Flour Mills of Nigeria Plc. (FMN) Group, one of the market leaders in food and agro-allied products in Nigeria, has announced an increase in the shareholding of one of its subsidiaries – Rom Oil Mills Limited (ROM), Ibadan, from 90 per cent to 95 per cent.
With this development, the company remains the largest shareholder of Rom Oil Mills, while the Shahimi family collectively owns five per cent minority shares in the equity of ROM.
According to a statement from FMN, the decision to increase the shareholdings in Rom Oil Mills was informed by Flour Millsâ€™ strategy of continually investing in the development of quality foods and agro-allied products for its consumers.
The Flour Mills Group had in November, 2014, announced the inauguration of an ultra-modern edible oil refinery and margarine plant by ROM Oil Mills Limited (ROM Oil) as part of FMN Groupâ€™s expansion plans for ROM Oil.
The refinery had the following installed capacities: A 500 TPD universal Refinery Plant; a 500 TPD Soya Beans Seeds Extraction Plant; 100 TPD fractionation Plant; 50 TPD Margarine with Packaging Plant (in various pack sizes); and 100 TPD Vegetable Oil Bottling Plant (in various pack sizes).
Announcing the increment in shareholding, FMNâ€™s Group Managing Director/Chief Executive, Mr. Paul M. Gbededo, stated that FMN was fully confident that its new investment would help to strengthen the company in its drive for economic growth and industrial development of Nigeria.
He further stated that the investment was a key feature in FMNâ€™s strategic drive to grow its food and agro-allied value chains, in consonance with its developmental thrust and will help boost Nigeriaâ€™s Industrial Revolution Plan (NIRP) and Governmentâ€™s Agricultural Transformation Agenda (ATA).
“FMN strongly believes that the operation of ROM Oil will continue to significantly help to maximize local content, achieve foreign exchange savings and have a big impact on feeding the nation better,” he added.