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Olusanya:  HFMP Shareholders to Get Superior Returns Amid FMN Acquisition

<strong>Olusanya:  HFMP Shareholders to Get Superior Returns Amid FMN Acquisition</strong>

Kayode Tokede

The newly appointed Chairman, Honeywell Flour Mills Plc (HFMP), Mr. Omoboyede Olusanya has expressed that shareholders of the company to get superior returns on investment amid Flour Mills of Nigeria Plc (FMN) recent acquisition. 

HFMP, one of Nigeria’s leading flour milling companies and a subsidiary of FMN in 2022 financial year reported N136.4 billion revenue, representing an increase of 24per cent compared to N109.6 billion achieved in 2021 financial year.

Speaking at the company’s Annual General Meeting (AGM) in Lagos, Olusanya, who was at the meeting with shareholders, Board of Directors, and other stakeholders stated that the company had adhered to all statutory requirements on the acquisition of HFMP by FMN as a listed company.

He said measures are being put in place to ensure that shareholders get superior returns on their investments, as well as improve efficiency and ensure sustainable growth.

In his address to the shareholders in attendance, Olusanya said, “We are convinced that in the long run, the economies of scale would pay off, and integrating FMN with HFMP would be a success and yield significant benefits for all.

“We are taking this first year as a year of integration and management of the transition. It is also the year for us to put the synergies we want to achieve in place.”

He further highlighted the company’s financial performance for the year in review and addressed various socio-economic challenges that the company had to weather in the cause of driving the affairs of the business.

He thanked shareholders for their continued support whilst reiterating the company’s commitment to delivering value to its stakeholders.

In his closing remarks, Olusanya expressed his gratitude to the shareholders for their unwavering support and confidence in the company.

He assured them that the company would continue to uphold its values of integrity, transparency, and excellence in all its operations as HFMP remained committed to delivering value to its Shareholders and Stakeholders in the years ahead.

Speaking on the  company’s operations and plans, the Managing Director, HFMP, Mr. Nassib Raffoul  highlighted the company’s efforts to enhance its production capacity, improve operational efficiency, and explore new markets for its products.

The AGM saw the ratification of the appointment of seven directors, namely: Mr. Omoboyede Olusanya as Chairman, Mrs. Kate Osamede Iketubosin as Independent Non-Executive Director and Mr. Nassib Raffoul as Managing Director. The other Non-Executive Directors are Mr. Anders Kristiansson, Mr. Vlasios Liakouris, Mr. Joseph Umolu, and Mr. Sadiq Usman.

The meeting ended with the review of the financial statements and the election of shareholders’ representatives as members of the Statutory Audit Committee.

Three representatives elected by the Shareholders were:  Mr. John Afolabi Ogundipe, Mr. Adebayo Adetunji Adeleke, and Mr. Ajani Musa Adekola.

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