Nigeria’s cocoa sector is gaining renewed momentum as Johnvents Industries Limited, led by cocoa industrialist John Alamu, announces a ₦100 billion ($67.5 million) commercial paper programme aimed at expanding processing capacity and strengthening export operations.
The initiative, which marks Series 20 of the company’s ongoing capital market engagements, offers a 270-day note with an implied annual yield of approximately 23%. The offer opened on October 17 and will close on October 24, according to market sources.
The proceeds will be channelled into working capital, production expansion, and export growth, particularly at the company’s Ondo State cocoa processing facilities—one of the most advanced in Nigeria’s agro-industrial landscape.
Speaking on the development, John Alamu, Group Managing Director of Johnvents Industries, said the fundraise underscores the company’s long-term vision to position Nigeria as a global hub for cocoa processing and value addition.
“We’ve moved beyond the era of simply exporting raw cocoa beans. Local processing allows us to retain more value domestically, create employment, and stabilize foreign exchange inflows,” Alamu stated.
“This capital raise will sustain production efficiency, deepen our export capacity, and help us meet the surging global demand for Nigerian cocoa derivatives.”
Alamu emphasized that Johnvents’ ambition extends beyond profit, focusing on building a sustainable cocoa ecosystem that empowers farmers, strengthens supply chains, and enhances Nigeria’s global competitiveness.
From humble beginnings as a small-scale cocoa aggregator, Alamu has steered Johnvents into becoming one of Nigeria’s most successful agribusiness enterprises. His journey from sourcing cocoa beans and financing smallholder farmers to running a fully integrated processing operation reflects a deliberate push toward industrial transformation in the sector.
Under his leadership, Johnvents’ revenues have surged from ₦59 billion ($39.9 million) in 2022 to over ₦230 billion ($155.4 million) in 2024, driven by strategic investments and operational excellence.
The company’s strong performance has earned it a BBB+ credit rating from multiple Nigerian rating agencies—an endorsement of its financial discipline and consistent debt service record.
A senior executive at Johnvents noted that the new commercial paper programme reaffirms investor confidence in the company’s business model.
“Investors believe in our approach because we’ve demonstrated that local value addition in cocoa is both viable and profitable. This issuance isn’t just about funding—it’s about consolidating our leadership in cocoa processing,” the executive said.
Development finance institutions (DFIs) have also played a key role in Johnvents’ growth trajectory, providing funding support to help the company align with international processing and sustainability standards.
Analysts note that the move reflects a broader trend among forward-looking agribusinesses that leverage short-term capital market instruments to sustain operations while maintaining access to longer-term financing for infrastructure and expansion projects.
With this latest funding milestone, Johnvents Industries continues to reinforce its mission to transform Nigeria’s cocoa value chain, create shared prosperity, and reposition the country as a top player in the global cocoa economy.
