KEY POINTS

• Johnvents commercial paper funds expansion of Nigeria’s cocoa industry.

• The 270-day note offers investors a 23 percent annual yield.

• The company’s revenue surged from ₦59b to ₦230b in two years.

Nigeria’s cocoa-processing ambitions are getting another lift from John Alamu, founder of Johnvents Industries Ltd., who has returned to the capital markets to raise fresh funds for growth.

The company rolled out its Series 20 commercial paper this month under a ₦100 billion ($67.5 million) issuance programme. The 270-day note, offering an implied annual yield of about 23 percent, opened for subscription on October 17 and will close October 24.

The proceeds will go toward working capital and production scale-up at Johnvents’ Ondo State processing plants, where the company converts raw cocoa into higher-value butter, liquor, and cake for export.

Johnvents commercial paper strengthens cocoa expansion

Alamu’s journey mirrors Nigeria’s broader push for cocoa industrialisation. Once an aggregator sourcing from smallholder farmers, he has transformed Johnvents into one of the country’s fastest-growing processors, with trading networks across the UAE and parts of Asia.

Backed by development finance institutions, Johnvents has expanded capacity and met international processing standards. While its income went up from ₦59 billion ($39.9 million) in 2022 to over ₦230 billion ($155.4 million) in 2024. The company has a BBB+ credit rating and has always paid its debts on time, which is a good sign for investors.

Furthermore, the new Johnvents commercial paper marks another step toward stabilising foreign exchange flows through export growth. “Local processing keeps more value here, creates jobs, and strengthens the naira,” Alamu said in a recent interview.

Johnvents project draws institutional confidence

Nigeria’s cocoa industry has been regaining traction as exporters report record demand. For Alamu, the new paper is more than just a way to get money; it’s a promise. Johnvents is setting itself up for long-term growth and operational flexibility by using market instruments instead of loans with a lot of debt.

Market watchers say the issuance fits a pattern among maturing agribusinesses: using short-term market instruments to meet cyclical funding needs while preserving access to long-term capital. According to Billionaires Africa, with the cocoa sector fast evolving, Alamu’s strategy underscores how private capital can accelerate industrial growth in agriculture.