Flour Mills of Nigeria Plc (FMN), a leading Nigerian food and agro-allied company, has garnered unanimous approval from its shareholders for a dividend payout of N9.23 billion, translating to N2.25k per ordinary share. This significant decision, reached during the company’s 63rd annual general meeting (AGM) in Lagos, signals the satisfaction of shareholders with FMN’s robust financial performance.
The recent AGM, held in Lagos, served as a comprehensive forum for FMN shareholders, board members, and stakeholders to assess the company’s performance, engage in discussions about strategic plans, and celebrate notable achievements. Paul Miyonmide Gbededo, Vice Chairman of the FMN Board of Directors and acting Chairman for the meeting, underscored the company’s commitment to striking a balance between delivering returns to shareholders and ensuring sustainable long-term growth in his address.
Commendations for FMN’s Corporate Social Responsibility (CSR) initiatives were voiced during the meeting, with shareholders specifically acknowledging the company’s impactful contributions to community development across Nigeria. In response, Gbededo reiterated FMN’s dedication to providing sustainable long-term value for shareholders while emphasizing a strong commitment to corporate social responsibility.
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Diversity and inclusion emerged as crucial themes during the AGM, with shareholders highlighting the importance of gender balance at all levels of the company. They urged FMN to expedite efforts to ensure equitable female representation on the board and executive team. In response, Boye Olusanya, the Group’s GMD/CEO, affirmed that “enhancing diversity and inclusion remains a top priority” and conveyed the company’s accelerated efforts to achieve equitable gender representation in leadership positions.
Additionally, shareholders advised FMN to optimize the utilization of local raw materials and production inputs to enhance domestic value addition. FMN’s management assured shareholders that supporting local content remains a key priority, with Mr. Olusanya stating, “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.”
In a unanimous decision, shareholders re-elected five retiring company directors, namely Muhammad K. Ahmad, Paul M. Gbedebo, Yunus O. Saliu, Folarin R.A. Williams, and Juliet Anammah. This reappointment reflects the unwavering confidence of shareholders in the continued leadership and direction of the company.
