Flour Mills of Nigeria PLC

Flour Mills of Nigeria PLC (FMN), also known as the FMN Group, is Nigeria's leading integrated food and agro-allied group and owner of the iconic Golden Penny food brand. The company was founded in 1960 by Greek-American shipping magnate George Stavros Coumantaros (died 2016), with operations beginning in 1962 at the Apapa mill (the first wheat mill plant in Nigeria, built at a cost of GBP 2.5 million financed by Greek and American capital through Southern Star Shipping Company). FMN became a public company and listed on the Nigerian Stock Exchange in 1978, and in January 2025 was delisted after its majority shareholder Excelsior Shipping Company Limited acquired all minority shares. The group employs over 12,000 people and operates a fully vertically-integrated "farm-to-table" model across five core value chains: Grains (flour, pasta, noodles, ball foods, semolina), Sweeteners (Golden Sugar), Oils and Fats (Golden Penny vegetable oil and margarine), Feeds and Proteins (Premier Feeds, animal nutrition), and Cassava Starches. Subsidiaries include Northern Nigeria Flour Mills (Kano), Niger Mills (Calabar), Nigerian Bag Manufacturing Company (BAGCO), Golden Sugar Company, Premier Feeds, Golden Transport, and Apapa Bulk Terminal.