The Flour Mills Group intends to streamline its 22 business units into five separate entities.
Checks by Industrial Times ,shows that among the subsidiaries are Apapa Bulk Terminal, Northern Nigeria Flour Mills, Agri Palm, Agriculture Allied Syrup; BAGCO, Eagle Flour; Golden Fertilizer, Golden Agri Inputs , HoneyWell, Agro Allied Farms Sunti, etc.
The company’s Chairman, John Coumantaros, said that the reorganisation of the business units is to make it easier to attract technical and financial partners to accelerate the growth of its sugar and food businesses.
On the other hand, profits took a hit in 2023/2024 due to soaring raw material costs, which amounted to N1.8 trillion.
Coumantaros also expressed the company’s plans to invest $500 million into expanding its sugar production operations in Niger State, with the goal of quadrupling output from 100,000 tons to over 400,000 tons annually.
He said that of the 500 million dollars, the company will allocate $100 million towards the development of a cassava-processing plant, a strategic move aimed at reducing Nigeria’s dependence on imported cassava starch and boosting local agricultural supply chains.
Coumantaros stressed that the company’s ambitious vision is to expand both domestically and across Africa over the next four years, marking a significant milestone in its evolution from a national leader to a pan-African food powerhouse.
“With the AfCFTA in place, we strongly believe our focus should expand across the continent, not just within Nigeria,”he said.