Greek tycoon John Coumantaros' Flour Mills of Nigeria plans to raise $120 million in capital

Timilehin Adejumobi -
Key Points
  • Flour Mills of Nigeria aims to raise $120 million in capital, pending shareholder approval at the upcoming AGM in October 2024. 
  • The AGM will also discuss a proposed N1.08 dividend for shareholders, expected to be paid by mid-November 2024. 
  • Flour Mills reported a 67% revenue surge in Q1 2024, bolstered by strong investor sentiment and rising stock prices.

Flour Mills of Nigeria Plc, a leading agro-allied group chaired by Greek multimillionaire John Coumantaros, is seeking to raise an additional N200 billion ($120 million) in fresh capital, pending shareholder approval at its upcoming 64th Annual General Meeting (AGM).

This move aims to strengthen the company’s financial base as it continues its aggressive growth trajectory, buoyed by recent stock gains and strong financial performance.

In a recent statement, the company’s secretary confirmed that the AGM, scheduled for this month, will also feature the presentation of audited financial statements for the fiscal year ending March 31, 2024. The meeting will cover key reports from directors, auditors, and the audit committee, with the capital raise being a top agenda item.

Flour Mills to discuss dividend and board re-elections at AGM

This comes on the heels of an offer by Excelsior Shipping Company Limited, linked to John Coumantaros, to acquire all outstanding minority shares in Flour Mills. The acquisition would further centralize control of the company, enhancing operational efficiency and positioning the firm for expanded market influence. 

Also on the agenda is a proposed N1.08 ($0.0006) per share dividend for shareholders, to be paid by mid-November 2024. The AGM will further address the re-election of board members, including Coumantaros, Jerry Gana, and Rabiu Gwarzo, in line with the Companies and Allied Matters Act (CAMA) 2020.

Remuneration and auditor compensation will also be up for discussion, along with the appointment of new audit committee members as required by law.

Flour Mills's revenue surge by 67 percent in Q1

Flour Mills — a leader in Nigeria’s food and agro-allied industry — owes its esteemed position to the visionary leadership of its founder, the late George Coumantaros, and his son, John Coumantaros, who currently serves as chairman.

Under John Coumantaros, who owns a 63.34-percent stake in Flour Mills through Excelsior Shipping, the company has established itself as a dominant force in the sector.

The company reported a 67.23 percent jump in revenue to N763.2 billion ($460.1 million) in the first quarter of its 2025 fiscal year, up from N456.4 billion ($279.3 million) a year earlier. The stock has gained over 80% this year, reflecting strong investor confidence.