FMN

Flour Mills of Nigeria closed out its public-market chapter in the period since the previous profile was written: majority shareholder Excelsior Shipping Company offered to buy out the roughly 37% minority stake at N70 per share via a Scheme of Arrangement in September 2024, and after shareholder approval the company's entire issued share capital was formally delisted from the NGX on 30 December 2024, with minority shareholders ultimately compensated at N86 per share. The delisting removed roughly ₦335 billion from the exchange's total market capitalisation, and puts Flour Mills alongside Union Bank and GlaxoSmithKline among major Nigerian names that have exited public markets in recent years.

Financially, the company's last reported figures as a public entity showed strong momentum: full-year revenue for the year ended March 2024 rose 49% to ₦2.3 trillion, and H1 FY2025 revenue climbed 76% year-on-year to ₦1.69 trillion, with the Food segment alone up 74% to ₦1.14 trillion. Since going private, Flour Mills no longer files the detailed quarterly disclosures that accompanied its NGX listing, but operationally the business hasn't missed a step: it continues to run 17 manufacturing facilities across 12 states, spanning its core Foods division, the Sunti Golden Sugar Estate in Niger State, an Agro-allied segment, and Port Logistics operations through its Apapa terminal holdings.

The Golden Penny brand remains the anchor of the portfolio across flour, pasta, semovita, noodles, and sugar, and the company retains its 2021 acquisition of a majority stake in Honeywell Flour Mills. Flour Mills has continued public-facing innovation programming into 2026, launching the FMN Prize for Innovation for Nigerian SMEs and students, as it pursues an ongoing restructuring into five subsidiaries positioning it for Pan-African expansion beyond its historic Nigerian base.