Economy
Flour Mills Posts N298b Revenue in H1, Donates N750m for Apapa Road
By Modupe Gbadeyanka
Market leader in food and agro-allied products in Nigeria, Flour Mills Group, has continued to record significant growths, posting N298.44 billion for the six months ended September 30, 2017, an increase of 17 percent when compared with N255.30 billion of the same period last year.
In the unaudited 2017 half year results, the company recorded profit before tax of N13.48 billion as against N8.80 billion for the same period in 2016, while the profit after tax was N9.36 billion, compared to N6.46 billion for the same period in 2016.
Commenting on the result, the Group Managing Director, Mr Paul Gbededo, stated that, “Our half year results show continued growth through most segments of our businesses, especially in the food business, delivering strong top and bottom line financials in line with our objectives.
“The Group recorded growth from volume and product mix. This growth was despite what continued to be a challenging business environment.
“Overall, the business shows an impressive performance in the first half of the year. We are positive that we are on track to meet our growth targets for the remaining part of 2017/18 financial year.”
It was discovered that the food business value chain was responsible for an increase of N40 billion of the Group’s turnover.
The Chief Finance Officer (CFO) of the firm, Mr Jacques Vauthier, in his comment, said that the management of the company was confident that this sector will record even stronger performance as the year progresses.
He stated further, “To this end, we are enhancing our marketing activities to push the brand’s presence into newer outlets while strengthening present market share.”
On the part of the firm’s Head of Corporate Business Development, Mr Sadiq Usman, in the agro-allied division, the Group’s focus will remain on developing competences and improving execution capacity to backwardly integrate its core value chains; Sugar sweeteners, edible oils, feeds & proteins and cassava starches.
He further said, “The Group will leverage its significant resources and continue to build the capacity of local farmers and farming groups, who are an integral part of our strategy to develop sustainable, locally-focused supply chains.”
As part of a strategic measure to consolidate operations, create value for shareholders and enhance administrative and operating efficiencies, the company in Q2 2017, announced the completion of a merger and absorption of Golden Penny Rice Ltd, a wholly owned subsidiary, into Flour Mills of Nigeria Plc.
It is expected that the restructuring will meaningfully improve the synergies of the Group, reduce costs and improve the competitiveness of the company’s products, with the aim of advancing the profitability of the Group.
The company is in the process of issuing the first tranche of the Shelf Registered Rights Issue fund raising program. The program which was registered in 2016 is to raise up to N40 billion in equity funds.
In addition, the CFO informed that the company has started the registration of a N70 billion Medium Term Notes program to refinance debts and lower the cost of borrowing.
According to the firm, as part of effort to combat the traffic challenges posed by the difficult road conditions in Apapa that have negatively impacted business logistics and, correspondingly, its performance, and to generally aid the ease of doing business in Apapa, it is partnering with other stakeholders with a contribution of about N750 million to rehabilitate Apapa Wharf Road and manage the traffic congestion in Apapa.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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