Golden Penny - An Iconic African Brand

Golden Penny, also known as the "home of good food," is a historic Nigerian food and agro-allied brand founded in the 1960s by George Coumantaros. Over the years, the brand has made great waves and remains the choicest among customers and factory workers.

Little Beginnings

The iconic African brand is a flagship brand of Flour Mills of Nigeria Plc (FMN), which began operations in 1962 with a total power of 120,000 tons daily. In 1964, the company grew bigger and initiated BAGCO, its first investment outside flour milling. BAGCO is a polypropylene manufacturing plant operated as a Nigerian Bag Manufacturing Company. BAGCO turned out well and gained international recognition, sending it into the export market alongside other African polymer bags.

As the year got on, the company got bigger and better, and by 1971, the annual size of its wheat mill had increased to 300,000 tonnes. Even in the beginning, the company worked so hard it was listed on the Nigerian stock exchange in the late 1970s. In 1999, the company launched the golden shipping organization, and afterward, the fertilizer-making business came to fruition. Just like that, FMN continued to expand, and in 2002, they partnered with UNICEM to produce cement.

How's it Going?

It has been a long time coming, and FMN has stayed on top of the game. Today, Flour mills record a huge milling capacity every day, which has earned them a big name - the largest single-site mills in the world. Golden Penny stretched its wings and has birthed products such as Garri, noodles, sugar, vegetable oil, margarine and more. A lot of households found these products irresistible and have turned Oliver twists. 

Milestones

Golden penny has long been a prominent figure and is well-known for hitting incredible milestones. They have consistently raised the bar and are looking to be even better. The significant achievements of the brand are countless, but we will talk about some of them in this article.

62 Solid Years

Golden Penny, with over 14,000 workers, celebrated 62 years of excellent business in September. The company has produced a long history of successful leadership in Nigeria's food industry, with a track record of making a big influence, creating jobs, supporting community development, and driving economic growth. FMN brought everyone into the food production process by initiating a Food-to-table measure. This measure involves providing inputs and expertise to farmers, sourcing and bundling farm yields and raw materials to supply its processing facilities in Nigeria, and distributing its food brands to consumers.

Commendable Customer Satisfaction Rating

Flour Mill of Nigeria bagged an impressive score of 98% in a customer satisfaction survey across Nigeria in October. The company recognizes the importance of customer satisfaction and has put it in the spotlight over the years. FMN is increasing activity in the economy and offering quality products to consumers, providing satisfaction to all consumers. While FMN vowed to "Feed the nation every day," the survey report motivates them to keep going with the excellent work. No doubt, golden penny is making its customers happy, and the feeling is delightful.

Africa Business Leaders Coalition

This time, the achievement is huge as Flour Mills of Nigeria recently joined the Africa Business Leaders Coalition. The company united with the coalition to war against the influence of climate change on the continent. The coalition which embodies 55 African countries, is dedicated to sustainable development and creating new climate strategies. The CEO of Flour Mills, Omoboye Olusanya, stated that FMN's decision to join ABLC is necessary because climate action is important in tackling global food security problems. The ABLC aims to encourage and educate the African divisions on climate change and sustainability.

The Irresistible Golden Penny Products

It's almost impossible not to find a golden penny product in a Nigerian home, whether it is golden penny noodles, Pasta, groundnut oil or Garri; many households are enjoying the classical boom of good foods. The brand has produced numerous food products, which include:

• Spaghetti
• Vegetable oil
• Semovita
• Wheatmeal
• Sugar
• Instant chicken noodles
• Macaroni
• Pasta twist
• Margarine
• Baking Flour
• Couscous
• Garri
• Bread spread 

These products have been replicated in different sizes and forms to suit the customers' needs. For example, spaghetti comes in a (standard) thick form and a tiny form (spaghettini); based on preference, customers pick one. It's the same with the Semovita, which comes in sizes of 1kg, 2kg, 5kg and 10kg. 

More Giant Strides

Halfway into 2022, the company shared its financial report, revealing a revenue worth N1,163,802,851 and a profit of about N42 billion. Also, in the previous year, FMN experienced a 47% increase in revenue to N523 billion. In April, Golden penny launched brown sugar as a new product. The hard work and success have been impressive, and the company is not looking to take a pause.

Overall

Golden penny has worked to gain a big stance amongst other food brands in Nigeria. This proves how much hard work can earn you. Working with a bounty of diligent staff, they have made several customers happy in numerous ways. They have also constantly given back to society by donating relief food items, rewarding customers with oversea trips and many more. Most importantly, they have set a grand business legacy.