GAIL subsidiary of FMN Group boosts development of maize, soybean value chain in Nigeria

NIGERIA – Golden Agri Inputs Limited (GAIL), part of the agro-allied division of Flour Mills of Nigeria Group (FMN), has entered into a Memorandum of Understanding (MoU) with Kaduna State government to accelerate development of maize and soybean value chain in the region. The initiative, which is based on a well-defined Backward Integration Strategy, will be undertaken through the YALWA programme. According to FMN, the project will be carried out through strategic partnerships, with renowned hybrid seed companies like Corteva Agriscience and Golden Penny Fertilizer Company. About 25,000 farmers are…

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Flour Mills of Nigeria showcases amazing top line performance in first quarter as it remains profitable

NIGERIA – Flour Mills of Nigeria (FMN) Plc, one of Nigeria’s leading food and agro-allied companies, has started the year with a bang announcing a 51% growth in first quarter revenue. According to the manufacturing giant, its revenue rose from N154.6 billion (US$375.7m) attained in Q1 of 2020/21 to N233.7 billion (US$567.9m). The company attributed the growth to bullish performance across all business segments underpinned by sustained demand in agro-allied, particularly in its edible oils and fertilizer businesses, and continued improvements in the food segment. In the Agro-allied division, the…

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Dangote, BUA, FMN prioritized sugar importers in Nigeria following massive investments in industry

NIGERIA – The Central Bank of Nigeria (CBN) has restricted importation of sugar into the country to be only undertaken by the three major industry players i.e., Dangote Sugar Refinery Plc, Golden Sugar Company owned by Flour Mills of Nigeria Plc, and BUA Sugar Refinery Limited. The Apex bank in a circular titled: “Sugar Importation in Nigeria,” signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, hinged its reason for selecting the aforementioned sugar manufacturers on the fact that they had made reasonable progress in achieving backward…

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Golden Penny incorporates classic Nigerian goat meat pepper soup flavour into its new noodles

NIGERIA – Golden Penny, the iconic brand of Flour Mills of Nigeria, has launched a new flavour for its noodles brand, now coming in Goat Meat Pepper Soup flavour. The new product gives consumers a taste of the classic Nigerian cuisine, which is widely enjoyed by the citizens. According to the company, the product is available across all retail stores enabling consumers to conveniently access them and whip up the scrumptious meal in just under 5 minutes. The food division of FMN, has been constantly cracking its brains to provide…

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Flour Mills of Nigeria reports triple digit growth in profit despite economic headwinds

NIGERIA – Flour Mills of Nigeria (FMN) Plc, one of Nigeria’s leading food and agro-allied companies, has achieved impressive top-line and bottom-line growth in the year ended March 31, 2021, showing resilient performance in the face of the pandemic. The owner of the iconic Golden Penny Food brand, has recorded a 34.5% rise in revenue from N573.77 billion (US$1.3 billion) of the previous corresponding period to N771.6 billion (US$1.8 billion). The growth has been attributed to robust growth across all its segments with an average revenue gain of 34 per…

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Flour Mills of Nigeria expands investment in Nigeria’s sugar industry as Shell Nigeria ventures into cassava processing

NIGERIA – Flour Mills of Nigeria Plc (FMN), has announced the acquisition of 20,450 hectares of land in Nasarawa State, to boost the backward integration strategy (BIP) of the National Sugar Master Plan, as leading energy company, Shell Nigeria, inaugurates a multi-billion-naira cassava processing facility in Rivers State. The move by the integrated food business and agro-allied company, FMN, is part of its commitment to the overall growth strategy of the sugar industry in the country. This follows the company’s recent acquisition of an additional 5,200 hectares of land in…

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Flour Mills of Nigeria continues to exhibit stellar performance reporting 31% revenue growth in Q3

NIGERIA – Flour Mills of Nigeria (FMN), one of Nigeria’s leading foods and agro-allied groups has reported a 31% revenue growth in the third quarter ended December 2020 to N200 billion (US$526.3m), with all segments growing by 25% plus. Its year-to-date revenue at 31 December 2020 was N555 billion (US$1.4 billion), 31% rise from the corresponding period last year. The company’s profit before tax at year-to-date of N23.6 billion (US$62.1m) was ahead of the full year 2019/20 profit before tax of N17.5 billion (US$46m). The owner of Iconic brand, Golden…

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Flour Mills of Nigeria diversifies funding sources with listing of US$78.3m bond

NIGERIA – Flour Mills of Nigeria Plc has listed a new N29.89bn (US$78.3m) Tranche A and B bonds to diversify its funding sources from the Nigerian capital market, with the hope of enhancing growth and development of the company. The food and the agro-allied company which has remained Nigeria’s largest and oldest integrated agro-allied business with a broad profile and robust Pan-Africa distribution, issued the bonds under its N70 billion Bond Issuance Programme, reports Nairametrics. According to the reports, the Senior Unsecured bond listing includes an N4.89bn (US$12.5m) under Series…

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GAIL subsidiary of FMN Group becomes exclusive distributor of AgBiTech’s Fall Armyworm biological control tool

NIGERIA – Golden Agri Inputs Limited (GAIL), subsidiary of Flour Mills of Nigeria Group has partnered with AgBiTech LLC, global leader and innovator of biological pest control, to be the company’s exclusive distributor of a biological tool aimed to prevent the infestation of Fall Armyworm (FAW) in Nigeria. Dubbed Fawligen, the product belongs to the new IRAC mode of action Group 31 (host-specific occluded pathogenic viruses). “I believe this partnership with AgBiTech is especially important because it offers farmers an efficient option of pest management products that prevent yield losses.”…

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Flour Mills of Nigeria CEO Paul Gbededo to retire, company announces changes to its board

NIGERIA – Flour Mills of Nigeria (FMN) Plc, Nigeria’s leading integrated Food and Agro-allied group, has announced the retirement of Mr. Paul Gbededo as its Group Managing Director/Chief Executive Officer, effective 31st December, 2020 after a long and fulfilling career with the company spanning over 38 years. To fill his shoes the Board has appointed Mr. Omoboyede Oyebolanle Olusanya (Boye) FMN’s Group Chief Operating Officer to take over the helm of the company, effective 1st January 2021. According to FMN, Paul will remain on the Board as he has been…

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