Flour Mills of Nigeria PLC (FMN) has announced a share acquisition plan to transition the firm’s structure to align with its long-term growth strategy.
Disclosing this in a statement, the company said that as one of Nigeria’s oldest and most significant players in the food and agro-allied sectors, it is making bold moves to secure its future as a regional and industrial powerhouse.
“In what FMN leadership is describing as a critical step toward becoming a Pan-African food leader, the company is betting big on its ability to unlock value, grow its presence across Africa, and continue contributing to Nigeria’s economic prosperity. And Inspire diversified Business growth and returns.
“FMN has been a staple of Nigeria’s economy for 64 years, growing from a single flour milling company into a diverse Group spanning food production, agriculture, logistics, and more. However, while effective in past decades, the conglomerate structure is now seen as limiting the company’s ability to fully capitalize on the opportunities presented by Africa’s growing markets,” the company stated.
According to a senior executive at the company, “FMN is restructuring to unlock substantial value and enhance its competitiveness across Africa. The restructuring will allow FMN to streamline its operations, focus on its core strengths, and pursue growth opportunities across the continent more nimbly. The share acquisition plan, which involves purchasing minority shares, is central to this new strategy.
“The timing of this restructuring is not coincidental. Nigeria, Africa’s largest economy, is undergoing significant reforms under its current administration. These reforms, aimed at diversifying the economy, create opportunities for companies like FMN to play a more prominent role in the nation’s food security and economic development.”
The chairman of the FMN Board, Mr. John G. Coumantaros, said, “We are committed to Nigeria’s growth, a mandate we have fostered for over six decades. Also, in line with the Group’s Pan-African Vision, this positions us to make more meaningful contributions to Nigeria’s economic growth and progressively across the continent.”
According to the company, the restructuring positions FMN to expand its footprint across Nigeria and capitalize on broader regional growth opportunities, starting with West Africa. The company adds that by leveraging its long-standing food production and supply chain management expertise, FMN aims to become a key player in addressing the region’s food security challenges.
“There have been concerns about changes in ownership control, but FMN has clearly emphasized that this restructuring is driven by its long-term growth strategy, which is firmly anchored in its Nigerian roots. The initiative is focused on enhancing operational efficiency, unlocking value, and expanding its influence across Africa. FMN has reassured stakeholders that the move will reinforce, not alter, its commitment to contributing to Nigeria’s economy and supporting local industry. Minority shareholders, meanwhile, are being offered a significant premium on their shares, allowing them to unlock substantial value. The offer reflects the company’s commitment to transparent corporate governance and effective stakeholder relations.
“With the restructuring process well underway, FMN’s next challenge will be executing its Pan-African growth plans. The company has already laid the groundwork by investing in local supply chains, creating jobs, and partnering with local farmers to improve agricultural output. These efforts enhance Nigeria’s food security and ability to scale its African operations. As FMN embarks on this next chapter, the message is clear: this is not a story of foreign control but one of Nigerian leadership steering the company toward regional growth and global competitiveness. The restructuring is a critical step in ensuring that FMN remains a key contributor to Nigeria’s economic development while positioning itself as a leader in Africa’s food security landscape,” the statement read.
