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Greek multimillionaire John Coumantaros’ stake in Flour Mills of Nigeria gains $15.6 million in 158 days

The gains can be attributed to the company’s increased share price on the Nigeria Stock Exchange.



Greek multimillionaire John Coumantaros.

The shareholding of Greek businessman John Coumantaros in Flour Mills of Nigeria Plc has recorded a $15.6-million market-value increase since the start of the year.

The gains can be attributed to the company’s increased share price on the Nigeria Stock Exchange (NGX).

Flour Mills of Nigeria is Nigeria’s market leader in flour and flour product marketing and production.

The company has grown into a leading player in the agro-allied sector and across key value chains in the agricultural industry through its diversified operations in food, agro-allied, sugar and logistics support.

Flour Mills of Nigeria is Nigeria’s fifth-largest consumer goods company listed on the NSX, with a market capitalization of $283 million (N117 billion).

Coumanataros is the company’s majority shareholder. His indirect stake in the leading flour miller through Excelsior Shipping Company Ltd. accounts for 63 percent of the company’s total issued shares.

As of December 2020, Flour Mills of Nigeria had an asset base of $1.2 billion (N493 billion), with total liabilities of $794 million (N327.5 billion). 

This puts the shareholders’ total equity value at $402 million (N165.7 billion).

The company has recently opened three new regional distribution centers in Nigeria in Kano, Magboro and Abuja, targeting the new fast-growing product categories, including fats, sugar and garri.

Flour Mills of Nigeria’s long-run fundamental strength and its growth potential are the primary reasons why investors continue to acquire stakes in the leading miller.

Investors remain bullish on the company, as the miller’s share price has shot up by 10 percent so far this year. Its shares rose from $0.06 (N26.00) on Jan. 4 to $0.07 (N28.50) at the opening of the market today.

This accounts for the increase in value of Coumanataros’ stake from $162.7 million (N67 billion) to $178 million (N74 billion) during the same period.

This translates to a gain of $15.6 million (N6.5 billion) for the Greek businessman over 158 days.

Flour Mills of Nigeira

Flour Mills of Nigeria was founded in 1960 by Coumantaros’ father George Stravos Coumantaros, who died in 2016.

Coumantaros served as the company’s chairman and CEO from 2014 until last December, when he handed over the reins to Omoboye Olusanya.

The company recently announced plans to boost its sugar unit’s production by investing at least $300 million to develop a new plant and a 15,000-hectare sugarcane plantation. 

Located in Nasarawa State’s Umaisha Development Area, the plantation could launch before the year’s end.

This is expected to lift the company’s output by 150 percent. It would also increase the size of its cultivated land from 10,000 to 25,000 hectares.

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Led by Egyptian Khamis family, Oriental Weavers set to withdraw investments from China

Oriental Weavers operates under the leadership of Egyptian businesswoman Yasmine Mohamed Farid Khamis.



Yasmine Mohamed Farid Khamis.

The board of directors of Oriental Weavers has decided to withdraw its investments in China as the management implements measures to maximize earnings and revenues in line with its strategic growth roadmap. 

Operating under the leadership of Egyptian businesswoman Yasmine Mohamed Farid Khamis and other family members of the late Mohammed Farid Khamis, Oriental Weavers is a leading carpet manufacturer and distributor with active operations in about 150 countries worldwide.

According to the plan to withdraw its investments from China, the company declared that it will accept already made offers to buy out its stake in Oriental Weavers China, and further information will be released after the deal has been completed.

Through this decision, the company will sell its Chinese manufacturing facilities, Oriental Weavers (Tianjin) Company Limited (Oriental Weavers China), to local investors.

The decision to withdraw its investments in Mainland China was made almost eight months after the company’s board gave the management permission to study the situation and decide whether to sell or liquidate Oriental Weavers China.

Oriental Weavers’ exit from China will be crucial to lowering operating costs as it seeks to cut ties with the Asian economy as a result of brewing regulatory tensions in China and escalating trade tensions between Washington and Beijing.

According to Yasmine Al-Gohary, Oriental Weavers’ investor relations manager, the decision to withdraw its investments from China can be attributed to the high operating costs in the country, particularly following the emergence of the COVID-19 pandemic in 2020.

According to Al-Gohary, the operations in China, which make up just 0.3 percent of the group’s total assets and only contribute one percent of its revenue, were also impacted by the frequent factory closures and shortening of working hours.

Al-Gohary added that the business also intended to invest $10 million this year to place itself on the path of growth and increase its production capacity to keep up with market demand.

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Mike Adenuga beats out Abdul Samad Rabiu to reemerge as Nigeria’s second-richest billionaire

His net worth has dropped by more than $400 million this year as Globacom’s share price sank.



Mike Adenuga. ©Billionaires.Africa

Telecom mogul Mike Adenuga has reemerged as Nigeria’s second-richest man after three weeks in the third position. Now, he trails only Africa’s richest man Aliko Dangote, who tops the list of Nigeria’s wealthiest people, with a net worth of $19.8 billion.

The leading businessman, who is the founder of Nigeria’s second-largest telecom services provider Globacom, has surpassed billionaire industrialist Abdul Samad Rabiu, whose net worth has fallen from more than $7 billion to $5.8 billion in less than three months.

Adenuga’s reemergence as Africa’s second-richest man comes nearly two months after an exclusive report by Billionaires.Africa confirmed that Rabiu had surpassed the telecom and oil mogul to become the country’s second-wealthiest billionaire.

According to Forbes, Adenuga, who derives the majority of his fortune from his mobile phone network, Globacom, and his oil exploration company, Conoil Plc, has surpassed Rabiu as Nigeria’s richest man, with a net worth of $6.3 billion, compared to Rabiu’s $5.8 billion.

Adenuga, like Rabiu, has recorded a significant decline in his net worth in recent months. However, his the drop in his wealth has been less severe than Rabiu’s, who has lost more than $1.2 billion of his fortune over the past two months.

The revaluation of his interest in Globacom has caused his net worth to fall by more than $400 million since the start of the year, from $6.7 billion to $6.3 billion at the time of writing.

Nearly two weeks ago, Conoil reported a double-digit percent increase in earnings in the first half of 2022 despite a significant decrease in top-line performance during the period under review.

Despite a double-digit decline in revenue, profit increased by 70.5 percent to N1.81 billion ($4.35 million) in the first half of 2022 from N1.06 billion ($2.55 million) in the first half of 2021, according to the company’s half-year financial report.

The group’s cost-cutting strategies, which reduced sales-related, administrative, and distribution costs, can be attributed to its double-digit increase in earnings as management continued to create value for shareholders.

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Tunisian mogul Aziz Mebarek-led AfricInvest leads $8.2-million investment in fintech player, Bizao

Africinvest has raised more than $1.9 billion and invested in over 170 businesses in 25 African countries since its inception.



Aziz Mebarek.

Bizao, a fintech company with active operations in more than 10 African countries, has received $8.2 million (€8 million) in a Series-A funding round led by AfricInvest, as it prepares to expand its operations in North Africa.

AfricInvest is a leading investment firm co-founded by multimillionaire Tunisian businessmen Aziz Mebarek and Ziad Oueslati, which focuses on long-term growth and business improvements rather than short-term developments.

The $8.2-million capital injection secured by Bizao, a Paris-based payment services provider, will be used to accelerate operations throughout the continent and invest in developing new products and services.

“This round of financing will enable us to design new product lines for high-potential vertically integrated organizations, expand in new markets, and grow the team across all our offices,” Bizao Founder and CEO Aurelien Duval-Delort said.

The news comes not long after AfricInvest closed its €110-million ($112 million) pan-African venture fund in collaboration with the French venture capital firm Cathay Innovation.

The $112-million Cathay AfricInvest Innovation Fund (will be used to support startups and help them break even faster and further innovate to improve the lives of Africans.

The initial check size from the fund will range from €1 million ($1.02 million) to €10 million ($10.2 million) for growth-stage startups and up to €1 million ($1.02 million) for early-stage startups in a variety of industries, including fintech, mobility, health tech, edtech, AI, digital content, and ag-tech, according to executives at the investment firm.

Founded in 1994 by Mebarek and Oueslati as a long-term private equity firm, Africinvest has raised more than $1.9 billion and invested in over 170 businesses in 25 African countries since its inception.

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