Alhaji Aliko Dangote, the CEO of Dangote Group, has said that his company has invested N10 billion to buy back a majority stake in Kano’s Dangote Flour Mill from Tiger Brand to enable its re-opening.
Dangote made the development known while speaking at the re-opening ceremony in Kano. He added that the closure of the company was a mistake the group had regretted and promised the company’s customers that will never be repeated.
“When our core shareholder, Tiger Brand Ltd that holds greater percent of the company’s shares, decided to close down the flour mill, Dangote Group decided to buy back the shares and re-open the company and that is why we have injected N10 billion to that effect,” he said.
“We have realised that without this company operating, the livelihoods of over 30,000 people will be jeopardised. The closure was a mistake that will never be repeated, thanks to our customers who remained loyal to us despite all odds,” said Dangote.