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.”