L-R: The Director, Strategy and Stakeholder Relations, Flour Mills of Nigeria (FMN), Mr. Sadiq Usman; Non-Executive Board Director, FMN, Alhaji Rabiu Gwarzo; Non-Executive Board Director, FMN, Alhaji Muhammad K. Ahmad; Non-Executive Board Director, FMN, Alhaji Olalekan Saliu; Company Secretary/Group Director, Legal Services, FMN, Mr. Joseph O. Umolu; Group Managing Director/ CEO, FMN, Mr. Boye Olusanya; Non-Executive Board Director, FMN, Mr. Foluso Phillips; Non-Executive Board Director, FMN, Dr. (Mrs) Salamatu Hussaini Suleiman; and the Group Chief Financial Officer (CFO), Mr. Anders Kristiansson at the just concluded 64th Annual General Meeting of Flour Mills of Nigeria (FMN) in Lagos
By Elizabeth Chimobi
In a landmark decision, shareholders of Flour Mills of Nigeria (FMN) voted overwhelmingly in favour of a minority shares buyout scheme during a Court-Ordered Meeting (COM) held on November 14, 2024.
The meeting, which coincided with FMN’s 64th Annual General Meeting (AGM) at the Balmoral Convention Centre, Lagos, saw 98.67% of minority shareholders approving the buyout at an increased offer price of N86 per share.
The pivotal resolution, mandated by the Federal High Court in Lagos, marked a significant milestone for FMN, one of Nigeria’s leading food and agro-allied companies. The scheme of arrangement between FMN and its shareholders sought to consolidate ownership under majority stakeholders while addressing concerns raised by minority shareholders during the meeting.
Initially, minority shareholders voiced concerns over the proposed buyout price, calling for a higher valuation. These deliberations, charged with emotions and speculation about FMN’s potential departure from Nigeria, reflected the shareholders’ deep investment in the company’s legacy and future.
The meeting took a decisive turn when Chairman of FMN’s Board of Directors, Mr. John G. Coumantaros delivered an impassioned address. Reflecting on the company’s 64-year legacy, he recounted how his late father, George S. Coumantaros, founded FMN in the 1960s, inspired by Nigeria’s resilient and ambitious spirit.
Underlining FMN’s commitment to Nigeria, Mr. Coumantaros reaffirmed the company’s dedication to job creation, national growth, and food security.
“To reiterate, FMN will not leave Nigeria. FMN and Nigeria are inextricably bound together, with Nigeria positioned as the headquarters of our Pan-African growth story and the center of excellence as we deepen investment in our different verticals,” he assured. His announcement of the revised buyout price of N86 per share was met with widespread approval, easing tensions and solidifying support.
The overwhelming approval of the buyout resolution reflects shareholders’ trust in FMN’s vision and leadership.
The company is embarking on an ambitious $1 billion investment plan over the next four years to expand its presence across Africa. This includes leveraging opportunities presented by the African Continental Free Trade Agreement (AfCFTA) and bolstering Nigeria’s export potential to improve foreign exchange flows.
Notably, FMN and Nigeria share a symbolic bond. Both are 64 years old, share the green and white colors, and are committed to fostering national development. FMN has pledged to remain integral to Nigeria’s economic growth while extending its reach across Africa, starting with West Africa.
With this historic vote, FMN has reaffirmed its position as a cornerstone of Nigeria’s economy and a leader in Africa’s food and agro-allied industry. The company’s path forward underscores a patriotic commitment to its roots and a bold vision for continental growth, signaling brighter days for shareholders, employees, and the Nigerian economy.
Show quoted text