John Alamu, the Group Managing Director, Johnvents Group, a leading indigenous agribusiness and manufacturing group, on Monday said the company had successfully raised N18.8 billion series 10 & 11 commercial paper issuance under its N30 billion commercial paper programme.
Alamu, who stated this in a statement made available to journalists in Akure, the Ondo State capital, said the firm was committed to driving sustainable growth across the entire agricultural value chain from production, processing, manufacturing and to distribution.
According to him, the N18.8 billion commercial paper was the largest capital raise to date for the company since it entered the domestic debt capital market.
Johnvents, which was founded in 2016, has demonstrated remarkable growth, with revenue soaring from N59.7 billion in 2022 to N92.7 billion in 2023.
Alamustated that in the first half of 2024, the company generated N79.5 billion in revenue, fueled by strategic expansions into new markets, including Dubai and Uganda.
He maintained that the impressive growth trajectory had strengthened investors’ confidence, leading to the successful capital raise under the commercial paper programme.
“We are immensely proud of what we have accomplished over the years since our inception. As we reflect on our journey, we recognize that our growth has been fueled not just by our efforts but also by the unwavering support of our investors and partners.
“This invaluable support empowers us to further invest in our capabilities, enhance our product offerings, and drive innovation within the agribusiness sector.
“We remain committed to our mission of leading in this space, and we are excited about the future opportunities that lie ahead. Looking ahead, our strategic initiatives will continue to focus on sustainability and efficiency, ensuring that we contribute positively to the growth of Nigeria’s agribusiness landscape while delivering value to our stakeholders,” Alamu said.
Meanwhile, Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, reaffirmed the commitment of United Capitals to empowering SMEs and mid-market enterprises.
Adenrele, who expressed pride in United Capital’s role as Lead Arranger for Johnvents record-breaking N18.8 billion capital raise, said; “it’s an honour to support Johnvents in achieving this milestone, which reflects their strategic vision and commitment to growth.
“This success also demonstrates the confidence of the financial market in their business and leadership.”
According to Adenrele, “We remain dedicated to providing tailored financing solutions that drive sustainable growth. We look forward to continuing our partnership with Johnvents as they expand and lead in the agribusiness space.”
BusinessDay reports that Johnvents has been rated BBB+ by GCR Ratings Limited, Agusto & Co. Limited, and Datapro Limited. This rating reflects its strengthened competitive position through market expansion and the addition of a 30,000 MT cocoa processing plant to its portfolio in 2023.
The company has become one of Nigeria’s largest exporters of processed cocoa butter and powder, supplying leading international food and confectionery companies.
The company is at the intersection of everything agriculture, unlocking immense values and ensuring food supply and premium export value for Africa.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
