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Nigerian cocoa processor, Johnvents Industries Limited has completed the repayment of its N9.2 billion Series 7 & 8 Commercial Paper, improving its chances as an issuer in the Debt Capital Market
Commercial paper is a short-term debt instrument issued by corporations. It is typically used to finance short-term liabilities.
The company has been rated BBB+ by both GCR and Datapro based on its performance in Nigeria’s agribusiness sector.
It was gathered that the company had redeemed a total of N24.5billion since the launching of its commercial paper programme in 2022,.
The Series 7 & 8 Commercial Paper, was issued to support the company’s growth and liquidity. The company says the redemption of the facility underscores its commitment to meeting financial obligations promptly.
The company claims its cocoa processing enterprising has ensured growth in the industry and established it as a key player in Nigeria’s agricultural value chain.
“This success reflects Johnvents’ unwavering commitment to financial prudence and reinforces the confidence placed in our organisation by the investing public,” Managing Director of Johnvents Group, John Alamu, said, when he spoke to journalists in Akure.
“We are immensely grateful to our stakeholders for their continued trust and support. Johnvents remains steadfast in delivering sustainable value, maintaining the highest standards of corporate governance, and contributing to the growth of Nigeria’s agribusiness landscape.”
In June this year, the company signed a partnership with the International Finance Corporation (IFC) a member of the World Bank Group worth $23.3million (about N35billion) in the effort to expand the company’s cocoa processing operations and increase its export capacity to global markets.
It was also part of efforts to strengthen Nigeria’s agricultural sector and support the livelihoods of thousands of farmers across the country.
Mr Alamu said Johnvents Industries is currently positioned at the forefront of Nigeria’s agricultural sector, “focusing on creating long-term value through sustainable practices, local community development, and innovative solutions.”
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