(Ecofin Agency) - In Nigeria, tycoon Aliko Dangote just announced his resignation from the board of directors of Dangote Flour Mills (DFM). The resignation follows the decision of South Afican Tiger Brands, DFM’s majority shareholder, to cease its funding in its subsidiary.

The leader of Africa’s agrofood industry said it was “currently exploring various options in relation to its investment in DFM”. Moreover, the company from now on will be rebranded as Tiger Branded Consumer Goods Plc.

Alongside Dangote, three other heads of companies also resignated from the board. Despite his resignation, Africa’s richest man still holds 10% of the firm of which he ceded 63.5% of shares to Tiger Brands for $181.9 million in 2012.

The setbacks of Tiger Brands with this acquisition forced its CEO Peter Matlare to resign.