Flour Mills of Nigeria Plc has announced plans to proceed with the application for an Electric Generation License.
A release signed by the company’s secretary, Umolu Joseph noted that the new license is in compliance with section 70 (2) of the Electric Power Generation Sector Reform Act. This will enable Flour Mills to obtain an embedded electricity generation license to operate a 70MW power plant to be located in Apapa.
Flour Mills will generate more revenue from this power project, boost its bottom-line; also the new power project will reduce the operating cost of the company. Figures from its full-year ended June 2018 shows it spent N3.7 billion as power cost as compared to N3.2 billion in 2017.
Source: Naira Metrics