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DIL Repositions Flour Subsidiary to Deliver Value to Stakeholders

Source: pointblanknews.com
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Dangote Industries Limited (DIL), which has reacquired Tiger Branded

Consumer Goods (TBCG) has begun repositioning of the company for better

performance and delivery of value to all stakeholders.

DIL had sold TBCG, formerly Dangote Flour Mills Plc to Tiger Brands, a

leading South African fast-moving consumer goods company in 2012.  But

after years of losses, Tiger Brands announced its withdrawal of further

funding in November 2015.
However, in a bid to prevent the company from going under and save several

jobs, DIL had to repurchase TBCG last December. DIL is now making fresh

efforts to reposition the firm and make it perform and deliver returns to

shareholders like other subsidiaries in the Dangote Group.

To this end and in line with high corporate governance tenets, Aliko

Dangote has left the board, while Asue Ighodalo, a renowned corporate

lawyer and Chairman of Sterling Bank Plc has been appointed as its new

chairman.
Also, DIL appointed Alhaji Ahmed Shehu Yakasai as Executive Director,

Supply Chain and Deputy Chief Executive Officer, while Ms. Halima Dangote

was appointed Executive Director, Commercial. Other members of board of

the company are: Mr. Thabo Mabe(MD/CEO);Mr. Sudarshan Kasturi(executive

director, Finance); Mr. Peter Matlare; Mr. Olakunle Alake;Mr.  and Arnold

Ekpe.
Besides, the shareholders of the company last Thursday approved that its

name be changed from TBCG Plc to Dangote Flour Mills Plc, just as its

accounting year was changed from September to December.

Addressing the shareholders, Ighodalo said the Nigeria's economy had been

deeply impacted by the decline in the price of crude oil, her major

source of foreign exchange, which has caused scarcity of foreign exchange

for raw material imports and lead into increases in input costs.

However, he said while this trend would continue for the immediate future,

he assured the shareholders that the Board and Management of the company

would continue to mitigate the effect if these challenges and would work

extremely hard to turn around the fortunes of the company.

He said following the repurchase of the entire shareholdings of Tiger

Brands, additional capital has been injected into the company.

“Our processes and management have been strengthened in order to stabilise

the business and place it on a sustainable path aimed at creating value

for its stakeholders,” Ighodalo said.
The chairman, who expressed appreciation to the staff, noted that the

company would continue to place high priority on their training and

development, seek and retain the best the “best talents in our continued

pursuit of operational and services excellence.”
He stated that the customers are the key partners in the business, which

continue to remain the cornerstone of the company.
“Notwithstanding the challenges faced during the year, we continued to

receive excellent patronage from our customers. We are immensely grateful

for this unwavering support,” the chairman said.
When DIL repurchased TBCG last December a stock market operator had said:

“Going by every indication, the future of the company was very doubtful

and that was risky for the employees which are over 3,000 Nigerians apart

from others who benefit from the company's services through other

ancillary services. The return of DIL is therefore a big relief and good

decision to save the jobs of the staff of the TBCG.”

The post DIL Repositions Flour Subsidiary to Deliver Value to Stakeholders appeared first on Pointblank News .