John Coumantaros’ Ownership in Flour Mills of Nigeria Surges to $75 Million

John Coumantaros’ stake in Flour Mills of Nigeria Plc has surged to nearly $75 million, marking a significant increase in the Lagos-based businessman’s wealth.

The shares of Flour Mills have climbed 13.16% on the Nigerian Exchange, lifting the company’s market capitalization to over $115 million, driven by consistent investor interest.

Lagos-based Greek multimillionaire businessman John Coumantaros, chairman of Flour Mills of Nigeria Plc, has experienced a notable boost in the market value of his holdings.

According to data from Business Elites Africa, Coumantaros’ stake increased by N12.98 billion ($8.71 million) in just 11 days, propelled by a robust rise in the company’s share price on the Nigerian Exchange (NGX).

This growth streak extends from late April to late May, during which Coumantaros’ investment in Flour Mills rose from N86.93 billion ($58.66 million) to N108.31 billion ($66.97 million), a $14.42 million increment.

Founded in 1960 by the late George Coumantaros, and currently led by his son John, Flour Mills of Nigeria has emerged as a significant entity in Nigeria’s food and agro-allied sectors. The company has expanded significantly, bolstering its legacy.

The company’s shares escalated from N38 ($0.025) on June 7 to N43 ($0.029) at the time of this report, pushing the market capitalization above $115 million.

Coumantaros’ Financial Influence

John Coumantaros, holding a 63.34-percent stake in Flour Mills, is recognized as one of the wealthiest investors on the Nigerian Exchange.

His holdings, which have increased by N12.98 billion ($8.71 million) since June 7—from N98.7 billion ($66.2 million) to N111.68 billion ($74.92 million)—cement his status as a prominent business figure on the NGX.

While Flour Mills has delivered impressive returns in local currency, amounting to a 30.11 percent increase this year, the devaluation of the Nigerian naira against the U.S. dollar has mitigated these gains, leading to a 21 percent year-to-date loss for investors.

For instance, a $100,000 investment in the company at the beginning of the year would now be worth $79,040, reflecting a $20,960 loss due to the impact of currency depreciation.