Dangote Industries Limited (DIL), which has reacquired Tiger Branded
\nConsumer Goods (TBCG) has begun repositioning of the company for better
\nperformance and delivery of value to all stakeholders.<\/p>\n
DIL had sold TBCG, formerly Dangote Flour Mills Plc to Tiger Brands, a
\nleading South African fast-moving consumer goods company in 2012.\u00a0 But
\nafter years of losses, Tiger Brands announced its withdrawal of further
\nfunding in November 2015.<\/p>\n
However, in a bid to prevent the company from going under and save several
\njobs, DIL had to repurchase TBCG last December. DIL is now making fresh
\nefforts to reposition the firm and make it perform and deliver returns to
\nshareholders like other subsidiaries in the Dangote Group.<\/p>\n
To this end and in line with high corporate governance tenets, Aliko
\nDangote has left the board, while Asue Ighodalo, a renowned corporate
\nlawyer and Chairman of Sterling Bank Plc has been appointed as its new
\nchairman.<\/p>\n
Also, DIL appointed Alhaji Ahmed Shehu Yakasai as Executive Director,
\nSupply Chain and Deputy Chief Executive Officer, while Ms. Halima Dangote
\nwas appointed Executive Director, Commercial. Other members of board of
\nthe company are: Mr. Thabo Mabe(MD\/CEO);Mr. Sudarshan Kasturi(executive
\ndirector, Finance); Mr. Peter Matlare; Mr. Olakunle Alake;Mr.\u00a0 and Arnold
\nEkpe.<\/p>\n
Besides, the shareholders of the company last Thursday approved that its
\nname be changed from TBCG Plc to Dangote Flour Mills Plc, just as its
\naccounting year was changed from September to December.
\nAddressing the shareholders, Ighodalo said the Nigeria\u2019s economy had been
\ndeeply impacted by the decline in the price of crude oil, her major
\nsource of foreign exchange, which has caused scarcity of foreign exchange
\nfor raw material imports and lead into increases in input costs.<\/p>\n
However, he said while this trend would continue for the immediate future,
\nhe assured the shareholders that the Board and Management of the company
\nwould continue to mitigate the effect if these challenges and would work
\nextremely hard to turn around the fortunes of the company.<\/p>\n
He said following the repurchase of the entire shareholdings of Tiger
\nBrands, additional capital has been injected into the company.<\/p>\n
\u201cOur processes and management have been strengthened in order to stabilise
\nthe business and place it on a sustainable path aimed at creating value
\nfor its stakeholders,\u201d Ighodalo said.<\/p>\n
The chairman, who expressed appreciation to the staff, noted that the
\ncompany would continue to place high priority on their training and
\ndevelopment, seek and retain the best the \u201cbest talents in our continued
\npursuit of operational and services excellence.\u201d<\/p>\n
He stated that the customers are the key partners in the business, which
\ncontinue to remain the cornerstone of the company.<\/p>\n
\u201cNotwithstanding the challenges faced during the year, we continued to
\nreceive excellent patronage from our customers. We are immensely grateful
\nfor this unwavering support,\u201d the chairman said.<\/p>\n
When DIL repurchased TBCG last December a stock market operator had said:
\n\u201cGoing by every indication, the future of the company was very doubtful
\nand that was risky for the employees which are over 3,000 Nigerians apart
\nfrom others who benefit from the company\u2019s services through other
\nancillary services. The return of DIL is therefore a big relief and good
\ndecision to save the jobs of the staff of the TBCG.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":1,"featured_media":15700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-48547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n