Flour Mills to invest N100bn in Nigeria in five years

on   /   in Finance 12:06 am   /   Comments

By MICHAEL EBOH

Flour Mills Nigeria Plc said it will invest N100 billion in Nigeria within the next five years. The company, in a statement announcing its new organisational structure and investments, said N30 billion would be invested in the agro-allied segment within the next five years to boost its manufacturing capacity and operations.

The company stated that it has reviewed its organisational structure and made a series of investments aimed at bolstering its strong market position in the Food and Agro-Allied sectors.

Mr. George Coumantaros, Chairman, Flour Mills Group, said the company is committed to delivering on its promise to provide its customers and consumers across all of Nigeria and throughout West Africa with the highest quality food products at affordable prices.

“To this end, we have invested N70 billion over the past 10 years in food manufacturing assets and have plans to invest another N100 billion in the next five years.”

Also speaking, Mr. Emmanuel Ukpabi, Group Managing Director, Flour Mills, said as part of the company’s ongoing strategic review, it now focuses on establishing profitable ventures that are crucial for the Nigerian economy and society.

He added that the company has appointed a new Managing Director for its Food Division, Mr. Ed Jackson, who will oversee the food manufacturing division and be responsible for flour and rice milling, sugar refining, pasta products and other processed foods; all wholesale and retail sales, distribution and logistics operations including the operations of Nigerian Bag Manufacturing Company Plc, BAGCO, operations.

According to him, Ed brings to the job, 30 years experience in developing and implementing strategies in the food industry.

He further stated that the company has deployed some of its most talented executives to drive its various investments, due to its realization that building its upstream value chains that link Nigerian farmers with industrial process is becoming more important to Nigeria’s future prosperity.

He disclosed that the  company has appointed Mr. Paul Gbededo, as the new Managing Director of Flour Mills’ Agro-Allied business, adding that he will be responsible for handling all fertilizer, animal feeds, oil crushing, poultry and farming activities, including backward integration schemes at Kaboji, Sunti and other locations, as well as the processing of cassava into flour, sweeteners and starches.

According to Ukpabi, Paul’s extensive agro-allied experience and track record in creating value in this important sector makes him the ideal person to drive our efforts in support of the Government’s Agricultural Transformation Agenda.”

He said, “we have spent N10 billion over the past 10 years in agro-allied investments and have plans to invest another N30 billion over the next five years.

“With 40 per cent of the Nigerian GDP in agriculture and 70 per cent of all Nigerian employment in this sector, it is our top priority to drive. The future of Nigeria depends on those companies willing and able to invest in this sector and Flour Mills will lead the way.”

The company said Mr. Ed Jackson, the new Managing Director, Food Division and Mr. Paul Gbededo, the new Managing Director, Agro-Allied Division, will be reporting to Ukpabi, Group Managing Director of Flour Mills of Nigeria.

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