The company was sold to Olam International at a value worth N120 billion (revised), an equivalent of $332.4 million. The deal was completed early this month.
The flour milling business will now be controlled by non-Nigerian entities and may be delisted from the Nigerian stock.
Business Insider SSA gathered that shareholders of Dangote Flour Mill have started receiving their benefits.
In a corporate filing on Tuesday, Aisha Ladi Isa, the company's secretary announced the resignation of Asue Ighodalo, Thabo Mabe, Halima Aliko Dangote, Olakunle Alake, Arnold Ekpe, and Yabawa Lawan from the board to pave way for new directors.
Meet the new directors
- Vankarataramani Srivathsan
He joined Olam in 1994 and has more than 25 years of experience in the commodities industry. He has held various positions in Olam Group, including country heads for Ghana, Nigeria and regional head, West and Central Africa.
He is currently the managing director and CEO for Africa and the Middle East, with oversight responsibility for the fertiliser business at Olam.
He is currently the Vice-Chairman of the Singapore Business Federation and an advisory board of the Pan African University (Lagos Business School).
Chandrasekaran Balaji holds a Bachelor in Arts (Corporate) from the University of Madras which he obtained in 1989 as well as a Chartered Accountancy certificate from the Institute of Chartered Accountants of India which he earned in 1992.
He joined First Aluminium Nigeria Plc as a Financial Controller in 2006 and later joined the Olam Group. Presently, he works as a Senior Vice President.
Mathur is the country head for Olam in Nigeria. He has held this role since 2003, overseeing the group companies' interest in exports and the domestic business. He has 20 years of experience with two large FMCG companies.
Shukla commenced his career in 1991 at Cadbury India Limited where he worked until 2004. He joined Olam Group in 2011 and currently serves as Managing Director of Crown Flour, the subsidiary that will now manage Dangote Flour.