The number of Nigerian companies with Greek origins may not be much, but they are certainly quite impactful.
The bilateral trade relations between Nigeria and Greece date back to 1970 when both countries established diplomatic relations. Before then, Greek companies had been operating in Nigeria, with some dating as far back as many decades ago playing significant roles in the Nigerian economy, essentially in manufacturing.
Over the years, trade between the two countries concentrated in Maritime trade with Greek-owned ships carrying Nigerian crude oil.
The Greek investment companies have been making in the Nigerian economy keep on growing. For example, in 2005, Greek-owned Flour Mills of Nigeria announced an investment of US$ 350 million to create a cement factory in Calabar with project costs rising to US$500 million.
Other companies of Greek origin in Nigeria are household names that have contributed to the economy, employed many Nigerians, and given back to society.
Here are some of them:
AG Leventis
AG Leventis Plc was founded by Anastasios George Leventis who was a Greek Cypriot businessman in 1937. The main activities of the company were importing and wholesaling textile goods.
However, it has grown to be involved in key sectors, such as:
- Manufacturing – Nigeria Bottling Company
- Foods – Leventis Foods
- Hospitality – Victoria Beach Hotel (now Federal Palace Hotel) to Lagos Mainland Hotel
- Power and Industrial Packaging
- Automotive: Leventis Motors
- Logistics and Transportation: Through the sales of heavy and light duty trucks sales and after-sales, Vehicle Assembly through events TGL
- Retail – Leventis Stores and the new Joint Venture with Pick ‘n’ Pay.
The AGL Leventis foundation, Leventis foundation, and AGL Cares are foundations set up by the company as part of its corporate social research drive.
The company has shown support to Red Cross, orphanages, and community outreaches and supported leadership training through LEAP Africa.
The current chairman is Mr. Ahmed Kazalma Mantey, while the Group MD/ CEO is Mr. Oluwaseun Abimisola Oni.
The Mandillas Group
The Mandillas Group was founded by John Basil Mandillas 70 years ago to do business in the Nigerian automobile industry. The company introduced the Volkswagen brand in the ’50s before the establishment of the Volkswagen Assembly plant in Nigeria, in which Mandilas became a partner.
- Subsequently, Mandilas became a distributor of various auto brands such as Audi, Peugeot, Nissan, Daihatsu, Honda, Kia, and Skoda in the late ’90s.
- The company is currently one of the distributors of Toyota in Nigeria and is also involved in auto sales of new and used cars, logistics, care rentals, fleet management and leasing, and after-sales services.
- In honour of Artisanal day 2022, Mandilas Group limited donated technical toolboxes and equipment to artisans in the Lagos Island East Local Council Development Area (LCDA). The company also donated industrial cooling spare parts as educational resource material to the Students and Teachers of the Lagos State Technical and Vocational Education Board (LASTVEB).
- In addition, the company has been involved in medical outreaches and has donated resource materials to Bonny Island, and furniture to schools in Lagos.
The Group CEO is Ola-Ayo Adeloye.
Paterson-Zochonis (PZ Cussons)
PZ Cussons is an international consumer goods company founded in 1884 by George Paterson and George Zochonis as a commercial business between West Africa and the United Kingdom with Sierra Leone as a trading post in 1884.
- Later in 1975, the firm acquired the Cussons Group, creating the PZ Cussons we know today.
- The company is now focused on three core categories: Hygiene, Baby, and Beauty which has produced household brands such as Cussons Baby, Carex hand wash, Joy soap, Premier soap, Robb, Morning Fresh, Kings vegetable oil, Mamador oil, and many others.
- The company is involved in various sustainability initiatives which include its Palm Oil Action Plan and the expansion of its reduction targets for energy, plastics, water, and waste.
Panagiotis Katsis is the current Chief Executive Officer/ MD.
Flour Mills Nigeria
Flour Mills of Nigeria was founded by a Greek businessman, George Coumantaros, in 1960 as a diversified agribusiness company. Today, it is a holding company with a vertically integrated business model. Its parent company is Excelsior shipping company.
- The company has various subsidiaries and is contributing to the growth of the agro-allied industry, food, and consumer goods, shipping, and logistics amongst others in Nigeria.
- The company is into flour milling, production, and distribution of a diverse range of food products. Its portfolio of products includes flour, pasta, noodles, breakfast cereals, margarine, and spread, vegetable oils, and refined sugar. The flagship brand of the company is Golden Penny Flour. Others are Golden Penny noodles, Spaghetti, granulated sugar, etc. FMN employs over 12,000.
- The former CEO and chairman of FMN are John Coumataros, son of the late founder. The current MD/CEO is Omoboye Olusanya.
- FMN PLC has invested more than N150 billion over the past ten years to execute its core business strategy to aid the agricultural sector and infrastructure.
Asides from its sustainability strategy, the company has an active CSR initiative that stems from five key areas which are:
Education, research and skills development, Environmental Sustainability, Health, safety, and welfare, Infrastructural Development, and Security.
How could you have left out Nigeria Foundries Limited (NFL)?
Mandillas not owes by Greek but Dutch people of Holland
The Greeks are the best business people on earth. Unlike the Brits and French, the Greeks never quit when their host country’s economy is passing through short or long-term difficulties; they dig into the trenches with their host nation, making survival adjustments within as they await the coming of the sun.
While periods of economic recessions continue, they never go to sleep; they are thinking and planning new future growth opportunities by acquiring more skills and production companies whose hitherto unknown products could be improved on and introduced to the Nigerian market economy as it emerges out of its state of recession. They usually win because they are part of the process.
I grew up in the 1950s to see PZ, A.G. Leventis, Flour Mills of Nigeria, Mandilas etc. compete in our market economy. One thing about them is, they never sacrifice the quality of their products for any reason.
Meanwhile where are the British giants who had operated under the UAC, such as African Timber & Plywood Company at Sapele, that used to be the second largest sawmill in the world; where is Dizengoff, where is Nigerian Breweries, UAC Foods, BEAM, Kingsway Stores, and a host of other mega companies under the flagship UAC? I doubt that their heavy equipment company called T&E (Tractor & Equipment) still runs under its parent company, the UAC today.
They have all disappeared when the going got tough.
Where are the French companies: SCOA, CFAO, INLAKS etc. that had set up trading ventures in Nigeria before 1960? Like fair weather friends, they have all gone with the wind of economic adversity that had buffeted Nigeria. Rather than stay and grow with the economy, they are introducing new companies and pressing the government to create “better economic environment” for their business. What about the two hundred million-plus market from which they could benefit? Is that the attitude of a true partner?
In all of these challenges, Greek companies have remained, growing together with the country and always exploring new ways to keep thriving as the country moved on.
It is not always about profit taking, and the Greeks know that better than any business people from other nations. I repeat that the Greeks are the best business people in the world.