16 September 2013, Lagos – Flour Mills of Nigeria Plc has stated that it is awaiting the approval of the Federal Government to enable it deliver a portion of its 50 mega watts of electricity to businesses around Apapa and also to the national grid.
Mr. Paul Gbededo, Group Managing Director, Flour Mills Nigeria, who disclosed this at a press conference in Lagos, said the 50 megawatts currently generated by its gas and diesel power generators is in excess of its 32 mega watts requirements and it intends to sell the excess capacity to its neighbours around Apapa, while the others will be supplied to the national grid.
He said, “If we get the approval from the Federal Government, we will supply to our environment and if there is excess, we will deliver it to the national grid.”
He further stated that the company plans to increase its earning capacity in the years ahead with continuous investment in new milling technology and new acquisitions.According to him, the company is determined to ensure that its agro-allied strategy provides sustainable returns on capital invested by maximising local content in group products.
He stated that the company intends to produce its raw materials locally to ensure that high quality products are developed through the food supply chain.He said, “We will leverage on the unassailable quality of our flagship product, Golden Penny Flour; the growing popularity and market acceptability of our sugar brand; our continuous investment in new milling technology; our major investment in a greenfield pasta factory at Agbara; synergies arising from recent group restructuring and new acquisitions; development and introduction of new products in response to evolving consumer expectations; and our strengthened pan Nigeria products distribution network to generate improved earnings and deliver superior shareholder value.”
Gbededo said the company’s US$65 million (N10.4 billion) milling complex, named West Mills’ has helped increase its milling production by over 8,000 metric tonnes of wheat daily.
He disclosed that the new mill with a 2,250 metric tonnes capacity will help promote its objective of consolidating and maintaining its leadership position in the food industry.
*Michael Eboh & William Jimoh, Vanguard