Key Points
- John Coumantaros’ stake in Flour Mills of Nigeria has gained $30 million YTD, reflecting investor confidence and the company’s strong performance.
- Flour Mills’ stock price has surged 146.6% in 2024, boosting Coumantaros’ stake value to N211.68 billion ($127.6 million).
- Flour Mills’ minority buyout scheme aims to consolidate ownership and streamline operations, backed by shareholder approval and court sanction.
Lagos-based Greek multimillionaire businessman John Coumantaros has reaped significant gains amounting to millions of dollars from his shares in Flour Mills of Nigeria Plc, one of the country’s leading food conglomerates. This comes as investors responded positively to a proposed minority buyout scheme by his private company, Excelsior Shipping Company.
According to market data tracked by Billionaires.Africa, Coumantaros, who serves as the chairman of Flour Mills and holds a 63-percent stake—equivalent to 2,597,314,890 shares—has seen the market value of his stake surge by N125.84 billion ($30.27 million) year-to-date. This growth reflects increasing investor confidence, spurred by the group’s robust financial performance and the recent approval of the buyout plan.
John Coumantaros stake gains $30 million YTD
Flour Mills of Nigeria, founded in 1960 by George Coumantaros, has grown into a leading player in the food and agro-allied sector. Under the leadership of John Coumantaros, the company has maintained its strong market position while adapting to evolving economic conditions.
The group’s stock price on the Nigerian Exchange (NGX) has risen by 146.6 percent since the start of the year, climbing from N33.05 on Jan. 1 to N81.5. Adjusted for the devaluation of the naira, this growth translates to a 30.8-percent increase in dollar terms, with shares rising from $0.37 to $0.49.
This surge in valuation has significantly increased the value of Coumantaros’ stake, which has grown by N125.84 billion ($30.27 million) year-to-date, from N97.36 billion ($97.36 million) to N211.68 billion ($127.6 million). Consequently, the company’s market capitalization now exceeds $180 million.
Flour Mills’ remarkable share performance mirrors its financial results. Its revenue in the first half of its 2025 fiscal year increased by 75.98 percent, from N964.6 billion ($576.26 million) during the same period last year to N1.7 trillion ($1.01 billion).
Gross profit also rose by 53 percent to N161.1 billion ($96.36 million), while operating profit increased by 40 percent, reaching N105.9 billion ($63.32 million).
Flour Mills’ buyout: Strategic consolidation
Last month, Flour Mills secured shareholder approval for a minority buyout scheme proposed by Excelsior Shipping Company, its majority stakeholder associated with the Coumantaros family.
This move, sanctioned by the Federal High Court, marked a milestone in the consolidation strategy first announced on Sept. 24. By consolidating ownership under majority stakeholder, the scheme aims to streamline operations while ensuring valuation fairness—a key topic of discussion at the Annual General Meeting (AGM).
During the AGM, Chairman John Coumantaros underscored Flour Mills’ historical importance and economic contributions, paying tribute to his father, George S. Coumantaros, the company’s founder.
He emphasized the company’s unwavering commitment to Nigeria, describing it as the cornerstone of Flour Mills’ Pan-African growth strategy. “FMN will not leave Nigeria. FMN and Nigeria are inextricably bound, with Nigeria positioned as the headquarters of our Pan-African growth story,” he stated.
