In 55 years of its history, Flour Mills has remained at the forefront of wheat milling in Nigeria. Flour Mills of Nigeria Plc (FMN) is one of the largest and most successful industrial conglomerates in Nigeria that has stands the test of time. The Company’s activities span flour milling, pasta manufacturing, port operations, cement trade & manufacturing, fertilizer blending, bags & other packaging materials manufacturing and agricultural business.
Floumill’s flagship brand, Golden Penny, remains a preferred brands amongst bakers, confectioneries and consumers in Nigeria. The company has invested over N25billion in milling infrastructure over the last seven years, to maintain its competitive advantage. Today, Flour Mills has a rated milling capacity of over 8,000 metric tons per day, making it one of the largest single site mills in the world.
The Company’s flagship mill located in Apapa, Lagos comprises of 16 integrated mills. Each mill was designed as a multilevel operation in order to optimize the use of gravity in the sifting process, thereby reducing the energy requirements. In addition, the Company maintains dedicated mills to the processing of different wheat varieties to produce different flour types. This has ensured consistent quality of its products for 50 years. The Apapa Mill also boasts of modern silos with a storage capacity to 191,000 metric tons.
Flour Mills has also made significant investments in power generation. The Company has 11 General Electric (GE) Jenbacher gas generators at its Apapa Mills, with a combined capacity of 30 megawatts. This has enabled the company to reduce the occurrence of production stoppages. In addition, the Company has a 30megawatt diesel plant at the same site to act as a backup in the event of any shortage of feedstock to the gas generators.
The company has also diversified into sugar refinery, vegetable oil and margarine facility and also entered the snacks category, as well as fertilizers. In a bid to enhance its packaging and the company has taken a 70% stake in BAGCO, one of the largest suppliers of industrial sacks to many industrial and agro- allied companies in Nigeria. The company also run a series of auxiliary businesses such as Golden Transport, which operates more than 500 trucks and the Apapa Bulk Terminal, which handles over 3 million MT of bulk cargo per annum. Such businesses, in addition to being viable and profitable in their own right, give FMN a tremendous competitive advantage in terms of agility, efficiency, and service delivery.
In addition to these ventures, FMN’s interest in becoming the nation’s dominant food business company is furthered by entities operating in agriculture, livestock feed and pasta manufacturing. As such, the collective clout of Flour Mills of Nigeria stands poised to help achieve the company’s objectives whilst simultaneously improving the lives of untold numbers of Nigerians, employees and consumers alike.
Aside investing about $1billion in its agro-allied operations in the last five years, the Flour Mills of Nigeria Plc is set to plough an equivalent sum into its business in the next five years to remain a top player in the sector and create more jobs
Since its incorporation in 1960, FMN has not only survived all macroeconomic challenges but also grown into a market leader with popular and highly recognizable brands, an extensive distribution network, an impressive turnover, strong profit ability, healthy Balance Sheet and a highly skilled workforce.
Floumill was listed on the Nigeria Stock Exchange in 1978. With a broad ownership base of approximately 67,000 shareholders, it is constantly ranked amongst the top 25 companies in terms of market capitalization. In 2005 the Company successfully completed a N5.24 billion (US $40.7 million) rights issue which was oversubscribed by 8%.
The group’s financial year ended March 31, 2014 was quite modest as its revenue grew by 10 per cent to N332.14 billion.
FMN group employs approximately 5,200 staff with diverse ethnic, cultural and religious backgrounds who work harmoniously together to deliver superior value to Nigerian con
FMNPL is a socially responsible organistion, considering the various interventions and programmes designed to make life meaningful for the populace, especially, the host community. In education, security, road and other infrastructures development, old people’s homes, etc.
