Tiger Brands, a South African consumer goods company, which ejected about $200 million (representing 65% stake in DFM in 2012) has been running at a loss since it made the investment. As a result, Tiger Brands pulled out of the deal.In a statement made available to newsmen, Tiger Brands said that it has “decided not to provide further financial support with respect to its investment in Tiger Branded Consumer Goods Plc of Nigeria.”Dangote’s stake in Dangote Flour Mills is 10%.