Lagos-based Greek tycoon John Coumantaros’ stake in Nigerian food group nears $75 million

Timilehin Adejumobi -

Key Points:

  • John Coumantaros’ stake in Flour Mills of Nigeria Plc rebounded to nearly $75 million, reflecting a significant wealth increase for the Lagos-based businessman.
  • Shares of Flour Mills have risen 13.16% on the Nigerian Exchange, boosting market capitalization above $115 million due to sustained investor interest.
  • Despite a 30.11% local currency gain, Flour Mills investors face a 21% year-to-date loss due to the Nigerian naira’s devaluation.

Lagos-based Greek multimillionaire businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc, has seen the market value of his stake rebound to nearly $75 million, reflecting a substantial increase in his wealth tied to the leading food and agro-allied conglomerate.

According to data tracked by Billionaires.Africa, Coumantaros’ stake in the group has increased by N12.98 billion ($8.71 million) over the past 11 days, attributed to sustained investor interest which spurred a rise in the group’s shares on the Nigerian Exchange (NGX).

This upswing follows a recent uptrend for Coumantaros, with his shares in Flour Mills increasing by $14.42 million between April 30 and May 27, from N86.93 billion ($58.66 million) to N108.31 billion ($66.97 million).

Flour Mills of Nigeria’s growth

Established in 1960 by the late George Coumantaros and now led by his son John, Flour Mills of Nigeria has become a significant player in the Nigerian food and agro-allied industries. The company has expanded considerably over the years, building on its strong legacy.

Shares of Flour Mills on the Nigerian Exchange have risen by 13.16 percent, from N38 ($0.025) on June 7 to N43 ($0.029) at the time of this report, pushing the group’s market capitalization above $115 million.

Coumantaros’ financial influence

John Coumantaros, who owns a 63.34-percent stake in Flour Mills, is ranked among the wealthiest investors on the Nigerian Exchange. His stake, which has grown by N12.98 billion ($8.71 million) since June 7—from N98.7 billion ($66.2 million) to N111.68 billion ($74.92 million)—strengthens his position as a leading business figure on the Nigerian Exchange.

Your Money and Your Life

Flour Mills has delivered impressive returns to investors year-to-date, with a 30.11 percent increase in local currency terms. However, the Nigerian naira’s devaluation against the U.S. dollar has eroded these returns, resulting in a 21 percent loss year-to-date for investors.

A $100,000 investment in Flour Mills as of January 1 would now be valued at $79,040, marking a $20,960 loss due to the adverse impact of currency depreciation.