Flour Mills gets recognition as leader in Sugar Backward Integration Program

Flour Mills of Nigeria has notified the investing public that the Company has no outstanding compliance issues with the National Sugar Development Council (NSDC), as confirmed by the council’s latest raw sugar allocation for 2022. On the contrary, the Company have been adjudged as the best performing Backward Integration Program (BIP).

In a statement on the website of the Nigerian Exchange, the Company stated thus:

“In reference to the publication in some dailies, the assertion by BUA Foods on the supposed suspension of sugar sales by FMN based on compliance issues is incorrect and indeed capable of creating a false impression in the market, which is contrary to the interest of consumers.

Being the preferred brand for millions of Nigerian households, Golden Penny Sugar is still available, affordable, and accessible in the market.

As one of Nigeria’s leading foods and agro-allied groups, with over 61 years of operations in the food industry, we want to reassure Nigerians of the following:

We understand that millions of Nigerian families trust us for our quality, nutritious, and affordable foods. To safeguard that trust, FMN will continue to expand its investments in backward integration and the sustainable development of the critical aspects of the food value chain, including Grains, Starch, Feeds and Proteins, Oils and Fats, and Sugar.

To demonstrate our commitment to the success of the National Sugar Master Plan, we will continue to uphold the tenets of the National Sugar Master Plan and expand our investments for the sustainable development of the Sugar industry.

With a total landmass of over 21,000 hectares, including a world-class sugar refinery, we have continued to expand our operations at Sunti Golden Sugar Estate including an additional 300 million USD in Nasarawa state and a commitment to investing another 70 billion over the next three years to develop the upland area of the Sunti Sugar Estate. This will further cement our commitment to Nigeria’s vision of self-sufficiency in sugar production and complement the Federal Government’s commitment to economic diversification, food security, and the transition to a more sustainable economy”.

Source: Flour Mills gets recognition as leader in Sugar Backward Integration Program – StocksWatch (stocksng.com)

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