- Flour Mills Increases Majority Stake in Rom Oil Mills
Flour Mills of Nigeria Plc has increased its majority equity stake in Rom Oil Mills Limited from 90 per cent to 95 per cent. With the increase, the Shahimi family now collectively owns five per cent minority stake in the Ibadan, Oyo State-based oil mill.
Group Managing Director, Flour Mills of Nigeria Plc, Mr Paul Gbededo, said the decision to increase the shareholdings in Rom Oil Mills was part of Flour Mills’ strategy of continually investing in the development of quality foods and agro-allied products for its consumers.
He said the group was fully confident that its new investment will help to strengthen the company in its drive for economic growth and industrial development of Nigeria.
He pointed out that the investment was a key feature in Flour Mill’s strategic drive to grow its food and agro-allied value chains in consonance with Nigeria’s industrial Revolution Plan (NIRP) and government’s Agricultural Transformation Agenda (ATA).
“FMN strongly believes that the operation of ROM Oil will continue to significantly help to maximise local content, achieve foreign exchange savings and will have a big impact on feeding the nation better,” Gbededo stated.
Flour Mills had in November 2014 announced the commissioning of the most modern fully automated edible oil refinery and margarine plant built in Sub Sahara Africa by ROM Oil Mills.