NIGERIA – Omoboyede Oyebolanle Olusanya, Flour Mill Nigeria’s Group Chief Operating Officer has been appointed to join the Board of Directors of the company.
Flour Mills of Nigeria Plc, a leading Integrated Food and Agribusiness giant, made the announcement in a disclosure notification sent to the Nigerian Stock Exchange and signed by Company Secretary, Joseph Umolu.
A report by Nairametrics noted that the appointment of Olusanya will increase the Board’s membership to 14.
Omoboyede Olusanya, recently joined Flour Mills as the Group Chief Operating Officer, from 9Mobile where he was the Managing Director/Chief Executive of Emerging Market Telecommunications Service
According to a statement from Flour Mills Nigeria, Mr Olusanya, holds a B. Sc. (Hons) in Civil Engineering from the University of Lagos.
Olusanya also has two Masters degrees in environmental engineering and Computer Science from the University of Liverpool and the University of Manchester respectively.
Before joining Flour Mill, Olusanya had served in similar leadership positions including Chief Business Transformation Officer at Dangote Group, where he spearheaded the transformation of the group, between July 2017 and October 2018.
In his comment, the Chairman of the Board, Mr John Coumantaros, said, “We are most excited to welcome Mr Olusanya to our Board of Directors.”
“He is a seasoned business leader, whose expertise and vast experience in areas such as Telecommunications, Financial Services, Energy and Manufacturing are mission-critical to our future operations and strategy,” Mr. Coumantaros added.
Earlier this year, Flour Mills of Nigeria reported that its profits nearly tripled for the financial year ending on the 31st of March.
The company said its post-tax profits rose 184 per cent to US$29.96 million despite the prevailing economic headwinds and the difficult operating terrain at Apapa, Lagos.
Reuters reported in August that the flour and pasta maker plans to issue a bond within the next two months as part of a 70 billion-naira ($183.7 million) programme to refinance existing debt,
The company, which had previously sold 30 billion naira in commercial paper in April, explained that the move was part of measures to cushion the possible impact of the novel coronavirus on its business.
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