The shareholders of Flour Mills of Nigeria (FMN) yesterday approved the management’s N2.15 dividend payout for 2022 financial, among other resolutions, calling on the management to declare a bonus payout amid improved performance over the years.
Part of the resolutions approved by the shareholders at the 62nd Annual General Meeting (AGM) in Lagos was to authorize the directors to raise additional capital for the company to the tune of N200billion.
The National Leader Emeritus, Independent Shareholders Association of Nigeria, Sunny Nwosu who joined other shareholders at the company’s AGM, commended the company’s 2022 performance as turnover crossed the N1trillion mark, maintaining that 2015 was the last time the management of FMN awarded investors with bonus payout.
According to him, “the 2022 financial performance of FMN was impressive and we hope it is maintained in coming years. A bonus was paid in last 2015 and it does not cost the management anything to give shareholders bonus.”
The Chairman, Progressive Shareholders Association of Nigeria, Boniface Okezie commended FMN’s 2022 performance despite challenges, urging the management to maximize the opportunity provided by the war between Russia/Ukraine to extend food production in Africa.
Speaking to shareholders at the AGM, the Chairman of FMN, Mr John Coumantaros, who was represented by Vice- Chairman, Mr. Paul Gbededo, said despite the prevailing challenges around the world especially as global economies struggled to recover amidst supply chain disruptions caused by the prolonged effect of the COVID-19 pandemic and worsened by the ongoing conflict between Ukraine and Russia, the Group has delivered another impressive performance.
He noted that businesses and consumers in Africa are facing significant peculiar and aggregate economic challenges over the increasing volatility of the global economy.
“Our group aims to counteract some of these headwinds by remaining committed to increasing the local content of its inputs and outputs. Undoubtedly, the need to add value further upstream on the supply chain and lessen dependency on imported raw materials has become more crucial.
“Similarly, following best practices, we are developing a flexible and agile route to market strategy by investing in expanding and improving our group-wide sales. Marketing, and distribution capabilities,” he stated looking ahead.
Speaking also, the Group Managing Director/Chief Executive Officer, FMN Mr. Omoboyede Olusanya on the 71.69 per cent acquisition of Honeywell Flour Mills noted that the company group has become a more resilient national champion with an ambition of becoming a market leader in Africa.
“Given the size of the acquisition, it is fair to say that we have created even more opportunities for our stakeholders.”
Looking to the future, he said, “Without giving too much away just yet, I can assure shareholders that our consumers are up for an exciting time as we gradually introduce the numerous innovative ideas we have in the pipeline.
“Over time, we will invest heavily in expanding our route to market strategy to encompass other segments, which we will accomplish by focusing on an even deeper understanding of our consumer needs by innovating.”