Outgoing GMD, Paul Gbadebo, Acquires More Shares To Deepen Grip In Flour Mills

Seven days to his retirement, Flour Mills of Nigeria's Group Managing Director, Paul Gbadebo, has acquired more shares within the company, strengthening his grip as one of the major shareholders and decision makers in Flour Mills.

AllNews learnt that Gbadebo acquired shares of 15,000 unit at NGN24.70 kobo per share, on December 15, 2020, eleven days after AllNews reported his retirement from Flour Mills on December 31, 2020. This increases Gbadebo's worth at Flour Mills to about NGN280 million.

Currently, Gbadebo, who spent 38 years with Flour Mills, holds a total of 10,836,154 (million) shares within the company. Gbadebo joined the company in 1982 as a management trainee for Nigerian Bag Manufacturing Company, popularly known as BAGCO.

READ ALSO: CBN Survey Shows Luxury Items Will Lose Sales To Inflation In 2021

He rose through the ranks to head several position, including becoming the first Nigerian Production Director for BAGCO in 1996. Gbadebo was also the pioneer General Manager/Director for Golden Pasta Company Limited, a subsidiary of Flour Mills.

Gbadebo become the GMD and Chief Executive Officer of Flour Mills in April 1, 2013. While commenting on his exit from Flour Mills, Gbadebo said, "I must say that I am confident that it is time to hand over leadership to the next generation.

"I have worked closely with Boye Olusanya, and I am confident that with him at the helm of affairs, the group is on course to reach even greater heights."