Flour Mills Re-elect Four Retired Directors Into Board After Posting Strong Result

Northern Nigeria Flour Mills has re-elected four of its retired directors into the board after the company recorded strong quarterly results.

NNFM made the resolution at the 49th Annual General Meeting of Northern Nigeria Flour Mills.

The Kano based NNFM is a subsidiary company of Flour Mills of Nigeria Plc, which holds 53 per cent of its shares as of 2020.

“The following Directors who retire by rotation and offered themselves for re-election are hereby returned elected by the Shareholders,” the company said in a circular dated September 13.

The directors are Alh. Rabi’u M. Gwarzo, Mr. Paul Miyonde Gbededo, Alhaji Abdulganiyu Sani and Mr. Jack Cwach Joseph.

NNFM received a boost in its profit which grew between April to June this year from N68.5m recorded in the same period of last year to N82.85m in June 2021.

The Flour Mills subsidiary’s revenue also surged to N3.56bn from the N1.9bn recorded in June last year.

The company’s total assets rose to N10.84bn by the end of June, up from the N8.73bn recorded during the same period of 2020.

As part of the development, FMN also approved the appointment of Adrian Naidoo as the Managing Director/ Chief Executive officer of NNFM Plc.

At the meeting, shareholders also certified the company’s Audited Financial Statements for the year ended 31st March, 2021.