By Chinwendu Obienyi
Johnvents Industries Limited, a wholly owned indigenous agribusiness and subsidiary of Capitalsage, has successfully commissioned its upgraded cocoa processing plant in Akure, Ondo State.
The factory is a progressive agribusiness project with 15,000 metric tonnes automated processing plant requiring less manpower and operates at 98 per cent operational efficiency at full blast. The factory, according to the company, will create 300 direct jobs and over 17,000 indirect jobs, becoming an economic powerhouse for Ondo State and Nigeria as a whole.
The Ondo State Governor, Rotimi Akeredolu, who commissioned the factory, commended the company for choosing the state as the investment destination for such magnificent agribusiness project.
Akeredolu said, “I am delighted to be here for the commissioning of the Johnvents Cocoa Processing Factory. Today’s commissioning of this incredible project is an important milestone in the cocoa agribusiness, not only for 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 further noted that “Nigeria is not taking advantage of its cocoa value chain as only about 10 per cent of the country’s cocoa beans is processed into cocoa butter and powder, while the rest is exported. What this means is that we are losing about 90 per cent of our probable revenue from cocoa. I believe 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 event, 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 $5 billion potential value of cocoa, which we are currently not harnessing due to over reliance 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,” 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.
The commissioning was witnessed by other dignitaries, including the Deji of Akure, Oba Aladetoyinbo Ogunlade Aladelusi, the Jegun of Ile Oluji, Oba (Dr.) Julius Adetimehin, among others.