Flour Mills of Nigeria (FMN) also known as FMN Group is a Nigerian diversified agribusiness company. It is one of the leading FMCG companies in Nigeria and West Africa. Flour Mills of Nigeria Plc is a leading food and agro-allied company headquartered in Apapa, Lagos, Nigeria.
As a market leader in the Nigerian food and agro-allied industry, Flour Mills of Nigeria Plc boasts extensive geographic coverage and a portfolio of trusted brands, including the renowned Golden Penny. Flour Mills of Nigeria Plc specialises in flour milling and the production of a diverse range of high-quality food products, including pasta, noodles, refined sugar, and edible oils. The company also engages in the production of livestock feeds, agro-allied activities, and the manufacture of laminated woven polypropylene sacks.
The FMN brand sprouted from a single commodity company, to a conglomerate operating in key sectors of the Nigerian economy. They operate in four major sectors of Food, Sugar, Agro-allied, Port Operations and Logistics, Packaging and Real Estate.
History and Heritage
Flour Mills of Nigeria Plc(FMN) was incorporated in 1960. Our company started operations on the 29th of September 1960 as the premier flour miller in Nigeria as envisioned by the Founding Father, George Coumantaros.
Since then, his dream to provide Nigerian families with healthy products at affordable prices has inspired our purpose of ‘Feeding the Nation, Everyday and our drive to enrich lives and encourage healthy wellbeing. In its 54 year history, Flour Mills has remained at the forefront of wheat milling in Nigeria, and its shares were subsequently listed on The Nigerian Stock Exchange.
Read also: Discover Ethiopian Teff
Flour Mills started operations in 1962, the first wheat mill plant in Nigeria, it was built at a cost of £2.5m financed by Greek and American capital through Southern Star Shipping company. Initial annual production was 120,000 tonnes. The company's Apapa complex has bulk unloading and storage capabilities with a mill to process North American wheat blends.
For generations, families across Nigeria have continued to enjoy the rich and fulfilling taste of our Golden Penny brands while creating fond and lasting memories. From our variety of prime wheat flour which remains a delight for baking to other family favourites like pasta, noodles, cooking oils, sugar, margarine and spreads to several options for ball foods, including Garri, Golden Penny products remain the ideal choice for great-tasting and nutritious food.
Operations and Structure
FMN owns plenty milling infrastructure to maintain its competitive advantage. Flour Mills of Nigeria is one of Africa's largest agribusinesses, involved in the production of grains, oils and fats, sweeteners, feed and proteins, and starches. With a flour milling capacity of approximately 9,310 metric tones per day, the company is one of the largest milling companies in Nigeria.
Today, our food businesses are structured around five key value chains, including Grains; oils & Fats; Sugar; Feeds & Proteins, and Cassava Starches. Through its subsidiary networks, Flour Mills of Nigeria cultivates and processes locally grown crops such as sugar cane, soybean, cassava, maize and oil palm. The company also manufactures and distributes agri-inputs such as seeds and fertilizers.
In 1990, another polypropylene manufacturing business was established in 1997 in Northern Nigeria trading under the business name Northern Bag Manufacturing Company, two years later Golden Shipping Company was established.
Read also: Chad Mills: A Life Remembered
Flour Mills of Nigeria PLC engages in the flour milling business in Nigeria and internationally. The company operates through Food, Agro Allied, Support Services, and Sugar segments. Additionally, the company cultivates and processes sugarcane, refines and sells sugar; and sells by-products from sugar refining.
Further, it engages in the operation of terminals A and B at the Apapa Port; customs clearing, development of real estate properties for rental purposes; forwarding and shipping agents; logistics activities; haulage services; and leasing of investment properties.
Products and Brands
Golden Penny is one of the largest food brands in Nigeria, offering great tasting and nutritious products at affordable prices. Our products are made from some of the finest raw materials and remain the preferred choice amongst consumers and industrial users like bakeries and confectioners.
Every time consumers pick a pack of our products, they become a part of a rich tradition of great taste and quality. This is because, our commitment to creating healthy and nutritious meals has always been a priority, and have remained so, since 1960 when Flour Mills of Nigeria Plc (FMN) was incorporated.
It produces and sells pasta, snacks, noodles, and sugar; and manufactures and markets laminated woven polypropylene sacks and flexible packaging materials. In addition, the company is involved in farming of maize, cassava, soya, sugar cane, and oil palm; and production and sale of fertilizers edible oils, livestock feeds, and poultry products.
Read also: Your Rental Options with Chad Mills
Financial Performance and Key Data
In the financial year ending 31 March 2024, Flour Mills of Nigeria Plc reported a revenue of N2.29 trillion and a total comprehensive income of N16.56 billion. The company employs approximately 5,404 individuals, showcasing its role as a significant employer in Nigeria.
Here is the summary of key highlights about the company:
| Attribute | Value |
|---|---|
| Company Type | Private |
| Industry | Food and Agro-allied Group |
| Founded | September 29, 1960 |
| Founder | George S. Coumantaros |
| Headquarters | Lagos, Nigeria |
| Revenue (2023/2024) | ₦2.3 Trillion ($1.6 Billion) |
Sustainability and Social Responsibility
Flour Mills of Nigeria Plc is committed to sustainability through initiatives aimed at reducing its environmental footprint. The company has implemented energy-efficient technologies in its production facilities, minimised greenhouse gas emissions, and prioritised sustainable sourcing.
In environment and nutrition, Flour Mills of Nigeria is among the weakest performers in both segments on relevant topics such as greenhouse gas (GHG) emissions, food loss and waste, labelling and food safety. In social inclusion, the company performs on average on farmers’ resilience in the agricultural products and commodities segment, while it ranks in the bottom half of companies in food and beverage processors on the same topic.
However, Flour Mills of Nigeria does not provide commitments on human rights and labour rights, as well as evidence of monitoring and due diligence systems as opposed to its peers.
Technological Advancement
In the northern of Nigeria, 3 farms of FMN are located in Niger State, SUNTI GOLDEN SUGAR, SUNFLAG FARM and KABOJI FARMS NIGERIA LIMITED. In 2014, SUNTI and SUNFLAG farms asked for a communication solution that could cover their areas of operations and allow them to communicate between these two farms. The system was deployed in May 2014 on both farms with a total number of about 20 hand held DMR radios.
- Enhanced voice qualityThis solution adopts DMR technology with professional digital codec and digital error-correction technologies. DMR products provide enhanced voice quality even at the edge of the farms.
- Reliable terminalsHytera PD60X and PD78X DMR radios are strictly compliant with IP67 standards. Even under harsh environments such as heavy raining, dust, Hytera radios can also work well and provide outstanding performance.
- The most cost efficiencyWith the application of TDMA technology, one repeater hardware supports two traffic channels with the same frequency. Compared with analog system, DMR system helps customer save the frequency resources and reduce total ownership cost.
The system is excellent.
Flour Mills of Nigeria 60th Annual General Meeting: Feeding the nation, every day
Popular articles:
tags: #Nigeria
