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Flour Mills of Nigeria announces retirement of Group MD/CEO, change in management

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Paul Gbededo

Nigeria’s leading integrated Food and Agro-allied group, Flour Mills of Nigeria Plc (referred to as “Flour Mills “or “FMN”), today announced the retirement of Paul Gbededo as its Group Managing Director/Chief Executive Officer, effective 31st December 2020. The new change was announced by the Company Secretary/Director of Legal Services, Joseph A.O Umolu.

Paul Gbededo’s career with the FMN Group started at the Nigerian Bag Manufacturing Company (BAGCO) as a management trainee in 1982. Since then, he had taken up several managerial positions within the group including, the first Nigerian Production Director for BAGCO in 1996, the pioneer General Manager/Director in charge of fertilizer operations, the pioneer General Manager/Director for Golden Pasta Company Limited, and Managing Director, Agro-Allied business with responsibility to implement FMN Group’s backward integration policies, programmes and initiatives.

On the 13th of March 2013, he was appointed a member of the Board of Directors and designate Group Managing Director / Chief Executive Officer, which position he assumed fully effective April 1, 2013.

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The Chairman of the Board, Mr John Coumantaros while speaking on the latest changes in the organization said, “Paul is a brilliant colleague and an exceptional leader who we will miss dearly. On behalf of the board, I must express our heartfelt thanks for his extraordinary contributions in leading our great company through a period of growth, expansion and profitability.”

“After 38 years of meritorious service to the Group, he is leaving the business in an executive capacity at an excellent position for further growth and we wish him the very best as he takes on a new chapter in life, which I trust will include a well-earned rest and plenty of time with his beloved family.”, Coumantaros said.
While speaking on his retirement, Paul Gbededo stated that he leaves FMN with pride for all he was able to achieve.

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“It has truly been a great privilege and honour to have worked with some of the best minds in our country and indeed across the world. I am truly proud of our rich heritage, our winning culture and market capability that had over the years positioned us for continuous growth.

“I cannot deny that I will miss the rigorous strategy sessions with the board, the passion of the executive team, and of course the relentless inventive spirit of our people across various businesses locations in the country. Nevertheless, I must say that I am confident that it is time to hand over leadership to the next generation”.
Reacting to the change in the mantle, the GMD/CEO Designate, Mr Boye Olusanya said:

“Paul, my mentor and friend is an outstanding business leader and a fine gentleman who had played well his part and did great things for our company. He has left behind some big shoes to fill and our company is, because of his strategic leadership, on a solid base to build from. I shall be counting on his advice to take our company to the next level.

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Upon retirement from the position of Group Managing Director/CEO, the Board has approved the appointment of Mr. Paul Gbededo as the Non-Executive Vice Chairman of the Board of Directors of Flour Mills of Nigeria Plc.

Incorporated in September 1960 and quoted on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, owners of the iconic Golden Penny Food brand is one of Nigeria’s leading food and agro-allied companies.

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