TheCable

Johnvents Industries Limited, a wholly indigenous-owned agribusiness and subsidiary of Capitalsage, has successfully commissioned its completely upgraded multi-billion Naira cocoa processing plant in Akure, Ondo State, Johnvents Cocoa Processing Factory. The commissioning was carried out by the Executive Governor of Ondo State, Arakunrin Oluwarotimi Akeredolu in the presence of other dignitaries, including the Deji of Akure, Oba Aladetoyinbo Ogunlade Aladelusi, the Jegun of Ile Oluji, Oba (Dr.) Julius Adetimehin, amongst others.

Johnvents Cocoa Processing Factory is a highly progressive agribusiness project, with 15,000 metric tonnes automated processing plant that requires less manpower and operates at 98 percent operational efficiency at full blast. The factory will create 300 direct jobs and over 17,000 indirect jobs, becoming an economic powerhouse for Ondo State and Nigeria as a whole.

Commissioning the factory, the Ondo State Governor, Arakunrin Rotimi Akeredolu, commended the company for choosing Ondo state as the investment destination for such a magnificent agribusiness project. According to him, “I am delighted to be here for the commissioning of the Johnvents Cocoa processing Factory. Today’s commission of this incredible project is an important milestone in the cocoa agribusiness, not only to Ondo state but to Nigeria as a whole. I commend and congratulate you for coming to Ondo state, and I assure you that we will continue to provide an enabling environment for you to thrive.”

The Governor noted that “Nigeria is not taking advantage of the cocoa value chain as only about 10 percent of Nigeria cocoa beans is processed into cocoa butter and powder, while the rest is exported. What this means is that we are losing about 90 percent of our probable revenue from cocoa. I believe that the addition of Johnvents Cocoa will increase the percentage of cocoa beans processed in Nigeria.”

The launch of Johnvents Cocoa Processing Factory is an exciting indicator of the company’s dominance as one of Nigeria’s leading companies in the process of making cocoa production and the rest of agribusiness a profitable sector that significantly contributes to Nigeria’s economic growth and foreign exchange earnings.

Speaking during the official commissioning, the Group Managing Director of CapitalSage, the holding company of Johnvents Industries Limited, John Alamu said: “Our vision is to continuously drive sustainable growth across the entire agricultural value chain in Nigeria. With the abundant cocoa production in the country, our value should far exceed what it currently is. This is why we have taken the audacious step of developing a multi-billion Naira cocoa processing factory of this magnitude. This will help the country further tap into the $5billion potential value of cocoa, which we are currently not harnessing due to overreliance on cocoa beans alone.”

“Johnvents Cocoa Processing Factory will crush these cocoa beans into cocoa liquor, butter, cake, and powder, for internal consumption and export into other markets across Europe, Asia and America, thereby increasing the country’s foreign exchange earnings. Interestingly, the economic benefits of this factory go beyond its contributions to foreign exchange earnings. It will also be a big player in job creation through 300 direct jobs and over 17,000 indirect jobs for Ondo State indigenes and Nigerians across the country,” Mr. Alamu said.

The Johnvents boss thanked all stakeholders and dignitaries for joining the company to witness history in the country’s cocoa processing business, while calling for their continued support to ensure that the country moves beyond cocoa beans production to becoming a continental and global giant in cocoa processing for local consumption and export purposes.

Johnvents Industries Limited, owners of Johnvents Cocoa Processing Factory, was incorporated in 2016. Since inception, the company has been at the forefront of driving sustainable growth and end-to-end transformation across the entire agricultural value chain from production, processing, manufacturing and distribution. It promises to be a connecting bridge between cocoa farmers and the global cocoa market, thereby contributing meaningfully to Nigeria’s exports.