The Dangote Group, a Nigerian multinational industrial conglomerate, has acquired Savoury Foods Nigeria Limited for $3.8 billion. Savoury Foods Nigeria Limited is a subsidiary of Savoury Foods Holding registered in Jamaica. The sale of the Nigerian-based subsidiary was confirmed by sources close to the deal, although lawyers representing both companies have yet to disclose the full terms of the sale.

Savoury Foods Holding is the largest supplier of food items ranging from pretzels to the meals provided on the UAE-based airline Emirates. The company has offices in 26 different countries and clients like American Airlines, British Airways, and South Africa Airlines. The subsidiary, Savoury Foods Nigeria Limited, was the brainchild of Garrett A. Savoury, the Vice Chairman of the parent company and a graduate of the University of London and Columbia University Law School.

The Savoury family of Jamaica owns and runs the company, with Herman G Savoury, the founder, serving as the company’s Chairman. He is a graduate of Oxford University. According to documents obtained from the inland revenue department of Nigeria and the company’s registration department, Savoury Foods Holding Limited owns the subsidiary, with Garrett Savoury holding a 21% ownership stake in the subsidiary.

It is unclear whether or not the Savoury family will maintain a percentage of the subsidiary together with the Dangote Group. We reached out to both the chairman and vice-chairman of the parent company for comment but were unsuccessful.

The Dangote Group, founded by billionaire Aliko Dangote, is the largest conglomerate in West Africa and one of the largest on the African continent. The group confirmed that the acquisition of the subsidiary was completed on April 4, 2023, and they have acquired a 90% stake in the company for a 10-figure United States dollar price tag.

The acquisition of Savoury Foods Nigeria Limited is a significant move for the Dangote Group, which has a diverse portfolio that includes cement production, sugar refining, and oil and gas exploration. The acquisition allows the company to expand its operations into the food industry and strengthen its position as one of the largest conglomerates on the African continent.

The acquisition of Savoury Foods Nigeria Limited by the Dangote Group for $3.8 billion is a major development in the food industry in Africa. The acquisition allows the Dangote Group to expand its operations and increase its market share in the food industry, while also strengthening its position as one of the largest conglomerates on the African continent.