Dangote said the fund has been injected to buy back a majority stake in Kano’s Dangote Flour Mill from Tiger Brand to enable its re-opening.
playAliko Dangote, President and Chief Executive Officer of Dangote Group and Co-Chair of the World Economic Forum (WEF) Annual Meeting 2014, speaks during a session at the WEF in Davos January 22, 2014. REUTERS/Denis BalibouseBillionaire industrialist and CEO of Dangote Group, Aliko Dangote has announced that his company has injected N10billion in the Kano's Dangote Flour Mill.
In a report by Daily Trust, Dangote said the fund has been injected to buy back a majority stake in Kano’s Dangote Flour Mill from Tiger Brand to enable its re-opening.
In his words, “When our core shareholder, Tiger Brand Ltd that holds greater percent of the company’s shares, decided to close down the flour mill, Dangote Group decided to buy back the shares and re-open the company and that is why we have injected N10 billion to that effect,” he said.
Speaking further, Dangote said, 'We have realised that without this company operating, the livelihoods of over 30,000 people will be jeopardised. The closure was a mistake that will never be repeated, thanks to our customers who remained loyal to us despite all odds.' said Dangote.
In furtherance, the company’s commercial director, Halima Aliko Dangote, noted that the firm will henceforth re-strengthen its relationship with its customers and encourage them to do business with it.