Agriculture

Nigeria: Flour Mills increases stake in ROM Oil Mills Ltd by 5%

Tuesday, 18 July 2017 14:20

(Ecofin Agency) - Flour Mills of Nigeria Plc. (FMN), says it has increased its stakes in ROM Oil Mills (ROM), from 90% to 95 per cent. In a statement to the Nigerian Stock Exchange (NSE) on Monday, the company said that with the development, the Shahimi family (ROM Oil’s founding family) jointly own five per cent minority stake in ROM.

According to the Group Managing Director of FMN, Paul Gbededo (photo), the move is in line with efforts to continually invest in the development of quality foods and agro-allied products. “FMN is fully confident that its new investment will help to strengthen the company in its drive for economic growth and industrial development of Nigeria.”

It should be recalled that in 2012, Flour Mills acquired 90% of ROM Oil in a bid to enter the edible oils market in Nigeria. In 2014, Flour Mills commissioned ROM’s upgraded oil refining and margarine plant in Ibadan. The plant is presumed to be the largest in Sub-Saharan Africa.

FMN strongly believes that the operation of ROM Oil will continue to significantly help to maximize local content, achieve foreign exchange savings and will have a big impact on feeding the nation better,” Gbededo said.

Established in 1960, Flour Mills Nigeria Plc., is one of the largest and most successful industrial conglomerates in Nigeria. The company is engaged in flour milling, pasta production, fertilizer distribution, and polypropylene bag manufacturing.

Anita Fatunji

 
Finance


 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.