Flour Mills of Nigeria appoints Yewande Sadiku to board of directors

NIGERIA – Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and agro-allied group has appointed Ms. Yewande Sadiku, to the Board of Directors of the Company effective 16th February 2022.

Prior to the appointment, Ms Sadiku was Executive Secretary/CEO of Nigerian Investment Promotion Commission (NIPC), Nigeria’s foremost investment promotion agency from November 2016 to September 2021.

At NIPC, she worked on institutional reforms aimed at proactive investment promotion and embedding a culture of governance and proactive accountability.

Shehas also been the Executive Director responsible for Stanbic IBTC Group’s Corporate and Investment Banking business, ensuring the realisation of business opportunities in Nigeria’s complex operating environment.

Under this stint, Ms Sadiku managed key relationships with regulators, and several of Nigeria’s leading corporate and multinational clients. She has also been the Chief Executive of Stanbic IBTC’s investment banking business.

In her banking career, spanning 23 years, Ms. Sadiku handled assignments for clients in virtually every sector of the Nigerian economy, providing strategic financial advice, while ensuring strict legal and regulatory compliance. She played an active role in the development of the Nigerian capital market.

She is a proud awardee of the Eisenhower Fellowship for International Leadership, and is currently the Acting Chairman of the Board of Trustees of the Investors’ Protection Fund of Nigerian Exchange Limited.

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Mr. John Coumantaros, Chairman of the Board, commenting on the appointment stated, “I am truly excited to welcome Yewande to the Board of Directors. Her over two decades of executive leadership experience in the investment banking business and capital market industry will be of tremendous value to FMN as we continue to position the Group to take advantage of the ever-changing consumer landscape in the foods and agro-allied sectors.

“Her appointment represents our determination to ensure that we have a diverse mix of gender, skills and viewpoints on the FMN Board as we continue to fulfil our purpose of feeding the nation, every day.”

The owner of Golden Penny brand, has reported 51% growth in revenue in its third quarter period, and 49% in 9 months.

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The stellar performance is attributed to continuous product innovation, improved capacity utilization, and effective route to market strategies aided the group’s outstanding financial performance across its core business segments.

Under the food division which includes sales of its flour milling business, pasta and noodles delivered revenue rise of 55.3% in the 9 months.

While, the Agro-Allied division which involves livestock husbandry, production of livestock feeds, sale of fertilizer, edible oil, farming and other agro-allied activities attained a revenue jump of 48.9%.

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