The billionaire was speaking in an interview with Bloomberg’s David Rubenstein.

In 2016 when Nigeria’s economy was in a recession and the Central Bank of Nigeria devalued the naira to N250 from N197, Bloomberg’s Billionaire Index estimated that he lost $5.4 billion which was N1.35 trillion at the time.

“We are going to start investing in the United States after this our project, we want to open a family office in New York and in London.

“We already have an office in London that has been in operation for the last 30 years so we want to turn part of that to a family office so that we can diversify the worth. Sometimes in Africa, we have issues of devaluation so we want to preserve some of the family’s worth.”

Dangote became $4.3 billion richer in 2019 with his business investments in cement, flour and sugar.

According to the Bloomberg Billionaires Index, the 62-year-old businessman ended the year with a net worth of almost $15 billion, making him the 96th wealthiest man in the world at the end of 2019.

Dangote holds 85.2% stake in Dangote Cement and has shares in other companies like Dangote Sugar, Nascon Allied Industries, Dangote Flour Mills and United Bank for Africa.

Dangote incorporated his own business selling cement at 21 and begun cement manufacturing in the 1990s.

He has a crude oil refinery currently valued at $12 billion oil refinery under construction.

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The offer was made through its subsidiary, Crown Flour Mills. It, however, did not state the reason for the revision.

“Following the Adjustments, the Company has submitted an addendum to the Initial Offer with revised Consideration of N120,000,000,000.00 (One Hundred and Twenty Billion Naira Only) to the Board of Directors of DFM (the “Addendum”),” it said.

“The Board of Directors of DFM has announced today that it has considered the Addendum and the Initial Offer (the “Revised Offer”) and will, subject to obtaining regulatory approvals, recommend the Revised Offer to its shareholders for consideration and approval.”

On Monday, Dangote Flour Mills sent a notice to the Nigerian Stock Exchange notifying shareholders that it has received the revised offer.

“The Board has carefully considered the Addendum and the Initial Offer (Revised Offer) and will, subject to obtaining regulatory approval, recommend the Revised Offer to the shareholders of the Company at the court-ordered meeting, for their consideration and approval.”

Dangote Flour Mills shares ended on the top gainers list of the NSE on Monday after news of the offer was shared.

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The Chairman of Dangote Flour Mills, Asue Ighodalo, while addressing shareholders at the 11th Annual General Meeting in Lagos said despite the tough business environment, the company recorded a turnover of N105.7 billion during the financial year, a 120 percent increase over turnover recorded in the previous year. The figure also represents a 556 percent increase in gross profit rising from N4.4 billion in the previous financial year to N29.3 billion in the current year.

The company achieved a complete turnaround on its bottom line, recording a profit after tax of N10.6 billion compared with a loss of N12.7 billion in the prior year.

A shareholder rights activist, Alhaji Muktar Muktar commended the Flour Mills management for returning the company to profitability as well reopening the shuttered Kano Mills. According to him, the reopening of the Kano Mills contributed to the increase in sales volume recorded by the flour mill.

He said that with return to profitability after years of losses, shareholders are encouraged that the board will recommend dividend payment in the coming years.

“I want to commend you for this result. It clearly shows that this board is highly proactive and ready to tackle the problems of this company. You have significantly reduced the accumulated losses and reduced borrowings, I believe that under your leadership we should be able to receive dividends in the next couple of years.”

Executive Director, Sales & Marketing, Halima Dangote at the post AGM interview attributed success recorded by Dangote Flour Mills in the current financial year to change in leadership and product innovation.

She highlighted strategic and bold move by the company to grow its market equity in Africa by relaunching a new and improved pasta product, ‘Ecccellente’ with a great taste and in new pack. She said “The new improved and affordable pasta, is expected to reduce the dependency on rice consumption by Nigerians”

On the inability to pay dividends, Ighodalo said “Unfortunately, despite the good performance of the company in the current financial year, we are unable to recommend dividend payment because financial standards and regulatory considerations only allow payment of dividends from accumulated profits.”

Ighodalo however assured shareholders that the Board will continue to focus on sustaining high product quality, improving customer engagement strategies and strengthening supply chain capabilities.

“We will continue to work extremely hard to enhance the value of your investment in our company. With your unalloyed support, we look forward to consolidating on these gains in the coming year.”

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The decision, according to a statement, was part of its regular business portfolio review, particularly as it does not consider it strategic enough for its business mode. To smoothen the transition, DFM has offered Dufil the use of some of its facilities on an interim basis.

The noodles business was part of Dangote Flour Mills which the Dangote Group recently re-acquired from Tiger Brands.

Group Managing Director, Dangote Flour Mills, Thabo Mabo, said the divestment is part of strategies of focusing on core areas of flour and pasta production where the company has substantial market share.

He said that with the divestment, Dangote Flour will now focus on its strengths in flour and pasta and become more profitable by improving in areas of quality, distribution and marketing.

The transaction which became effective last Monday, according to him, “is a win-win situation for Dangote Flour Mills, Dufil Prima Foods and staff of Dangote Noodles”, as Dangote Flour stands to boost more market presence through robust marketing.

He described the sale and transfer of assets as one of the most perfect divestments, with Dufil Prima Foods taking possession and kicking off production immediately.

Under the terms of sales agreement, Dufil Prima Foods, according to him, will continue to produce and sell noodles under the brand name, ‘Dangote Noodles’ for two years before changing the brand name.

Chief Executive Officer, Dufil Prima Foods, Deepak Singhal, confirmed the deal and described the acquisition of Dangote Noodles as strategic as they continue to seek more dominance of the noodles market.

Acquiring Dangote Noodles, he said will help Dufil Prima Foods deepen and sustain their market share as well as gain a strategic advantage in terms of several range of noodles products in their stable.

He re-stated that they are not shutting down the noodles production line but are commencing production with the brand name of Dangote Noodles immediately.

To ensure seamless transition and commencement of production, he said most of the former staff of Dangote Noodles are to be employed as staff of Dufil Prima Foods.

With the new development, some former staff of Dangote noodles will transit to Dufil Prima Foods, while the rest redundant workers are being adequately compensated with mouth-watering severance package for their services to the company over the years.

He said the terms of the severance package was agreed with the relevant trade unions and staff are paid off immediately to enable those retained by the new owners to start on a fresh contract while those who will not be retained will not have to wait for their benefits.

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Review of the results indicated that the group’s operating profit went up to N16 billion compared to a loss of N8.6 billion posted at the preceding year. Profit after tax went up to N10.6 billion in contrast to a loss of N12.5 billion in 2015.

Revenue went up by 120 percent from N48 billion to N105 billion, while gross profit increased by 556.8 percent to N29 billion compared to N4 billion in 2016. Capital market analysts described the company’s performance as heartwarming given that the company had recorded losses in the past.

Dangote Flour Mills consist of Dangote Flour, Dangote Pasta, and Dangote Noodles. It was sold to Tiger Branded Consumer Goods, but later reacquired and re-positioned for good results.

Having reacquired the flour mills, the new board of directors and management started a restructuring process.

Speaking on the repositioning, the chairman, Dangote Flour Mills, Ighodalo Asue, said, “We bought back Dangote Flour Mill from Tiger Branded Consumer Goods and by this move, it means we have a stronger, better, sophisticated and more focused Dangote Flour Mills.

“Since the takeover, we have taken a lot of steps to reposition the company through expansion to drive growth. We are also using this medium to restate our commitment to increasing our shareholders.”

The group chief executive officer, Dangote Flour Mills, Thabo Mabe, attributed the return to profitability to several strategies adopted by the company to increase market share and create value for shareholders.

He noted that the Dangote Flour Mills was driven by the vision of putting its products on the table of every Nigerian.

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This Follows a re-acquisition exercise that saw a buy back of 65.7 per cent stake in Dangote Flour Mills.

Besides, Dangote has unveiled plans to invest in the production of wheat, using the milling firm to drive the agenda, with a target of 900,000 metric tonnes every year.

Dangote also explained that his buy-back strategy is expected to save 3000 jobs that would have been lost due to lack of investments in the mill.

He had sold the company to South Africa’s Tiger Brands in 2012 for $200 million.

However, the South Africans, despite injection of millions of dollars, claimed not to have recovered their investments in the company, which they rebranded in the last quarter of 2015, with Dangote and three other directors resigning from the board.

Speaking at the commissioning of the plant in Kano at the weekend, Dangote assured stakeholders that the mill is back for production and will not be shut for any interest.

“I will like to assure you that we are back for good and we will never close this mill again. It has always been my desire to increase our investments in Kano. We are also looking forward to venturing into farming in the State where we can create a lot of jobs and I think this flour mill will help us achieve this feat in Kano.

“Kano is very strategic because most of our products, be it flour, sugar, pasta, enjoy a lot of patronage and support. I want to announce that we have successfully re-engineered Dangote Flour Mill so as to meet the emerging challenges in the market place and also to meet the ever changing demands of our esteemed and loyal consumers.

“We decided to make this investment in November when Tiger Branded Consumer Goods decided to leave the country and we do not want over 3000 jobs to be lost. You can imagine these 3000 people going back into the job market in Nigeria. So we decided to seek ways to assist to ensure that these jobs are secured by injecting fresh cash of about N10 billion into the business.

“Our return to Kano is actually a sign of good things to come and it is our hope that by this move, we will create thousands of employment in the State and not just in flour but other products.

“Very soon, we will start growing wheat in Kano and I want to assure our customers that we will continue to support them.”

“I am looking forward to you supporting the entire team to make sure the company surpasses its targets of 900,000 metric tonnes of wheat yearly. I want to assure you that with the new board we have, this company will definitely excel with or without my presence”, he added.

Chairman, Dangote Flour Mills Plc, Ighodalo Asue, noted that Kano remains one of the firm’s biggest markets and the management is happy to be reinvigorating the plant.

“We bought back Dangote Flour Mill from Tiger Branded and by this move, it means we have a stronger, better sophisticated and more focused Dangote Flour Mills.

“Since the takeover, we have taken a lot steps to reposition the company through expansion to drive growth. We are also using this medium to restate our commitment to increasing our shareholders value and our dear customers.

Let me assure you that we will continue to invest in the State and other parts of the country and even beyond the country, because we believe in job and wealth creation. It is our hope that our return to Kano will create more job opportunities and impact positively on the economy of the State.

“I will like to commend Aliko Dangote for his investment in Dangote Flour Mills, a few months ago when Tiger Branded Company was going to leave the country, it appears that the fate of the company was in jeaopardy, but Aliko Dangote’s decision to buy back the company has saved the jobs of about 3000 employees and the shares of over a million shareholders. More importantly, the multiplier effect of his investment in the country is immeasurable”, he said.

Group Chief Executive Officer, Dangote Flour Mills, Thabo Mabe, said: “We are using this opportunity to thank our loyal customers and distributors for their patience and understanding during our challenging moments. We have fully repositioned as a company to serve you better and to say we are here for a long hall.

“We do not only create jobs for people, but provide a lot of incentives to customers to encourage them to grow their businesses so that you can grow our business.

“As our customers, you are critical stakeholders in our business and we will ensure that your needs are fully met. We will continue to count on your support as we also move to grow our market share in the industry.

It is my hope that we continue to impact positively on your business and the entire economy at large”.

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He sold 65.7 percent of the company to South Africa’s Tiger Brands in 2012 for $200 million dollars.

But since then, the South Africans, despite injection of millions of dollars have not made a dime in the company, which they rebranded only a few weeks ago, with Dangote and three other directors resigning from the board.

Now the South Africans are heading for the exit doors, after reaching a buyback deal with Dangote Industries. .

South Africa’s Tiger Brands said Monday it would sell its stake to Dangote Industries Limited for just a $1.

Tiger Brands, South Africa’s biggest consumer foods maker, said Dangote Industries will give Tiger Brands an immediate cash injection of 0.7 billion rand ($46.1 million).

Tiger Brands will assume and settle the unit’s debt of 0.4 billion rand.

Tiger Brands has not made money from Tiger Branded Consumer Goods Plc of Nigeria (TBCG), formerly known as Dangote Flour Mills, since paying nearly $200 million for a 65 percent stake in the firm three years ago.

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