Honeywell Flour Mills Plc (HFMP), a front-runner in Nigeria’s flour milling industry, recently celebrated a significant milestone with its 14th Annual General Meeting (AGM), drawing shareholders and regulatory body representatives together in Lagos.
The AGM was marked by a presentation of the company’s financial statements for the year ending March 31, 2023. Despite challenging economic conditions, HFMP’s strategic business decisions were underscored as key drivers of business sustainability.
Boye Olusanya, chairman of HFMP’s Board of Directors, addressed the gathering with an assurance of the company’s unwavering commitment to its shareholders and customers. “The Board is acutely aware of the responsibility we carry. Our focus is on strategies that not only navigate current economic challenges but also pave the way for long-term success,” he stated.
“We stand firm in our dedication to transparency, innovation, and delivering significant value to our shareholders.”
Shareholders at the meeting expressed their appreciation for the company’s trajectory, highlighting the success of Honeywell’s Semolina product.
“We are witnessing remarkable growth and urge the continued reassessment of strategies to maintain this momentum,” commented a shareholder.
The need for a strategic business move was also discussed, with shareholders pointing out the potential benefits of a merger with Flour Mills of Nigeria Plc (FMN). This idea was met with nods of agreement from the floor, as attendees recognized the importance of adaptive strategies in today’s dynamic business environment.
“We are not just observing growth; we are part of it. The success of products like our semolina is a testament to our commitment, and we hope it soon translates into substantial dividends for our shareholders,” Olusanya added, acknowledging the expectations of the shareholders.
The meeting concluded, with the re-election of three key members of the board of directors: Olanrewaju Jaiyeola, Anders Kristiansson, and Sadiq Usman. Their reinstatement was seen as a vote of confidence in their leadership and the direction of the company.
