Browsing: Nigerian Stock Exchange

• Flour Mills of Nigeria Plc plans to invest up to $1 billion over the next four years in an expansion and restructuring drive.
• The investment is a welcome boost to President Bola Tinubu’s reform efforts.
• Flour Mills will invest at least $500 million in its sugar operations in Niger state to scale production to more than 400,000 tons a year from the current 1000 tons.

Flour Mills of Nigeria expansion

Flour Mills of Nigeria Plc, the country’s biggest milling company, plans to invest up to $1 billion over the next four years in an expansion and restructuring drive after its majority shareholder offered to privatize it.

This significant funding will focus on boosting production capacity and exploring new markets across Africa while leveraging the African Continental Free Trade Area (AfCFTA). According to the company’s Chairman, John Coumantaros, this new funding is about doubling investment in Nigeria.

The investment is a …

• Airtel Africa CEO Olusegun Ogunsanya has retired and will be replaced by Sunil Taldar, the new Managing Director and CEO.
• For the six months ending on September 30, the group reported a net loss of $13 million,
• Mittal further announced Ogunsanya’s post-retirement role as the Airtel Africa Charitable Foundation Chair.

Airtel Africa CEO set to retire

Airtel Africa PLC has announced that Chief Executive Officer Olusegun Ogunsanya will retire on 1 July 2024 and take an advisory role.

Ogunsanya, who joined Airtel in 2012, ran the Nigeria Operations of the Telecommunications and Mobile Money Company for nine years before he was appointed Chief Executive Officer of the Group in 2021.

He led the company to maintain double-digit revenue growth and deliver new products to its customers across the continent.

Building on the work undertaken during his time as CEO, including the launch of the Company’s first Sustainability Strategy, and given …