Lagos-based Greek multimillionaire businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc (Flour Mills), has seen his wealth balloon by more than $17 million over the past nine days.
The upswing, fueled by renewed investor interest in Flour Mills, reverses earlier losses and solidifies Coumantaros’s position among the richest investors on the Nigerian Exchange (NGX).
According to data tracked by Billionaires.Africa, Coumantaros’ stake in Flour Mills increased by N24.23 billion ($17.1 million) between April 30 and May 9.
This follows a $6.9-million setback he experienced in April when the market value of his holding dipped from N87.74 billion ($70.74 million) to N79.18 billion ($63.83 million).
Legacy of growth under the Nigeria-based Coumantaros family
Founded in 1960 by the late George Coumantaros and now led by his son John Coumantaros, Flour Mills has become a major player in Nigeria’s food and agro-allied industries. The company has seen significant growth over the years, solidifying its position within the sector.
Flour Mills’ shares on the NGX have surged 27.87 percent over the past nine days, climbing from N30.50 ($0.0215) on April 30 to N39.00 ($0.0275) at the time of drafting this report.
This surge has pushed the conglomerate’s market capitalization above $110 million, delivering substantial returns to shareholders.
Who’s getting richer? John Coumantaros sees stake jump $17.1 million!
As chairman, John Coumantaros holds a significant 63.34-percent ownership stake in Flour Mills. This stake has grown by N24.23 billion ($17.10 million) over the past nine days, rising from N86.93 billion ($61.36 million) to N111.16 billion ($78.46 million).Â
The recent surge in Flour Mills’ share price and the corresponding increase in Coumantaros’ stake solidify his position as a key NGX investor, reaffirming his stature in Nigeria’s business landscape.
