Flour Mills of Nigeria appoints company’s newly assigned COO to Board of Directors

NIGERIA – Flour Mills of Nigeria Plc, a diversified Nigerian agribusiness company has announced the appointment of Mr Omoboyede Oyebolanle Olusanya to the Board of Directors of the firm, which was effective since 29 July 2020.

Mr Olusanya, recently joined Flour Mills as the Group Chief Operating Officer in January 2020.

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Before joining Flour Mill, he had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group.

He has also served as the MD/CEO of Emerging Market Telecommunications Service otherwise known as 9Mobile.

He currently serves on the board of directors of Axxela, Starsight and OVH Energy.

The statement from the company announcing the appointment notes that Mr Olusanya, holds a B. Sc. (Hons) in Civil Engineering from the University of Lagos.

He has two Masters degrees in environmental engineering and Computer Science from the University of Liverpool and the University of Manchester respectively.

Commenting on the significance of his appointment, John Coumantaros, chairman of the board, Flour Mills said the organisation will benefit from Olusanya’s vast experience.

“We are most excited to welcome Mr Olusanya to our Board of Directors. He is a seasoned business leader, whose expertise and vast experience in areas such as Telecommunications, Financial Services, Energy and Manufacturing are mission-critical to our future operations and strategy and will help Flour Mill further its purpose of ‘Feeding the Nation, Everyday,” said Mr Coumantaros.

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The appointment of Mr Olusanya brings to 14 the total number of members of the Board of Directors of the owners of the iconic brand, Golden Penny.

The agro-allied group recently has announced a 9% growth in revenue to N574 billion (US$1.51bn) for the year ended March 2020, compared to N527 billion (US$1.39bn) achieved in 2018/19 full year.

The rise in revenue, according to the company is attributed to strong growths in all three key segments of Food, Agro- Allied and Sugar, despite prevailing economic headwinds and the difficult operating terrain of Apapa, Lagos.

The company’s profit before tax saw a tremendous increase of 72% to N17.5 billion (US$46.2m) compared to N10.2 billion (US$26.95m) recorded in 2019.

Its Profit After Tax nearly tripled from N4.0 billion (US$10.56m) last year to N11.4 billion (US$30m) in the period under review, increasing by 184%.

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