When Dangote Sugar Refinery proposed a bold merger in August 2023 with NASCON Allied Industries and the dormant Dangote Rice, it looked like a conglomerate tightening its belt, blending its salt, sugar, and rice businesses into a leaner empire.
Under the proposed terms, NASCON shareholders would give up 12 NASCON shares in exchange for 11 shares of Dangote Sugar.
The plan looked good until April 2024, when it suddenly fell apart.
