Flour Mills of Nigeria has stated that it is making bold moves to secure its future as a regional and industrial powerhouse.
The company recently announced a share acquisition plan aimed at transitioning its structure to better align with its long-term growth strategy.
The leadership of FMN described the move as a critical step towards becoming a Pan-African food leader.
Flour Mills of Nigeria is betting big on its ability to unlock value, grow its presence across Africa, continue contributing to Nigeria’s economic prosperity, and inspire diversified business growth and returns.
FMN has been a staple of Nigeria’s economy for 64 years, growing from a single flour milling company into a diverse group spanning food production, agriculture, logistics, and more.
However, the conglomerate structure—while effective in past decades—is seen as limiting the company’s ability to fully capitalise on the opportunities presented by Africa’s growing markets.
The Chairman of the FMN Board, Mr John Coumantaros, said, “FMN is restructuring to unlock substantial value and enhance its competitiveness across Africa. The restructuring will allow FMN to streamline its operations, focus on its core strengths, and pursue growth opportunities across the continent more nimbly.
“The share acquisition plan, which involves purchasing minority shares, is central to this new strategy.”
Coumantaros noted that the restructuring aligned with Nigeria’s current reforms aimed at diversifying the economy, creating opportunities for companies like FMN to boost food security and economic growth.
“We are committed to the growth of Nigeria, a mandate we have fostered for over six decades. Also, in line with the group’s pan-African vision this positions us to make more meaningful contributions to Nigeria’s economic growth and progressively across the continent,” Coumantaros stated.
He explained that FMN’s restructuring enabled expansion across Nigeria and tapped into regional growth opportunities in West Africa, aiming to leverage its expertise in food production to address food security challenges.
According to Coumantaros, it addressed concerns over ownership changes, emphasising that the restructuring is part of its Nigeria-rooted growth strategy.
Focused on enhancing efficiency and expanding across Africa, he reassured stakeholders that the firm’s commitment to Nigeria’s economy and local industry remained unchanged.
“The restructuring is a critical step in ensuring that FMN remains a key contributor to Nigeria’s economic development while positioning itself as a leader in Africa’s food security landscape,” Coumantaros added.
-By Henry Falaiye