Johnvents Group, an indigenous manufacturing company, has said it is at the intersection of agriculture to unlock immense values in ensuring food supply and premium export value for Africa.
John Alamu, the Group Managing Director of Johnvents, who stated this on Tuesday in Akure, the Ondo state capital, said the company was committed to its agribusiness by driving sustainable growth across the entire agricultural value chain from production, processing, manufacturing and distribution.
Alamu noted that the company had diversified into a fast-moving consumer goods, producing cocoa-based confectionery products and carrying out much of the distribution of goods locally and for export through its logistics subsidiary.
According to him, the national scale long-term and short-term issuer ratings for the company have been elevated to BBB+ and A2, respectively, up from the previous ratings of BBB and A3.
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“This year marks the third instance since 2021 where we have secured investment grade ratings from three esteemed agencies: Augusto & Co, Data Pro, and GCR.
“The recent upgrade from BBB flat to BBB+ holds significant value for us, affirming Johnvents’ robust leverage and commitment to meeting obligations.
“While underscoring our substantial growth and diversified business offerings across the African agricultural value chain.
“As we bolster our presence in the cocoa value addition sector, commodities trading, production, manufacturing, and logistics across our diverse businesses, Johnvents remains steadfast in its commitment to emerge as a global leader in agribusiness, driving agricultural transformation and fostering economic development across Africa,” he said.
Daily Trust reports that GCR Ratings, a globally recognised credit rating agency, announced the recent evaluation of the company’s financial performance, risk management, overall market positioning, and evolution into an agribusiness and manufacturing group.
The upgrade of Johnvents’ ratings reflects its enhanced competitive position within the Nigerian cocoa processing industry following its organic growth and recent acquisitions and wider operations across the agricultural value chain.
Johnvents has evolved into one of the leading processors and exporters of cocoa in Nigeria. This is bolstered by an increase in its plant capacity to 45,000 metric tons (MT) per year from 15,000MT/year previously following the acquisition of one of the largest cocoa processing companies, Premium Cocoa, Ile-Oluji.
The company operates a group structure, with six businesses committed to driving sustainable growth across the 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.
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