• Saturday, June 22, 2024
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Flour Mills approves N9.23 billion dividend

Dividend payments to shareholders hit N1.1trn in 2022

Shareholders of the Flour Mills of Nigeria Plc (FMN), a Nigerian food and agro-allied company approved a dividend payout of N9.23 billion at N2.25k per ordinary share. This was during the firm’s 63 annual general meeting (AGM), underscoring their satisfaction with FMN’s financial performance.

The AGM, held recently in Lagos, served as a platform for FMN shareholders, board members, and stakeholders to assess the company’s performance, discuss strategic plans, and celebrate key achievements.

In his address at the event, Paul Miyonmide Gbededo, Vice Chairman of the FMN Board of Directors and acting Chairman for the meeting, set the tone by highlighting the company’s commitment to balancing shareholder returns with sustainable long-term growth.

The meeting also witnessed shareholders lauding FMN’s Corporate Social Responsibility (CSR) initiatives, specifically acknowledging the company’s contributions to community development across Nigeria.

Responding, Gbededo reaffirmed FMN’s dedication to delivering sustainable long-term value for shareholders while maintaining a strong focus on corporate social responsibility. He said, “Our shareholders are our most valuable stakeholders. We highly appreciate their feedback and counsel, which helps sharpen our focus on creating enduring shareholder wealth.”

Also, diversity and inclusion emerged as pivotal themes during the AGM, with shareholders emphasizing the need for gender balance at all levels of the company. They urged FMN to expedite efforts to ensure equitable female representation on the board and executive team.

Read also: Flour Mills, Geregu, others cause stock market’s first gain this week

In response, Boye Olusanya, the Group’s GMD/CEO, affirmed that “enhancing diversity and inclusion remains a top priority,” and the company is accelerating efforts to achieve equitable gender representation in leadership positions.

Furthermore, shareholders advised FMN to maximize the utilization of local raw materials and production inputs to boost domestic value addition. FMN’s management reassured shareholders that supporting local content remains a key priority, with Mr. Olusanya stating, “Boosting domestic value chains through local sourcing is a key element of our growth strategy. We remain committed to supporting local farmers, suppliers, and partners.”

In a unanimous decision, shareholders re-elected five retiring Company directors, namely Muhammad K. Ahmad, Paul M. Gbedebo, Yunus O. Saliu, Folarin R.A. Williams, and Juliet Anammah.