Towards the expansion of its operations, to meet the growing demand for high-quality agro products in the country, a cocoa processing company – Johnvents Industries Limited has unveiled the successful repayment of its Series 4 Commercial Paper with a face value of N3.68b to bolster its working capital capacities.
The GMD of the firm, John Alamu, in a statement in Akure, said the Commercial Paper, which was issued at a yield of 18.5 per cent, was indicative of the market’s recognition of the company strong performance and future potential.
According to him, the repayment marks another milestone in Johnvent’s commitment to financial stability and investor confidence.
Alamu, who expressed gratitude to the company’s investors and stakeholders for their support said: “the successful repayment of our Series 4 Commercial Paper symbolises our commitment to financial responsibility and sustainable growth. We extend our heartfelt appreciation to our investors for their trust and confidence in Johnvents Industries.
“In addition to the repayment of the Series 4 CP, Johnvents Industries is gearing up for the redemption of its Series 5 Commercial Paper on February 27, 2024. The Series 5 CP, issued in August 2023 at a face value of N787.2m and a yield of 15.75 per cent, has served its intended purpose of fortifying the company’s working capital reserves.
“We remain dedicated to maintaining the highest financial transparency and accountability standards,” added John Alamu. “The upcoming redemption of Series 5 Commercial Paper reflects our financial prudence and positions us for sustained success in the vibrant cocoa processing industry.
“With a strong track record of excellence and a commitment to quality, Johnvents Industries reaffirms its position as a trailblazer in Nigeria’s cocoa processing sector. The successful repayment of the Series 4 Commercial Paper underscores the company’s resilience and reinforces investor confidence in its prospects.
“We are committed to driving sustainable growth across the entire agricultural value chain from production, processing, manufacturing and distribution. The company is at the intersection of everything agriculture, unlocking immense values and ensuring food supply and premium export value for Africa.
“Johnvents operates a group structure, with six businesses committed to driving sustainable growth across the agricultural value chain, including production, processing, manufacturing and trade of commodity and food products in Nigeria and the rest of the world.
“The subsidiaries include: Johnvents Cocoa Factory, Akure – a 15,000mt plant with Cocoa Liquor, Butter, Cake or Powder output. Since the start of operations in 2021, 20,000mt of cocoa butter and cake has been exported to European countries, the USA and other parts of the world. Premium Cocoa Products (Ile-Oluji) is Nigeria’s pioneer cocoa processing plant. It is a 30,000 MT Cocoa processing plant with a global legacy producing globally acceptable cocoa products. Johnvents acquired it in February 2023.
“Johnvents Foods launched Johnvents Pure Cocoa Powder, an everyday beverage that provides 100 per cent cocoa nourishment. It acquired a cocoa product factory in Idanre to produce Oluji Pure Cocoa Powder, Johnvents Chocolate drink, Cocoa Pops, Cocoa Cube, and other cocoa-based products….”