FLOUR MILLS NIG. PLC Company Profile

FLOUR MILLS NIG. PLC

Flour Mills of Nigeria Plc (FMN) was established on September 29, 1960, initially as a private limited liability company with a modest capital of N1 million. It transitioned to a public company in November 1978, with Nigerian and overseas shareholders holding beneficial interests in the company's equity. As of the AFS 2020, foreign shareholders, particularly Excelsior Shipping Company Limited, own 62.95% of the shares, while over 75,000 individuals and institutional investors hold the remaining stake.

Wheat milling serves as the financial backbone of FMN, with the Apapa milling complex being one of the largest single-site mills globally, boasting a rated capacity of over 8,000 metric tons per day. The company has consistently invested in cutting-edge milling technology and skilled professionals, maintaining its ISO 9001:2008 accreditation.

Over its six-decade history, FMN's flagship food brand, "Golden Penny," remains highly regarded among bakers, confectioneries, and consumers in Nigeria. The Golden Penny product line has expanded to include semovita, masavita, pasta, noodles, refined sugar, margarine, vegetable oils, snacks, and breakfast cereals.

FMN diversified its investments beyond flour milling, acquiring BAGCO in 1978, a leading woven polypropylene sack manufacturer. BAGCO, now a division of FMN, is a major supplier for industries in Nigeria, packaging various products such as flour, cement, grains, salt, detergent, fertilizer, and merchandise.

The company ventured into cement with the establishment of a large cement terminal at Apapa under the "Burham Cement" brand. In line with the government's backward integration policy, FMN invested in the United Cement Manufacturing Co. Ltd. (UNICEM) Calabar, in 2002. However, a strategic decision in 2015 led to the divestment of the investment in UNICEM, refocusing the group as a publicly traded Food and Agro-Allied Company.

FMN's strategic imperative is to create value in the supply chain and reduce dependence on imported raw materials. Significant investments have been made in agro-allied ventures, including Kaboji Farm, primary processing of locally grown crops, and the manufacture and distribution of agro-inputs. The group has also invested in support services like manufacturing and marketing of packaging materials, power generation, ground transport logistics, and port operations.

Flour Mills Group continues to explore opportunities for strategic partnerships to enhance its competitive positioning in Nigeria and potentially expand its investment and business activities beyond the country's borders.

 
 
BOARD OF DIRECTOR
Mr. John G Gbededo- Vice chairman
Mr Omoboyede Olusanya – GMD/CEO
Professor Jerry Gana – non-executive
Mr Alfono Garate - non-executive.
Alhaji Rabiu Gwarzo- non –executive
Mr Yannis katsarakis – non-executive
Mr Folusho Philips – non – executive
Alhaja Yunus Olalekan Saliu – non-executive
Mr FRA Williams – non-executive
Mrs Salamatu Hussaini Suleiman – non-executive 
Alhaji Muhammad K. Ahmed – independent non-Executive director