Flour Mills of Nigeria PLC (FMN) has announced a strategic restructuring to drive its Pan-African expansion. This includes a share acquisition plan aimed at unlocking value and enhancing competitiveness across Africa. FMN seeks to leverage its long-standing food production expertise to grow regionally while maintaining its strong Nigerian roots.
Flour Mills of Nigeria PLC (FMN), one of Nigeria’s leading agro-allied companies, is taking bold steps to strengthen its future as a regional powerhouse. FMN recently announced a strategic restructuring plan designed to facilitate its long-term Pan-African expansion. The restructuring includes a share acquisition aimed at streamlining operations and unlocking substantial value, allowing FMN to seize opportunities in Africa’s expanding markets.
The company, which has been pivotal to Nigeria’s economy for 64 years, is transitioning from its traditional conglomerate structure to a more agile organisation. FMN’s leadership emphasised that the restructuring will enable the company to enhance operational efficiency, focus on core strengths, and expand more effectively across Africa.
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This move coincides with Nigeria’s ongoing economic reforms under the current administration, which presents growth opportunities in sectors like agriculture. FMN Chairman, Mr. John G. Coumantaros, stated that the company’s commitment to Nigeria remains unchanged and is central to its Pan-African vision. The restructuring will reinforce FMN’s efforts to support local industries while capitalising on regional growth, starting in West Africa.
FMN’s Pan-African ambitions focus on addressing the continent’s food security challenges by building local supply chains, creating jobs, and improving agricultural productivity. The company has reassured stakeholders that this is a strategic growth initiative rooted in Nigerian leadership, ensuring FMN continues to play a vital role in Nigeria’s economic development.
Minority shareholders have been offered a substantial premium on their shares as part of the restructuring, highlighting FMN’s dedication to corporate governance and stakeholder relations. This move reflects the company’s long-term growth strategy, anchored in its commitment to fostering food security and economic growth across Africa.
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