Flour Mills of Nigeria Holds 63rd Annual General Meeting, Shareholders Applaud Company’s Commitment To Sustainable Value Creation

Flour Mills of Nigeria Plc (FMN), a leading Nigerian food and agro-allied company, held its 63rd Annual General Meeting (AGM) at the Eko Hotel and Suites in Victoria Island, Lagos on November 9th, 2023.

The meeting brought together FMN shareholders, Board members, and stakeholders to review the company’s performance over the past year and discuss strategic plans for the future. In his opening address, Mr. Paul Miyonmide Gbededo, Vice Chairman, FMN Board of Directors, and the acting Chairman for the meeting emphasized the company’s commitment to balancing shareholder returns with sustainable long-term growth.

Shareholders overwhelmingly voiced their approval of FMN’s strong financial performance, praising the dividend payout of N9.23 billion at N2.25k per ordinary share. They urged the company to maintain its focus on profitability and shareholder value creation. However, shareholders also pushed for higher future dividend payments given FMN’s solid performance.

On Corporate Social Responsibility (CSR), shareholders commended FMN’s support for community development initiatives across Nigeria. They emphasized the need for continued investments in CSR to uplift living standards. Mr. Gbededo affirmed this saying ‘’FMN remains as committed as ever to delivering sustainable long-term value for our shareholders while also upholding the highest standards of corporate social responsibility. We aim to strike the right balance between profitability and purpose. Our shareholders are our most valuable stakeholders. We highly appreciate their feedback and counsel which helps sharpen our focus on creating enduring shareholder wealth.”

Shareholders also stressed the importance of diversity, inclusion, and gender balance at all company levels. They advised accelerating efforts to ensure equitable female representation on FMN’s board and executive team. In responding, Mr. Boye Olusanya, the Group’s GMD/CEO  stated that “enhancing diversity and inclusion remains a top priority. We are accelerating efforts to ensure women are equitably represented at senior levels of our company.”

Additionally, shareholders advised maximizing utilization of local raw materials and production inputs to boost domestic value addition. FMN’s management highlighted that supporting local content remains a key priority. Mr. Olusanya reiterated that, “boosting domestic value chains through local sourcing is a key element of our growth strategy. We remain committed to supporting local farmers, suppliers and partners.”

During the meeting, shareholders unanimously re-elected five of the Company directors who were to retire by rotation – Mr. Muhammad K. Ahmad, Mr. Paul M. Gbedebo, Alh. Yunus O. Saliu, Mr. Folarin R.A. Williams, and Mrs. Juliet Anammah.

FMN’s leadership expressed appreciation to the shareholders for their continued trust and counsel. The Board reiterated their commitment to upholding the highest standards of corporate governance while delivering shared prosperity for shareholders, consumers, and local communities.

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