The changes include renaming the business from Tiger Branded Consumer Goods Plc (TBCG) back to Dangote Flour Mills. Tiger had changed the name to TBCG in mid-2015, just months before it pulled funding for the business.
Tiger Brands had purchased the flour mill business from Dangote in 2012, but after years of losses and millions of dollars in writedowns, Tiger sold its 65.7% stake in the business back to Dangote for $1.
The most recent name change was announced at Dangote’s annual general meeting in April. The company also said it is changing its financial year from October to September to January to December of each year. The end of the first new financial year will be December 2016 creating a 15-month period.
Multiple changes have also been made to Dangote’s board over the last few months. In February, Halima Dangote was named executive director, commercial, and Olufunke Ighodaro and Noel Doyle resigned from the board.
In March, Asue Ighodalo was appointed as chairman of the board of directors. Ighodalo is a corporate lawyer and chairman of Sterling Bank Plc.
Alhaji Ahmed Shehu Yakasai was appointed as executive director, supply chain and deputy chief executive officer. In April, Yabawa Lawan Wabi was appointed non-executive director.
Dangote Flour Mills is a Nigerian flour, pasta and rice company.
