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Johnvents Industries Limited redeems N5.5 billion Series 1 Commercial Paper Issuance under its N30 billion Commercial Paper Programme

Johnvents Industries Limited, an indigenous agribusiness and manufacturing group, is pleased to announce the redemption of its obligation under the N5.5 billion Series 1 commercial paper notes issued in December 2022.

Johnvents’ transformation since incorporation in 2016 has been marked by the superlative growth of its revenues from N2.8 billion in 2019 to N59 billion in 2022, as well as the expansion of its offerings 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.

This exceptional growth facilitated the successful registration of a N30 billion Commercial Paper Programme in October 2022, shortly after which the company raised N5.5 billion via its Series 1 Commercial Paper Issuance to meet working capital requirements.

Mr. John Alamu, Group Managing Director of Johnvents Group 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”.

The Managing Director, of Investment Banking at United Capital Plc, Dr. 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 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.

About Johnvents

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.

The subsidiaries include:

  • Johnvents Cocoa Factory, Akure – a 15,000 MT plant with Cocoa Liquor, Butter, Cake or Powder output. Since the start of operations in 2021, 20,000 MT 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% 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.
  • Johnvents Trading is a vital commodity value chain player with a combined warehouse capacity of 15,000 metric tonnes in Kano and other locations across Nigeria, with the capacity to store up to 75,000 bags at any time. The Company has strong capabilities in the procurement, storage and trading of multiple commodities including paddy and processed rice, soybeans, sesame seed and cocoa.
  • Haven Hauling is a logistics and export business. It combines a state-of-the-art transport fleet (with over 50 trucks) and vastly experienced freight and export personnel to ensure the timely and safe delivery of our products to their intended destinations.
  • Johnvents Farms is a combined 800 hectares of land in Oda and Ile-Oluji, Ondo State. The land in Ile-Oluji contains 50 hectares of palm oil plantations, while the massive 750 hectares of farmland at Oda are primarily the production of sustainable cocoa.

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