The Group Managing Director of Flourmills Nigeria Plc (FMN), Paul Gbededo, at a press briefing held in Lagos, told shareholders that the company has positioned itself for a long term sustainable growth.

Gbedebo disclosed that the company will pay a total dividend of N5 billion to its shareholders for current financial year. He said the dividend would represent N2.10 per share per every shareholder of the company for the 2014 financial year.

Gbededo pointed out that the company has made strategic investment in large scale commercial farming to support its food processing units with locally produced raw materials, adding that the company cultivated 10,000 hectares of sugar at Sunti Golden Sugar Estate to feed the sugar refinery. He said that the Kaboji Farms Limited in Niger State contained maize, cassava and soya beans for milling operations.

He added: "Agro Allied Limited grows 5,000 hectares of cassava on land purchased at Shao, Kwara State to feed Thai Farm's Cassava Mill in Ososa.

Agric Palm Limited has 3,000 hectare in Edo State to support the group's edible oil refineries at ROM Oil Mill. Agro Allied Farms Sunti Limited grows a 4,500 hectare rice farm along the Niger River basin. This project will add to the rice production at Sunti Farm to complement the backward integration of our rice milling operations."

Gbededo explained that these major investments made on the food and agro- allied business will provide 95 per cent of the company-s revenue.