Africa’s richest man, Aliko Dangote and three other directors resigned from the board of Tiger Branded Consumer Goods Plc (formerly known as Dangote Flour Mills) on Monday as majority owner Tiger Brands cut funding support to its struggling Nigerian division.
South Africa’s Tiger Brands said it was “currently exploring various alternatives with respect to its shareholding” of 63.35% in the company. Aliko Dangote holds 10 percent of the company’s equity through Dangote Industries. He resigned on Monday alongside Olakunle Alake, Asue Ighodalo and Arnold Ekpe.
Tiger Brands Ltd. said it won’t provide further financial assistance for the struggling Nigerian unit which it bought from Dangote Industries in 2012 for about $150 million.