A leading agribusiness in cocoa processing and export, Johnvents Industries Limited, on Friday said that it had concluded plans to build Africa’s largest and most successful food and agribusiness group in the country.
John Alamu, group Managing Director of the industries, who said this while speaking with journalists in Akure, said the company has made significant efforts to increase in size from a small commodity trading operation to a full-fledged food and agribusiness group encompassing semi-finished and consumer goods, commodities trading as well as logistics.
According to him, the company has redeemed its series 1 commercial papers obligation totaling N5.5bn which was issued in December 2022. While the revenues of the company has leaped from N2.8 billion in 2019 to N59 billion in 2022.
Alamu said the exceptional development facilitated the successful registration of a N30b Commercial Paper Programme in October 2022, shortly after which the company raised N5.5 billion through its Series 1 Commercial Paper Issuance to meet working capital requirements.
He said; “We deeply appreciate the support of the Nigerian institutional investor community, in the rapid expansion of our business.
“As we continue in our quest to build Africa’s largest and most successful food and agribusiness group, the Board of Johnvents is committed to maintaining the confidence of its investors, and to consistently surpassing the expectations of stakeholders and regulators in the domestic and international financial markets”
Also speaking, the Managing Director, Investment Banking at United Capital Plc, Gbadebo Adenrele stated that: “United Capital Plc is pleased to have acted as Lead Arranger to Johnvents Industries Limited on its successful capital raising rounds and the repayment of N5.5 billion being the first series in its Commercial paper Issuance Programme.
“This is a testament of the company’s commitment to its strategic growth objectives, and we will keep using our extensive understanding of the capital markets to provide adequate support for Johnvents as well as other SMEs and mid-market enterprises seeking to access funding.
“Johnvents which is rated BBB by GCR Ratings Limited and BBB+ by Datapro Limited. The GCR rating (upgraded from BBB-) depicts that Johnvents’ competitive position has been significantly enhanced by integrating a 15,000-tonne cocoa processing plant, acquired in 2021 and subsequent acquisitions of other processing assets.
“The Company has become one of Nigeria’s largest exporters of processed cocoa butter and powder, with final customers including international blue-chip food and confectionery companies.
“Johnvents Group is an indigenous agribusiness and manufacturing group 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 entire agricultural value chain, including production, processing, manufacturing and trade of commodity and food products in Nigeria and the rest of the world.”