To commemorate Nigeria’s 61st independence day, we’re looking at two companies that were established in 1960 and are still in existence today.
Nigeria gained independence from Britain on October 1st 1960. Companies were set up in the same year. While some no longer exist, this article focuses on two of the companies that are still in operation since 1960.
These companies have gone through changes, diversified, or rebranded over the past 61 years but are still in existence!
First up is Sterling Bank Plc. Originally incorporated in 1960 as Nigeria Acceptances Limited (NAL), the bank was licensed as Nigeria’s first merchant bank in 1969.
The company’s ownership went through many changes, with the Military taking over through the indigenization decree of 1972. Between 1974 to 1992, the lender was, however, managed alongside Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited, until it went public on the Nigeria Stock Exchange (NSE) and privatised.
In January 2006, as part of the consolidation of the Nigerian banking industry, Nigeria Acceptances Limited completed a merger with four other Nigerian Banks namely, Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the name ‘Sterling Bank’. The merged entities were successfully integrated and have operated as a consolidated group ever since.
In line with the Central Bank of Nigeria’s repeal of universal banking, Sterling Bank now operates as a national commercial bank.
Sterling bank is currently headquartered in Lagos, Nigeria.
Flour Mills of Nigeria is another company that was established in 1960 and still operating today.
The agribusiness company was founded in 1960 by Greek businessman, eorge S. Coumantaros as a private limited company and in 1978 became a public company, with its shares listed on the Nigerian Stock Exchange.
The flagship brand of the company is Golden Penny Flour.
Flour Mills started operations in 1962, the first wheat mill plant in Nigeria, it was built at a cost of £2.5m financed by capital through a company called Southern Star Shipping company( Also founded by George S. Coumantaros) The Initial annual production was 120,000 tonnes.
The FMN brand sprouted from a single commodity company , to a conglomerate operating in key sectors of the Nigerian economy. They operate in four major sectors of Food, Agro-allied, Port Operations and Logistics, Packaging and Real Estate.