Flour Mills Nigeria Plc has reassured investors of its commitment to sustain it’s investment in Nigeria to make a meaningful contributions to the growth of the nation’s economy.
The Company’s Chairman, John Coumantaros gave this assurance in Lagos at the annual general meeting/ court ordered meeting to pass the resolution of minority shareholders buyout by the majority shareholders.
Addressing shareholders at the meeting, Courmantaros made reference to FMN’s relationship with Nigeria in the past, stressing that FMN and Nigeria are inextricably bound and cannot be separated.
Accepting minority shareholders request to increase their buyout price from the initial proposed offer, the Chairman said “For your loyalty, we will increase the per-share value to N86 per share.
He reiterated that, FMN has come to stay and it will not leave the shore of Nigeria.
Speaking further he said ” FMN and Nigeria are inextricably bound together with Nigeria positioned as the headquarters of our pan African growth story and the centre of excellence as we deepen investment in our different verticals.”
Following the chairman:s passionate address, the shareholders voted massively in favour of the company as the board secured 98.67 per cent minority shareholders business support vote at the buyout price of N86 per share.
He said that FMN in many ways has remained an integral part of Nigeria especially as the group share various likeness with Nigeria in terms of age as both are 64 years old, colour code adoption which is green and white and unwavering commitment to the attainment of food security in Nigeria.
FMN is embarking on an ambitious $1 billion investment plan to expand its presence and impact across the African continent over the next four years. This expansion plan anticipated to create new opportunities and unlock value for the company, its employees, and economies throughout Africa.
Beyond Nigeria, FMN plans to leverage the opportunities presented by the African Continental Free Trade Agreement (AfCFTA) to expand its reach across the continent, starting with the West Africa region.
Furthermore, FMN’s export ambitions is expected to contribute to improving Nigeria’s foreign exchange (FX) flows and boost the country’s export potential.
Since it has become obvious that the Company, Flour Mills of Nigeria is our own, it is made in Nigeria and for Nigerians; it is then wise to not just wish them well in their quest for Pan-African diversification, but, to support them in this venture that will also put Nigeria on the right trajectory for continental business leadership.