In a move that underscores the deepening ties between international magnates and local Nigerian businesses, Flour Mills of Nigeria Plc, steered by the influential Greek magnate Coumantaros, has significantly increased its financial support to local suppliers.
John Coumantaros, a Greek business tycoon with a rich legacy in the Nigerian agro-allied sector, has always been a staunch advocate for local partnerships.
This year, his company, Flour Mills of Nigeria, disbursed an impressive $842 million to Nigerian suppliers.
This figure marks a substantial rise from the previous year’s $715.48 million, highlighting the firm’s unwavering commitment to fostering local talent and businesses.
The company’s recently released 2021/2022 Sustainability Report, aptly titled “Building a Sustainable Future, Scaling Impact,” sheds light on this increased allocation. It underscores the company’s dedication to nurturing local content through strategic procurement and a robust backward integration programme.
This commitment isn’t just about numbers. Flour Mills of Nigeria’s efforts were recently acknowledged when they clinched the Sustainability, Enterprise, and Responsibility Award for exemplary supply chain management during the 2020-2021 fiscal year.
This accolade is a testament to the company’s effective strategies and its dedication to fortifying local collaborations.
Greek magnate Coumantaros isn’t just about business; he’s about responsible business. Flour Mills of Nigeria, under his leadership, has shown a keen interest in environmental sustainability.
The company recycled thousands of metric tonnes of packaging materials across its offices, further cementing its commitment to a greener planet.
Who is John Coumantaros?
A brief delve into the life of John Coumantaros reveals a businessman deeply rooted in Nigeria’s growth story. Son of the late visionary, George Coumantaros, John has seamlessly carried forward his father’s legacy.
Today, he stands as one of Nigeria’s wealthiest industrialists, holding a significant 63.34-percent stake in Flour Mills of Nigeria Plc.
His influence is not just limited to Nigeria; his business acumen is recognised globally, making him a notable figure in international business circles.
While Flour Mills of Nigeria witnessed a 32 per cent surge in revenue during the last fiscal year, a spike in operating expenses slightly offset its profit growth.
Yet, with a leader like Greek magnate Coumantaros at the helm, the company’s trajectory looks promising.
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