Flour Mills of Nigeria (FMN) also known as FMN Group is a Nigerian diversified agribusiness company, it was founded in 1960 by George S. Coumantaros. It is one of the leading FMCG companies in Nigeria and West Africa. FMN employs over 12,000 people.[1]
| Company type | Public |
|---|---|
| NGX: FLOURMILLS | |
| ISIN | NGFLOURMILL0 |
| Industry | Food and Agro-allied Group |
| Founded | September 29, 1960 |
| Founder | George S. Coumantaros |
| Headquarters | Lagos, Nigeria |
| Revenue | ₦2.3 Trillion ($1.6 Billion) (2023/2024) |
Number of employees | 12,000 (2017) |
| Parent | Excelsior Shipping Co. Ltd. |
| Website | www |
FMN was founded by George S. Coumantaros in 1960 as a private limited company and in 1978 became a public company, with its shares listed on the Nigerian Stock Exchange.[1]
The chairman of FMN since 2014, and its former CEO is the founder's son, John Coumantaros.[2][3] The CEO is Omoboyede Olusanya.[4]
Flour Mills today, is a holding company with a vertically integrated business model.
The flagship brand of the company is Golden Penny Flour.[5]
History
editFlour Mills started operations in 1962, the first wheat mill plant in Nigeria, it was built at a cost of £2.5m financed by Greek and American capital[6] through Southern Star Shipping company.[7] Initial annual production was 120,000 tonnes.[6] The company's Apapa complex has bulk unloading and storage capabilities with a mill to process North American wheat blends. In 1964, the company expanded its offering with the establishment of a polypropylene manufacturing plant that traded under the business name Nigerian Bag Manufacturing Company Limited.[7] The initial facility also processed wheat offals to be exported.[6]
By 1971, the annual capacity of its wheat mill was 300,000 tonnes.[6] In 1975, the company bought minority equity interest in Northern Nigeria Flours Mills, Kano and later acquired interest in Niger Mills of Calabar.[6] In the late 1970s, the company was listed on the Nigerian Stock exchange.
The FMN brand sprouted from a single commodity company, to a conglomerate operating in key sectors of the Nigerian economy. They operate in four major sectors of Food, Su, Agro-allied, Port Operations and Logistics, Packaging and Real Estate. They operate a vertically integrated supply food chain amongst their other businesses.
In 1990, another polypropylene manufacturing business was established in 1997 in Northern Nigeria trading under the business name Northern Bag Manufacturing Company, two years later Golden Shipping Company was established. In 1997, an extension of business offerings led to the founding of a fertilizer marketing business,[7] expansion continued with the introduction of a cement partnership UNICEM in 2002, port management trading under the name Apapa Bulk Terminal in 2004, Golden Transport in 2008 and Premier Feeds in 2010.[7] In August 2015, a holding company, Excelsior Shipping was established to manage the affairs of some of its subsidiaries.[7] Apapa Bulk Terminal operates Terminal A and B at Apapa Port.
The company operated a bulk cement bagging operation at Apapa trading Burham Cement, following compliance with government regulations to promote local cement manufacturing that operation was discontinued at the firm went into a partnership with Orascom to establish a cement facility at Mfanmosing, Cross River State.[5]
In 2021, FMN acquired 71.6% of Honeywell Group's Honeywell Flour Mills Plc.[8][9]
Subsidiaries
edit| Subsidiary | Interest (%) | Line of business |
|---|---|---|
| Apapa Bulk Terminal | 100 | Logistics/Support |
| Northern Nigeria Flour Mills | 52.6 | Consumer goods |
| Nigerian Eagle Flour Mills | 51 | Consumer goods |
| Niger Mills | 100 | Consumer goods |
| Golden Pasta | 100 | Consumer goods |
| Golden Noodles | 100 | Food/consumer goods |
| Golden Sugar | 100 | Food.consumer goods |
| Golden Shipping Co | 100 |
Logistics |
| Premier Feed | 62 | Agro-allied |
| ROM Oil Mills | 90 | Agro-allied |
| Kaboji Farms | 100 | Agro-allied |
| UNICEM | 22 | other |
| Nigerian Bag Manufacturing Company | 100 | support |
References
edit- ^ a b "About Us". FMN. Retrieved 2017-08-01.
- ^ John George Coumantaros (2014-09-10). "John George Coumantaros: Executive Profile & Biography". Bloomberg. Retrieved 2017-07-01.
- ^ "John Coumantaros, Director". Oxbow.com. Archived from the original on 2017-06-21. Retrieved 2017-07-01.
- ^ "Boye Olusanya, Flour Mills of Nigeria PLC: Profile and Biography". Bloomberg News.
- ^ a b "In Focus: Flour Mills". Corporate Nigeria. IMC--International Media Communications GmbH. 2006.
- ^ a b c d e Andræ, Gunilla; Beckman, Björn (1985). The wheat trap : bread and underdevelopment in Nigeria (1. publ. ed.). London: Zed Books in association with Scandinavian Institute of African Studies. pp. 34–44. ISBN 0862325218.
- ^ a b c d e Flour Mills of Nigeria Plc MarketLine Company Profile. MarketLine, a Progressive Digital Media business. (January 2016)
- ^ Femi Adekoya (22 November 2021). "FMN, Honeywell Flour Mills merge under N80billion shares transfer deal". The Guardian. Retrieved November 25, 2021.
- ^ Nseobong Okon-Ekong; Kayode Tokede (November 23, 2021). "Honeywell Group Agrees N80bn Deal with Flour Mills of Nigeria". The Nation. Retrieved November 25, 2021.
- ^ MarketScreener. "FLOUR MILLS OF NIGERIA PLC. : Stock Price | MarketScreener". www.marketscreener.com. Retrieved 2019-09-08.