Though Golden Sugar Company, a division of Flour Mills of Nigeria plc, commenced operations barely 16 months ago, it has demonstrated resolve to rival other competitors in the industry. Currently, analysts rate its refinery as one of the most advanced in the world, while its Golden Penny Sugar cubes remain among the best in Africa, in terms of adherence to the stipulations of both local and international health institutions such as the Standards Organisation of Nigeria (SON), the National Agency for Food and Drug Administration and Control (NAFDAC), and the World Health Organisation (WHO).
Real Sector Watch had earlier reported advanced work done by the company in the sugar industry, particularly in the area of expansion, with a view to ending sugar import that has characterised the country’s space.
Jacques Vauthier, chief financial officer of the company, had previously highlighted the level of work done on the 750,000 metric tons (MT) capacity plant, an indication of the company’s resolve to tap into the growth in the Fast-Moving Consumer Goods (FMCG) sector.
It was gathered that in terms of product variety and use, the firm has Golden Penny Premium White Granulated Sugar, which is packed in 500 gram (g) and 1 kilogram (kg) sacks. There is also the BTB 50kg, which is used by beverage manufacturers, as well as the BTB 50kg, fortified with Vitamin A, used mostly by biscuits manufacturers and confectionery firms. Apart from these, there is equally the Golden Penny Premium White Sugar BTC, packed in the 50kg consumer sack, fortified with necessary vitamins. The firm is also known for the Golden Penny White Sugar Cubes packed neatly in 500g sack.
“Flour Mills is well diversified, and leads in flour, pasta, noodles, among others. With the current gap in the sugar industry, I believe they will make a big mark,’’ said Ike Ibeabuchi, CEO, MD Services, who is also an industry analyst.
Information obtained from the company’s website shows that it continuously forges strong contractual supply agreements with strategic partners for supply and pricing/hedging of raw sugar requirements, while develop new products and packaging in response to market needs.