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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Flour Mills of Nigeria seeks to expand fertilizer business to reach more customers

NIGERIA – Flour Mills of Nigeria (FMN), one of Nigeria’s leading foods and agro-allied groups has said it is looking to expand its fertiliser blending plants into more states outside in a bid to de-risk the concentration of the business in Lagos. This was revealed by the Group Managing Director, Mr Paul Gbededo, who envisions that the expansion would also enhance the company’s presence and allow for quick delivery of fertiliser to the end-users. “We have just gained more properties in northern states that will help us cater better for…

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Flour Mills of Nigeria’s CEO acquires additional shares in the company

NIGERIA – Nigeria’s leading integrated food business and agro-allied group, Flour mills of Nigeria Plc has announced that the group’s Managing Director Paul Miyonmide Gbedebo has acquired additional shares in the company. According to reports by Nairametrics, Mr. Gbedebo has injected ₦172.2m (US$444,000) for the acquisition of 7,486,719 shares. The Group Managing Director undertook the purchase of the stakes in three tranches i.e. 1,948,839 and 4,200,852 shares at N28 per unit on November 17 and 18 respectively and 1,336,028 shares at N27.75 per share on 19November. According to the company’s…

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Flour Mills of Nigeria reports double digit growth in half year revenue

NIGERIA – Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and agro-allied group has reported a 31% growth in revenue for the six months ended 30th September 2020, to N355.1 billion (US$929.8m). During the period under-review, the group’s profit before tax was N14.6 billion (US$38.2m), a 69% jump compared to N8.6 billion (US$22.5m) in 2019. “With this result, our business has once again shown its resilience, by following the path of sustainable growth despite the prevailing challenges in both the local and global economy.” Flour Mills of Nigeria…

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Flour Mills of Nigeria celebrates 60 years of operations since incorporation

NIGERIA – Flour Mills of Nigeria (FMN), one of Nigeria’s leading foods and agro-allied groups has marked a significant milestone, celebrating 60 years of feeding the nation of Nigeria and the region at large. The company’s journey since its incorporation on the 29th of September 1960 has been challenging yet rewarding as indicated by the company in its social media post. Starting as a limited liability company and pioneer wheat miller in Nigeria, the group has evolved to become one of the biggest brands in the foods and agro-allied industry…

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Flour Mills of Nigeria taps Jumia Nigeria CEO as new board member

NIGERIA – Nigeria’s leading integrated food business and agro-allied group, Flour mills of Nigeria Plc has appointed Juliet Anammah to the board of Directors. With the appointment, Flour Mills is tapping into Juliet’s over twenty-eight years of professional experience in the consumer goods industry, sales and marketing, management consulting and E –commerce. She is currently the Chief Executive Officer of Jumia Nigeria, a position she undertook in 2015 and oversaw Jumia’s transition from online retail to a marketplace, reports Naira Metrics. Speaking about the appointment, Mr John Coumantaros, Chairman of…

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