Massive shakeup in Dangote Flour as key Board members resign, appoints new ones

Key members on the board of Dangote Flour Mills Plc have announced their resignation from the positions they held at the flour milling company.

The Details: In a notice sent to the Nigerian Stock Exchange (NSE) and the general investing public, Asue Ighodalo, Thabo Mabe, Halima Aliko Dangote, Olakunle Alake, Arnold Ekpe, and Yabawa Lawan Wabi (MNI) all stepped down from the board with effect from today Friday, November 1 2019.

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However, the company, in a swift response, appointed four directors. The new directors are listed thus:

• Venkataramani Srivathsan;
• Chandrasekaran Balaji;
• Mukul Mathur; and
• Anurag Shukla.

Their appointment took effect from Thursday, October 31 2019.

Recent Developments: Prior to this development, the shareholders of Dangote Flour Mills Plc endorsed the acquisition of the company by Crown Flour Mills Limited, the Nigerian subsidiary of Olam International Limited.

The shareholders gave their approval after Olam made a payment of N120 billion. The acquisition was carried out through a Scheme of Arrangement as most of the shareholders who spoke at the meeting lauded the company’s management for the noble decision.

Speaking on the acquisition, the Managing Director (MD), Crown Flour Mills Limited, Anurag Shukla, made known that there were plans aimed at maintaining and expanding Dangote Flour Mills while also providing and enhancing manufacturing capacity to deliver improved products to customers across the country.

Prior to now, Olam made an offer for the acquisition of 100% equity in Dangote Flour Mills for consideration of N24.00 per share.

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About Dangote Flour Mills Plc: Dangote Flour Mills Plc, formerly Tiger Branded Consumer Goods Plc, is a Nigeria-based company engaged in milling of wheat and production of wheat products. The Company is engaged in the processing and marketing of branded flour. The Company produces bread flour, confectionary flour and pasta semolina.