Golden Penny Distributor – In this article, we are going to be teaching you How to Become Golden Penny Distributor in Nigeria.
Thus, if you are here because you are in dire need of the processes involved n becoming a golden penny distributor, this article has gotten you covered. Continue reading below and please don’t forget to share it with your friends and loved ones!!!
Well, before we shall proceed with the processes involved with how to become a golden penny distributor, let’s briefly take a look at the history of Flour Mills of Nigeria Plc (FMN).
Interestingly, Flour Mills of Nigeria Plc (FMN) began as a private limited liability company with a small paid-up share capital of N1 million on September 29, 1960, and was converted to a public company in November 1978.
Nigerian and overseas owners own the beneficial interest in the company’s equity. Two foreign owners currently own approximately 56 percent of the company’s paid-up share capital. Over 75,000 individuals and institutional investors hold the remaining funds.
Our multifaceted company’s financial backbone is wheat milling. FMN set the standard for flour milling in Nigeria when it opened its first mill in Apapa in 1962, with a daily grinding capacity of 500 metric tonnes of wheat.
The Apapa milling complex now has a daily capacity of over 8,000 metric tons, making it one of the world’s largest single-site mills.
Our ISO 9001:2008 accreditation recognizes that our flour manufacturing facilities are world-class and operate under an internationally recognized Quality System, and all mills are staffed by a team of highly qualified and skilled individuals working at a high degree of efficiency.
FMN had made significant investments in milling technology and human capital over the years to preserve its leadership position and competitive edge in the Nigerian flour milling business.
Flour Mills of Nigeria Plc (Golden Penny) has been a part of Nigerians’ lives at home and abroad for almost five decades.
Through world-class brands such as Golden Penny Flour, Golden Penny Semovita, Goldenvita, Golden Pasta, Golden Penny Noodles, and Golden Penny Sugar, our global aim is to be Africa’s premier food company, providing high-quality and cheap products in the most convenient manner to consumers.
A developing agro-allied business producing sugar, rice, and palm products; fertilizers to aid agricultural development in Nigeria; cement production to aid infrastructure development in Nigeria; and a number of support businesses providing packaging, transportation, and logistics services are among our other business interests.
The minimum you can start with is 300-600 bags, but a customer must purchase 600 bags (a truck) in a month to be eligible for a monthly reimbursement from the company.
At the end of the month, the company gives a rebate on each bag of flour purchased by the consumer.
The refund is monetary in nature and will be deposited in the customer’s account, which he or she can use to top up money and purchase things from the company (rather than cash in hand or a check).
Types Of Flour
There are two types of flour available.
Prime flour and Flour for making confections.
Prime flour costs N6900, while confectionary flour costs N6600, however keep in mind that the corporation reserves the right to change the price at any time.
The minimum amount of flour you can buy in a truck is 200 to 300 bags (depending on the type of truck and area), and the maximum amount is 600 bags, or 30 tons.
The cost of 600 bags of premier flour (a truck) is N4,140,000, while the cost of 600 bags of confectionary flour is N3,960,000. In a truck, you can buy both flour and flour mix (600 bags).
To be a semovita dealer/distributor, you must also purchase goldenvita (whole wheat). You must also submit a distributorship application to the national sales manager, after which you must pick between freight and self-collection.
Freight refers to the use of business trucks, whereas self collection refers to the pickup of your products by yourself. If you are employing self-collection, you must write an application to your national sales manager introducing your transporter, but you do not need to do so for freight.
The following is the price of semovita: The sum of ten times one kilogram is 1,725. The sum of 5*2kg is 1,675. 785 is 1*5kg. 1545 is 1*10kg. Keep in mind that the company reserves the right to change the pricing at any time.
Semovita’s minimal start-up capital as a distributor is roughly N2.6 million. The following is a list of the rebates that the company offers on each bag of flour purchased.
Volume discounts, cash discounts, wheat offal discounts, special wheat offal discounts, special city discounts, quarterly rebates (every three months), and annual rebates are some of the discounts available (once a year).
The amount of the refund paid by the company is determined by the customer’s city, therefore it differs by area. To be eligible for the rebate, you must purchase at least one truck (600 bags).
Rebates are paid periodically for semovita and other pasta products (every 3 months). Due to a change in the company’s price and sales policy, a 50kg bag of sugar is now N6,250 for more than two trucks in a month and N6,280 for one truck in a month, and there will be no more rebates as of yesterday, August 27th, 2013. Keep in mind that the company has the right to change the pricing at any time.
To purchase all of the company’s products, you’ll need roughly N15 million. Please indicate which ones you’d like to begin with.
The price of Golden Penny Sugar (50kg) is N6,280. It costs N3,768,000 for a truck (company can review price anytime).
All you have to do is submit an application stating your desire to become a distributor on letterhead paper bearing your company’s name.
The Company guarantees:
- Guaranteed registration duration of 48 hours There is no fee for submitting an application or registering.
- Depending on The minimum amount of flour you can buy in a truck is 200 to 300 bags (depending on the type of truck and area), and the maximum amount is 600 bags, or 30 tons.
- Prepare an application on your firm letterhead paper and send it to the address listed below.
Here’s The Requirements for Registration
Before you begin the application, please make sure you have a soft copy of the necessary documents:
- Application letter to become a distributor Certificate of Company
- Registration from the Corporate Affairs Commission
a scanned copy of the bank’s letter of recommendation - Photograph of the company’s owner/MD in a passport
- Photograph of the company’s representative in a passport Individuals, corporations, and institutions are all potential buyers.
- Corporate Headquarters are located at 1 Golden Penny Place, Wharf Road, Apapa, Lagos, Nigeria.
Email: [email protected] Phone: +234 7056891000 / +234 7056892000 / +234 7056893000 / +234 7056891111 / +234 7056892222 / +234 7056893333
You’ll Need These 5 Facilities to Get Started as a Golden Penny Distributor
i. You must draft a business plan for your firm.
A business plan gives you direction and allows you to see the abundance of resources available to you. Who are the people you want to reach out to?
How much would it cost you to start a business and transport goods to your point of sale? What can you do to your product to make it better than the competitor’s? These are the kinds of questions you’ll have to address in your company strategy.
ii. Research the Competitors
Who are your rivals? What are they doing that you could improve upon? You must research and analyze their strengths and flaws. This is to your benefit!
iii. You’ll Require a Warehouse
You’ll need a warehouse large enough to hold at least 500 to 1,000 Golden Pennies. To avoid unanticipated events, it is advisable to hire a warehouse.
iv. You must make transportation arrangements.
If you can afford it, get a supply vehicle (maybe a van or a small truck). It will assist you in selling more quickly and making the job more convenient for you. Your products will also need to be transported from the manufacturer, which will necessitate the use of a haulage truck. You don’t have to own the vehicle; a pay-per-delivery contract will suffice.
v. Take advice from the experts
Do you know why so many African businesses are struggling today? It’s because they’ve been paying attention. You must communicate with someone who is already in the GAME in order to thrive in this industry. Learn from someone who owns a supply company outside of your area.
Many seasoned business owners are eager to offer guidance to aspiring entrepreneurs. They admire hardworking young people and are willing to go above and beyond to assist them. Don’t be afraid.
A “NO” is the worst answer you’ll ever get. Rejection is an unavoidable element of the game.
That is it on Golden Penny Distributor: How to Become a Distributor in Nigeria. I hope this article was helpful. Kindly share!!!