Flour Mills Increases Shareholding in Rom Oil to 95%

July 17, 2017
Flour Mills of Nigeria

Flour Mills Increases Shareholding in Rom Oil to 95%

By Modupe Gbadeyanka

The management of Flour Mills Nigeria (FMN) Plc has announced raising its stake in Rom Oil Mills Ltd from 90 percent to 95 percent.

This information was made known on Monday in a statement signed by the Group Managing Director of FMN Plc, Mr Paul Miyonmide Gbadebo.

Rom Mills Ltd, located in Ibadan, Oyo State, is a subsidiary of Flour Mills Nigeria.

Mr Gbadebo explained that the decision to increase the shareholdings in Rom Oil Mills was informed by Flour Mills’ strategy of continually investing in the development of quality foods and agro-allied products for its consumers.

With this development, the Shahimi family collectively own 5 percent minority shares in the equity of Rom Oil Ltd.

Mr Gbadebo stated further that FMN was fully confident that its new investment will help to strengthen the company in its drive for economic growth and industrial development of Nigeria.

He explained that the investment was a key feature in FMN’s strategic drive to grow its food and agro-allied value chains in consonance with and will boost Nigeria’s Industrial Revolution Plan (NIRP) and government’s agricultural transformation agenda.

“FMN strongly believes that the operation of Rom Oil will continue to significantly help to maximise local content, achieve foreign exchange savings and will have a big impact on feeding the nation better,” he said in the statement.

Flour Mills of Nigeria is one of the market leaders in food and agro-allied products in the country.

In November 2014, FMN announced the commissioning of the most modern fully automated edible oil refinery and margarine plant built in Sub Sahara Africa by ROM Oil Mills Limited.

The ‘world class’ Ultra-Modern Plant being part of FMN Group’s expansion plans for ROM Oil has the following installed capacities: a 500 TPD universal Refinery Plant, a 500 TPD Soya Beans Seeds Extraction Plant, a 100 TPD fractionation Plant, a 50 TPD Margarine with Packaging Plant (in various pack sizes), and a 100 TPD Vegetable Oil Bottling Plant (in various pack sizes).

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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