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Olam wins 2021 Most Innovative Food Company award

Olam struggles as Nigeria, other EM currency devaluations hit bottomline

Olam Nigeria, a top agribusiness conglomerate and top food manufacturers has been adjudged the Most Innovative Food Company of the Year 2021 in Nigeria.

The agribusiness firm’s leading position in innovation was confirmed at the BusinessDay Nigerian Business Leadership Awards (BNBLA) which was held in Lagos recently.

Speaking on the emergence of the company as the topmost innovative food product manufacturer in Nigeria, Ade Adefeko, head of government &corporate relations at Olam, who represented by Bolaji Anifowose, director of sales, Crown Flour Mill Limited (CFM)said, “This award demonstrates our commitment to excellence in delivering quality, safe and affordable food products to the growing Nigerian populace.”

Bolaji Anifowose who received the award along with Adefeko added, “It is also a fine way for us to end the year considering we have devoted a larger part of the year to navigating the tough operating business environment while strengthening our operating capacity and keeping with the highest standards in the local and global food industries.

“This latest award would serve as an incentive to keep galvanizing investment actions within our business to deliver a better performance in 2022.”

The business clinched the Top Employer award in Nigeria and Africa earlier in the year.

Read also: GIZ-funded project creates 60 cassava commercial seed entrepreneurs

Due to its sustained commitment to excellence and enterprise in the food manufacturing sector, its flour milling operation, CFM, received the award of Industry Leader in Quality Systems and Fortification, for its contributions to the launch of the Micronutrient Fortification Index (MFI) this year in September.

The business was also recognized at the FMDQ Gold Awards for its impactful contributions to the money market.

According to BusinessDay Media, the organisers of the awards, the criteria for vetting were based on a balanced scorecard system that assigned weighted averages to leadership, innovation, market share, process improvement, financial performance, employee job satisfaction, social and environmental focus, and compliance with extant regulatory requirements.

The organisers applauded the company’s response to the pandemic including the launch of a N300 million ($750,000) project for community seed enterprises that would increase wheat production in Nigeria, and other innovations which they said is ‘indicative of concrete proof that it has built-in robust shock-absorbers and agile systems to deflect any catastrophe-grade disruptions to its operations.

The award citation highlighted the following as strengths of Olam Nigeria Limited – growth, resilience, operational excellence, people-first attitude, responsible corporate citizen, customer centric &family friendliness, and social consciousness.

The BusinessDay Nigerian Business Leadership Awards surveys the market to shed light on organisations, business activities, and leaders that add exceptional value to the economy through the delivery of innovative products and outstanding services in the outgoing year.