Africa’s richest man, Aliko Dangote, and three other directors resigned from the board of 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 regard to its investment in Dangote Flour Mills, which also announced a change of name to Tiger Branded Consumer Goods Plc.
Dangote holds 10 per cent of the company’s equity through Dangote Industries. The other directors who resigned are Olakunle Alake, Asue Ighodalo and Arnold Ekpe, according to Reuters.
Meanwhile, Dangote Cement Plc on Monday commenced a promo in which 3,783 customers, mainly artisans, developers and block moulders will benefit.
The promo, which has been activated across the country, will run for three months, with the 3,783 customers sharing N300m.
Two prizes of N1m each will be won daily for 90 days by 180 lucky winners for the duration of the promo; the grand prize of N10m will be won at the end of every month; while N50,000 will go to 20 winners every day for the 90-day duration of the promo.
The Chief Marketing Officer, Dangote Group, Mr. Oare Ojeikere, said, “To be part of the promo, all it requires is for the customer to buy a bag of cement and cut out the token at the top right corner of the bag. Five tokens will make one entry in the draw.
“Each entry of five tokens must be attached to a piece of paper with the participant’s name, phone number and address placed in a sealed envelope and dropped off at a designated drop centre.”
He said that 400 Dangote locations and all Access Bank branches nationwide would function as Drop Centres for the entries.