Key members on the board of Dangote Flour Mills Plc have announced their resignation from the positions they held at the flour milling company.
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 Friday, November 1 2019.
The company, in a swift response, appointed four new directors. The new directors are Venkataramani Srivathsan; Chandrasekaran Balaji; Mukul Mathur; and Anurag Shukla.
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.