Tag: Northern Nigeria Flour Mills Plc

Northern Nigeria Flour Mills Plc today announced the appointment of Alhaji  Rabi’u M. Gwarzo (OON), as the new Chairman of its Board of Directors. He replaces Alhaji Alhassan Aminu Dantata (CON) who resigned as Board chairman on 9th September 2021.

The recent development is part of the resolutions reached at the recently concluded Board of Directors meeting of the company, held at Bristol Palace Hotel in Kano State, on the 9th day of September, 2021.

Confirming the recent development, the firm in a statement signed by its secretary, Theophilus Ogwuche, and filed with the Nigerian Exchange Limited (NGX), stated that: ‘’At the Meeting of the Board of Directors of Northern Nigeria Flour Mills Plc (the Company or NNFM) held at THE BRISTOL PALACE HOTEL, 54/56 GUDA ABDULLAHI ROAD, FARM CENTRE, KANO on THURSDAY, 9th SEPTEMBER, 2021 the following resolutions were duly passed.

‘’That the Board of Directors of NNFM Plc has accepted the resignation of Alhaji Alhassan Aminu Dantata CON from the Board of NNFM Plc with effect from 9th September 2021.

‘’That following this resignation, the Board of Directors has appointed Alhaji Rabi’u M. Gwarzo, OON as the new Chairman of the Board.’’

About Rabiu Gwarzo

Until his recent appointment, Alhaji Rabiu Gwarzo served as the Vice Chairman of Northern Nigeria Flour Mills Plc. He started his educational career with a brief stint at Bayero University Kano and proceeded to West Ham College and North East London Polytechnic, both in London where he studied Commercial Accounting between 1972 and 1975.  He holds a Certificate in Accounting and Finance of University of Strathclyde, Glasgow, Scotland (1982).

He joined Northern Nigeria Flour Mills Plc as an Accountant in 1985, rose to the position of Deputy Managing Director in 1991 ; Managing Director in 1997 and was elevated to the position of Vice-Chairman of the Company in 2011.

Alhaji Rabiu, (an Officer of the Order of Niger), who joined the Board of Flour Mills of Nigeria Plc. as a non-executive member on 8th December, 2009, is also a member of Kano Peace Development Initiative and a Director of Kano State Investment Company Limited.

Northern Nigeria Flour Mills Plc has announced to pay an interim dividend of 15 kobo per ordinary share to its shareholders. The payment which is subject to appropriate withholding tax and approval will be paid to shareholders, whose names appear in the Register of Members as at close of business on 24th of August, 2021.

The dividend payment is for the period ended June 30, 2021.

In a statement signed by the company’s secretary, Theophilus Ogwuche, the milling firm disclosed that on 10th of September, 2021, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 24th of August, 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Additionally, the milling firm revealed that the Register of Shareholders will be closed from 25th of August to 27th of August, 2021.

In light of the above, it is imperative to note that the dividend payment is coming on the back of an impressive Q1, 2021 financial results posted by the firm. In its recently released first quarter results for the period ended June 30, 2021, the firm posted a 21% increase in profit after tax to N82.0 million. Earnings per share also printed at 46 kobo during the aforementioned period.

About Northern Nigeria Flour Mills Plc

Northern Nigeria Flour Mills Plc is a Nigerian-based milling company, engaged in the milling of wheat and other associated grains. It also sells products Golden Penny products purchased from Flour Mills of Nigeria Plc (its parent company). Some of the products produced by Northern Nigeria Flour Mills Plc include; wheat flour, semovita, wheat offal, masaflour, germ flour, masavita, corn offal, etc.  The company’s head office is in Kano, Nigeria.

Northern Nigeria Flour Mills Plc closed trading for the week ended 6th of August, 2021 on the floor of the Nigerian Exchange Limited (NGX) at N6.15 per share. Its total shares outstanding for the period stood at 178,200,000.