FLOURMILL Appoints Mr. Omoboyede Olusanya as CEO, Mr. Paul Gbedebo Retires

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Monday, December 7, 2020 / 3:06 PM / NSE / Header Image Credit: Flour Mills of Nigeria

Flour Mills of Nigeria Plc (referred to as "Flour Mills" or "FMN"), Nigeria's leading integrated food business and Agro-allied group, owners of the iconic brand - 'Golden Penny', today announced the appointment of Mr. Omoboyede Olusanya as its new Group Managing Director/Chief Executive Officer, effective 1st January 2021.


Mr. Olusanya who joined FMN in January 2020 as Group Chief Operating Officer has been a core member of the executive management team. He was admitted to the Board of Directors since July 2020 and will take over from Mr. Paul Gbededo, who is retiring after 38 years of meritorious service to the Group.


Omoboyede Oyebolanle Olusanya (Boye), is both an engineer and a computer scientist by training. He graduated with Honours from the University of Lagos, as an engineer and furthered his career at masters' level at the Universities of Liverpool and Manchester, England where he obtained his M.Sc. Computer Science and M.Sc. Environmental Civil Engineering respectively. Boye has also attended several management programs at the Harvard, London and Lagos Business Schools.


He is a member of the Nigerian Society of Engineers (NSE), Council for the Regulation of Engineering in Nigeria (COREN), Institute of Directors (IOD) and Institute of Highway and Transportation, UK (IHT).


Boye, a success driven leader with strong business acumen and adept risk management skills, began his career over three decades ago as an Engineer with Ove Arup and Partners (a global design consultancy firm). Within this period, he has served in several progressive roles of increasing responsibilities across various industries including Structural Engineering, Information Technology, FMCG and Telecommunications.


Prior to his new appointment he has over the past two decades held several executive positions in various industries most recently as the Group Operating Partner at Helios Investment Partners (a global private equity firm), where he managed diverse investment portfolios. Chief Executive Officer of Emerging Markets Telecommunication Service Limited (formerly Etisalat), where he anchored the sale process for 9mobile which he saw to completion. Partner at GA Capital Ltd (2016), a consulting and advisory firm providing technical and financial advisory services to several privately-owned businesses and government parastatals. Chief Transformation Officer at Dangote Industries Limited. Managing Director of Dancom Technologies, Acting CEO, VEE Networks limited formerly ECONET Wireless where he successfully managed the transition of the company to a new brand.

The changes which have been approved by the Board at their Meeting held on Thursday 3 December 2020 is as follows:


1.     Mr. Omoboyede Olusanya, FMN Group Chief Operating Officer and Executive Director, has been elevated to the position of Group Managing Director and Chief Executive Officer with effect from 1st January, 2021.

2.    After along and fulfilling career with Flour Mills of Nigeria Plc spanning over 38 years, Mr. Paul Miyonmide Gbededo retires as Group Managing Director/CEO with effect from 31st December, 2020 but remains on the Board and elevated to the position of Vice Chairman of the Board of Flour Mills of Nigeria Plc effective 4th December, 2020.

3.   Chief (Dr.) Emmanuel Akwari Ukpabi (KJW), the Vice Chairman of the Board retires from the Board effective 3rd December, 2020. After a long and fulfilling career with Flour Mills of Nigeria Plc spanning over 40 years, Chief (Dr.) Emmanuel Akwari Ukpabi (KJW) retired as Group Managing Director on the 31st March, 2013 but remained on the Board and was elevated to the position of Vice Chairman of Flour Mills.

4.   Alhaji Muhammed K. Ahmad, OON, a seasoned public sector executive with over 35 years of distinguished experience spanning the public sector and the financial services industry, was approved by the Board at its meeting of 3 December, 2020 as an Independent Non-Executive Director on the Board of Flour Mills of Nigeria Plc effective 3rd December, 2020.

Alhaji Ahmad served as the pioneer Director General and Chief Executive Officer of the National Pension Commission ("PENCOM") and oversaw the growth of the pension industry in Nigeria from ground zero to a N4.7 trillion in Assets Under Management. He was also a pioneer staff member of the Nigeria Deposit Insurance Company ("NDIC") where he rose through the ranks as a bank supervisor to become a Director.

M.K (as he is fondly called) Chairs the Technical Committee of the National Council on Privatization (NCP), chaired by the Vice President of Nigeria. He chaired the Technical Committee on the Nigerian Code of Corporate Governance constituted by the Financial Reporting Council of Nigeria, which produced the Nigerian Code of Corporate Governance 2018.

MK also chaired the Technical Committee that produced the North East Transformation Strategy (NESTS), a medium-term Regional Development Strategy, for the sustainable socio-economic transformation and reconstruction of the Region, a strategy promoted by the six Governors of the constituent states of the region. He also assisted in the development of the Buhari Plan, which was initiated by the Federal Government of Nigeria to provide a framework for coordinating all initiatives and interventions by various actors for early recovery and sustainable development of the North East region. He currently coordinates and leads a team to develop Borno 2045 Development Plan.

He has served on the Board of various companies and committees including banks and not for profit organizations. In July 2016, he was appointed to be the Chairman, Board of Directors, Skye Bank Nigeria. In 2019, he was appointed an Independent Board Director of MTN Nigeria.

5.      Alhaji Abdullahi Ardo Abba, who had served on the Board of Flour Mills of Nigeria Plc as a Non-Executive Director since 1986, retires from the Board effective 3 December 2020.

The board expresses its profound gratitude to all the retiring directors for their meritorious services and contributions to the growth of our company and wish them pleasant retirement.


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