Flour Mills of Nigeria PLC (FMN) has announced a share acquisition plan to transition the firm’s structure to align with its long-term growth strategy.

Disclosing this in a statement, the company said that as one of Nigeria’s oldest and most significant players in the food and agro-allied sectors, it is making bold moves to secure its future as a regional and industrial powerhouse.

“In what FMN leadership is describing as a critical step toward becoming a Pan-African food leader, the company is betting big on its ability to unlock value, grow its presence across Africa, and continue contributing to Nigeria’s economic prosperity. And Inspire diversified Business growth and returns.

“FMN has been a staple of Nigeria’s economy for 64 years, growing from a single flour milling company into a diverse Group spanning food production, agriculture, logistics, and more. However, while effective in past decades, the conglomerate structure is now seen as limiting the company’s ability to fully capitalize on the opportunities presented by Africa’s growing markets,” the company stated.

According to a senior executive at the company, “FMN is restructuring to unlock substantial value and enhance its competitiveness across Africa. The restructuring will allow FMN to streamline its operations, focus on its core strengths, and pursue growth opportunities across the continent more nimbly. The share acquisition plan, which involves purchasing minority shares, is central to this new strategy.