Flour Mills Shareholders Approve N9.23bn Dividend Payout

The shareholders of Flour Mills of Nigeria (FMN) approved the management’s N9.23 billion total dividend payment, at N2.25 per ordinary share, for the financial year ended March 31, 2023.

The shareholders gave their approval at the 63rd Annual General Meeting (AGM) held in Lagos. This is as the shareholders lauded the company’s commitment to sustainable value creation.

Speaking, vice chairman, FMN Board of Directors, and the acting chairman for the meeting, Mr. Paul Gbededo emphasised the company’s commitment to balancing shareholder returns with sustainable long-term growth.

Gbededo noted that “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.”

Also, the group’s GMD/CEO of Flour Mills, Mr. Boye Olusanya 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.”

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.”

FMN reiterated its commitment to upholding the highest standards of corporate governance while delivering shared prosperity for shareholders, consumers, and local communities.

Shareholders overwhelmingly voiced their approval of FMN’s strong financial performance, praising the dividend payout of N9.23 billion at N2.25 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, emphasising the need for continued investments in CSR to uplift living standards.

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.

They advised “maximising utilisation of local raw materials and production inputs to boost domestic value addition. FMN’s management highlighted that supporting local content remains a key priority.”

Flour Mills of Nigeria was incorporated in September 1960 and quoted on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, owners of the iconic Golden Penny Food brand is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products and robust pan-Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group.