L
LequteMan
Guest
Nigeria - Many workers of the Dangote Flour Mills, DFM, are expected to lose their jobs as the financial backbone of the company has collapsed.
Africa's richest man Aliko Dangote, yesterday resigned from the company after South Africa’s Tiger Brands decided to stop funding the company. Although DFM is named after Dangote, his group’s equity stake in the firm is only 10 percent.
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.
Dangote resigned alongside Olakunle Alake, Asue Ighodalo and Arnold Ekpe immediately after the announcement.
"Without Tiger Brands injecting money, it is the end of the line for DFM," Anthony Geard, an industry analyst said.
The company will have to close down or downsize following the lack of financial backbone- unless a new player enters the picture, which isn't expected.
Africa's richest man Aliko Dangote, yesterday resigned from the company after South Africa’s Tiger Brands decided to stop funding the company. Although DFM is named after Dangote, his group’s equity stake in the firm is only 10 percent.
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.
Dangote resigned alongside Olakunle Alake, Asue Ighodalo and Arnold Ekpe immediately after the announcement.
"Without Tiger Brands injecting money, it is the end of the line for DFM," Anthony Geard, an industry analyst said.
The company will have to close down or downsize following the lack of financial backbone- unless a new player enters the picture, which isn't expected.
