NIGERIA – In support of the federal government’s agriculture transformation agenda, Honeywell Flour Mills Plc has invested about N1billion to modify its mills for increased cassava flour inclusion, Managing Director/CEO of the company, Mr. Lanre Jaiyeola, has said.
Jaiyeola who stated this during an interactive session with journalists in Lagos noted that the company is also exploring viable backward integration options to further boost cassava flour availability in demonstration of its belief in and support for the initiative.
He however urged the federal government to provide palliatives to encourage increased investment in cassava growing, processing and utilisation.
He revealed that there is better understanding and collaboration between flour millers and the Ministry of Agriculture on the cassava initiative and expressed the hope that it would be sustained for successful implementation of this initiative.
Jaiyeola also revealed that as part of the company’s strategy to scale up its production capacity, civil works has commenced on its 63-hectres land in Sagamu, Ogun State in preparation for the construction of the factory buildings.
He confirmed that the project is on course for completion and would start commercial production within the next 24 months. “This is expected to notch up the company’s top and bottom line to provide better returns to our shareholders”, he said.
The company is set to review its performance for the year ended 31st March 2014 and outline future growth plans at its annual general meeting, which holds tomorrow, September 16.
The Honeywell CEO assured shareholders and investors that the company is committed to building the wealth of shareholders not only for today but for the future.
He also used the gathering to urge investors with interest in long term returns to focus strongly on Honeywell Flour Mills Plc.
He said the company has a strong heritage, top quality brands, experienced board and management and has delivered profitable growth year on year. Honeywell Flour Mills Plc is a member-company of the Honeywell Group.
It has factories in Ikeja and Apapa, Lagos, Nigeria. It is a leading flour milling company in Nigeria.
The company recently announced plans to invest over $1 billion in the execution of power generation and transmission projects in Lagos, Ogun and Bayelsa. Already, the Nigerian Electricity Regulatory Commission (NERC) has issued the company with the licence to build a plant in Akute Oshun in Ogun State.