Flour Mills of Nigeria
Corporate brand
UnclaimedA Nigerian food and agribusiness group built around flour milling and an integrated food-supply chain.
Last updated August 31, 2026
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Overview
Flour Mills of Nigeria, commonly known as FMN or FMN Group, is a Nigerian diversified food and agribusiness company whose origins lie in the development of the country's industrial wheat-milling capacity. Founded in 1960 by George S. Coumantaros, the company began operating in 1962 with what is described as Nigeria's first wheat-milling plant. The original facility was established at Apapa, Lagos, a strategically important port and industrial location, and was designed to receive, store, and process imported wheat. Its initial annual capacity was approximately 120,000 tonnes, and its operations helped create the industrial base for packaged flour and other wheat-based foods in Nigeria. FMN subsequently expanded beyond flour. In 1964 it entered polypropylene manufacturing through Nigerian Bag Manufacturing Company Limited, supporting the production and packaging requirements of its own industrial businesses and other customers. It also processed wheat offals for export. During the 1970s, milling capacity increased substantially, reaching about 300,000 tonnes annually by 1971. The group broadened its Nigerian presence through investments in Northern Nigeria Flours Mills in Kano and Niger Mills in Calabar. In 1978 it became a public company and was listed on the Nigerian Stock Exchange, now known as the Nigerian Exchange. Over time, FMN developed a vertically integrated model covering food production, agricultural inputs, packaging, shipping, port operations, transport, and related industrial activities. Its food portfolio has included flour, pasta, noodles, edible oils, sugar, and other consumer products. Golden Penny is the group's best-known consumer brand, with Golden Penny Flour serving as its flagship offering. The wider group has also operated in fertilizer marketing, animal feeds, cement-related activities, polypropylene packaging, logistics, maritime services, bulk-terminal operations, and real estate. This breadth reflects a strategy of linking imported and locally sourced agricultural commodities with processing, distribution, and consumer brands. The group's logistics and port activities are closely connected to its original operating model. Golden Shipping Company was established in 1999, while Apapa Bulk Terminal began port-management activities in 2004 and operates terminals at Apapa Port. Golden Transport was introduced in 2008, and Premier Feeds was established in 2010. FMN also participated in cement-related ventures, including a partnership associated with UNICEM, and operated a bulk cement-bagging activity before changes in Nigerian industrial policy led to a different partnership structure. A major recent expansion was FMN's acquisition in 2021 of a 71.6 percent interest in Honeywell Group's Honeywell Flour Mills Plc. The transaction strengthened FMN's position in Nigerian flour milling and food manufacturing. In January 2025, FMN was delisted from the Nigerian Exchange after its majority shareholder, Excelsior Shipping Company Limited, acquired the shares held by minority shareholders. The company therefore remains an operating Nigerian agribusiness group, but its former public-market identity and FMN ticker no longer represent an actively listed equity. The group is chaired by John Coumantaros, son of the founder and a former chief executive, while Omoboyede Olusanya is identified as chief executive officer. FMN's stated business logic centers on food security, domestic processing, agricultural linkages, and the development of an integrated supply chain serving Nigeria and neighboring West African markets.
History
Flour Mills of Nigeria was founded in 1960 by George S. Coumantaros and began operations in 1962. Its first facility, located in Apapa, Lagos, was Nigeria's first wheat-milling plant and was financed with Greek and American capital associated with Southern Star Shipping. The plant initially had annual production capacity of about 120,000 tonnes. Its location beside Lagos's port infrastructure enabled the reception, bulk unloading, storage, and processing of imported wheat, including North American wheat blends. The company began diversifying soon after its establishment. In 1964 it created Nigerian Bag Manufacturing Company Limited, a polypropylene manufacturing business that supplied packaging materials and also broadened FMN's industrial base. The original complex processed wheat offals for export. By 1971, annual wheat-milling capacity had risen to approximately 300,000 tonnes. During the 1970s, FMN expanded its ownership interests in other Nigerian milling businesses, including Northern Nigeria Flours Mills in Kano and Niger Mills in Calabar. It became a public company and listed on the Nigerian Stock Exchange in 1978. From a single-commodity milling operation, FMN developed into a diversified group with activities spanning food, sugar, agro-allied businesses, port operations, logistics, packaging, and real estate. Its expansion included a second polypropylene manufacturing operation in northern Nigeria, Northern Bag Manufacturing Company, in 1990. Golden Shipping Company was established in 1999. In 1997, the group entered fertilizer marketing, adding an agricultural-input dimension to its food-processing activities. It later developed cement-related activities, participated in a partnership associated with UNICEM in 2002, began port management through Apapa Bulk Terminal in 2004, established Golden Transport in 2008, and added Premier Feeds in 2010. Apapa Bulk Terminal operates facilities at Apapa Port and supports the group's long-standing relationship with maritime importation and bulk commodity handling. FMN also operated a bulk cement-bagging business under the Burham Cement name. That activity was discontinued after regulatory changes promoting local cement manufacturing, after which the company entered a partnership with Orascom connected to a cement facility at Mfanmosing in Cross River State. In 2015, FMN established Excelsior Shipping as a holding company for some of its subsidiaries. The group has maintained a consumer-facing food business alongside its industrial and agricultural operations. Golden Penny became its principal consumer brand, particularly through flour, while FMN's broader portfolio expanded into pasta, noodles, edible oils, sugar, and other food categories. This structure gave the company a vertically integrated position linking commodity sourcing, milling, manufacturing, packaging, transport, storage, and distribution. In 2021, FMN acquired a 71.6 percent interest in Honeywell Flour Mills Plc, a transaction that consolidated its position in Nigeria's flour and food-manufacturing sector. John Coumantaros, the founder's son and a former chief executive, has served as chairman since 2014. Omoboyede Olusanya is identified as chief executive officer. In January 2025, Excelsior Shipping Company Limited acquired all shares held by minority shareholders, leading to FMN's delisting from the Nigerian Exchange. The group consequently moved from a publicly traded structure to a privately controlled one while continuing its operating activities in Nigerian food and agribusiness.
- 2025
Delisting from the Nigerian Exchange
[1]FMN was delisted after Excelsior Shipping acquired the shares held by minority shareholders.
- 2021
Honeywell Flour Mills acquisition
[1]FMN acquired a 71.6 percent interest in Honeywell Flour Mills Plc.
- 2015
Excelsior Shipping established as a holding company
[1]Excelsior Shipping was established to manage the affairs of certain FMN subsidiaries.
- 2014
John Coumantaros becomes chairman
[1]John Coumantaros, the founder's son and former chief executive, became chairman.
- 2010
Premier Feeds added
[1]FMN added Premier Feeds to its portfolio of agro-allied businesses.
- 2008
Golden Transport established
[1]The group expanded its logistics capabilities through Golden Transport.
- 2004
Apapa port-management business begins
[1]Apapa Bulk Terminal began operating in port management, including facilities at Apapa Port.
- 2002
Cement partnership
[1]FMN introduced cement-related activities through a partnership associated with UNICEM.
- 1999
Golden Shipping established
[1]Golden Shipping Company was established to support the group's maritime and logistics interests.
- 1997
Fertilizer marketing added
[1]FMN expanded into fertilizer marketing as part of its agro-allied diversification.
Products and positioning
An integrated Nigerian food, agriculture, manufacturing, and logistics group focused on food processing, domestic supply-chain development, and food security.
Flour
Golden Penny Flour
Golden Penny Flour is FMN's flagship consumer offering and the product most closely associated with the company's original milling identity. It serves household and commercial baking needs and anchors the group's wider portfolio of wheat-based foods.
Packaged food
Golden Penny pasta and noodles
FMN's Golden Penny food portfolio extends beyond flour into pasta and noodles. These products represent the group's downstream strategy of converting milled agricultural commodities into branded, packaged consumer foods.
Cooking oils
Edible oils
Edible oils form part of FMN's broader food-manufacturing portfolio. The category complements the group's flour, pasta, sugar, and other packaged-food activities.
Food ingredient and consumer food
Sugar
Sugar is included among FMN's food-sector activities and supports the company's position across both consumer products and food-ingredient supply.
Agricultural inputs · 1997
Fertilizer
FMN entered fertilizer marketing in 1997, extending its activities upstream into agricultural inputs and reinforcing its agribusiness orientation.
Packaging materials · 1964
Polypropylene packaging
Polypropylene packaging has been part of FMN's industrial portfolio since the establishment of Nigerian Bag Manufacturing Company in 1964, with a further northern Nigerian operation added later.
Animal nutrition · 2010
Animal feeds
Through Premier Feeds, established in 2010, FMN added animal-feed production and marketing to its agro-allied operations.
Brand decisions
2025
Proceed with a minority-shareholder buyout and delistingM&ABackground
Excelsior Shipping Company Limited, FMN's majority shareholder, moved to acquire the shares held by minority shareholders.
Action taken
Excelsior Shipping acquired all minority-held shares, resulting in FMN's delisting from the Nigerian Exchange in January 2025.
Aftermath
FMN continued as an operating group but ceased to be a publicly traded company on the Nigerian Exchange.
2021
Acquire a majority stake in Honeywell Flour MillsM&ABackground
FMN sought to strengthen its position in Nigerian flour milling and food manufacturing through the acquisition of Honeywell Group's flour-milling subsidiary.
Action taken
FMN acquired a 71.6 percent interest in Honeywell Flour Mills Plc.
Aftermath
The transaction expanded FMN's scale and consolidated its role in Nigeria's flour and packaged-food sectors.
Recent events
Reported
Flour Mills of Nigeria agrees to acquire Honeywell Flour Mills stake[3]
Flour Mills of Nigeria and Honeywell Group announced an agreement under which Honeywell Group would sell its 71.69% stake in Honeywell Flour Mills to Flour Mills of Nigeria. The transaction was proposed at an enterprise value of NGN80 billion.
- Unconfirmed
Reported
Flour Mills acquires additional land for Sunti Golden Sugar Estates[4]
Flour Mills of Nigeria announced the acquisition of an additional 5,200 hectares at Sunti Golden Sugar Estates, expanding the estate's land area as part of its sugar-industry expansion plans.
- Unconfirmed
Flour Mills of Nigeria announces GMD/CEO succession[5]
Flour Mills of Nigeria announced that Paul Gbededo would retire as Group Managing Director/Chief Executive Officer effective December 31, 2020, and Boye Olusanya would take over effective January 1, 2021.
Reported
Flour Mills of Nigeria appoints Olusanya to its board[6]
Flour Mills of Nigeria appointed Omoboyede Oyebolanle Olusanya to its board of directors, effective July 29, 2020. Olusanya had recently joined the company as Group Chief Operating Officer.
Sources8 sources
- 1Flour Mills of Nigeriaen.wikipedia.org
- 2Flour Mills of Nigeria official websitefmnplc.com
- 3Flour Mills of Nigeria agrees to acquire Honeywell Flour Mills stakenairametrics.com
- 4Flour Mills为Sunti Golden Sugar Estates收购额外土地nairametrics.com
- 5尼日利亚面粉厂宣布集团董事总经理兼首席执行官交接thisdaylive.com
- 6Flour Mills of Nigeria任命Olusanya为董事nairametrics.com
- 7Flour Mills Appoints Boye Olusanya New CEOthisdaylive.com
- 8Flour Mills appoints Juliet Anammah to the Board of Directorsnairametrics.com
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