Flour Mills of Nigeria Plc has said that it has invested N7bn in a facility that will ensure that its production process is boosted.

Specifically, the company said on Friday that it had concluded agreements for the supply of a new edible oil extraction and refining facility to be established in Ibadan

A statement by the company noted that the new facility would increase its production to 500 metric tonnes per day and would raise the capacity of the company, adding to its existing edible oil operational capacity.

It added that the refinery would also help in providing the much needed raw materials for FMN’s Animal Feeds milling operations, thereby creating a group synergy.

The Head, Flour Mills Agro-Industrial Division, Mr. Paul Gbededo, was quoted in the statement as saying that this latest investment was the second phase of a three-stage investment programme of more than N20bn in the cultivation and extraction of edible oil from soybean and oil palm.

He said, “The first stage involved the expansion of the company’s soybean cultivation in Kaboji, Niger State, and the purchase of an existing oil extraction and refining business in Ibadan.

“The new plant will double the extraction capacity to 500 metric tonnes per day of Soya bean and 300 metric tonnes per day of palm kernel.”

He noted that these large-scale agricultural projects had been providing direct employment, economic empowerment and stimulation in the project areas, adding that the company was committed to long-term sustainable agro-industrial development in Nigeria.

He added that the third stage of the company’s investment in edible oil would be the establishment of palm plantations to augment local raw materials supplies, and the establishment of an additional 750 metric tonnes per day multi-oil refinery and margarine packaging plant at Agbara Industrial Estate, Lagos State.

Meanwhile, the Nigerian Stock Exchange report for the week ended January 27, 2012 noted that a turnover of 134.8 million units worth N120bn was recorded in 870 deals in the Over-the-Counter Bond market.

This was compared to 64.25 million units, worth N55.57bn traded the preceding week, in 239 transactions.

Source: Punch/Udeme Ekwere