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Job creation: N15bn cocoa processing plant begins operation in Akure

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Cocoa Processing Plant
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A N15 billion cocoa processing plant aimed at boosting employment in the country, has started operation in Akure, the Ondo State capital.

The Managing Director of JohnVents Industry, Mr John Alamu, at a news conference in Akure on Wednesday, said that 100 people had already been offered direct highly-skilled and unskilled jobs in the company.

Johnvents Industries Ltd. is a wholly indigenous-owned agribusiness and subsidiary of Capitalsage.

According to Alamu, the number of staff will increase to over 300 by the time the industry is at full operation.

He said that the industry was acquired from Olam Venture with 100 per cent acquisition of personnel and machinery.

“Since we came in April 2021, we have invested over N3 billion naira in revamping the factory after acquiring it from Olam Venture. This investment has been on the area of machinery.

“Cocoa is capital intensive. A tonne of cocoa today goes for about N1.3 million and we consume an average body of 35 tonnes per day. That is what we are spending on raw material alone.

“Because we are in the main crop season, it is the practice that you must have raw materials that can take you for 90 days.

“That tells you the requisite billions of naira required for cocoa beans only.

“But we are leveraging on interventions from the Central Bank of Nigeria and Bank of Industry to boost our capital.

“Shareholders have injected huge share capital to finance the project. The investment by shareholders in this industry is N15 billion,” he stated.

The managing director further said the industry was a 15,000 metric tonnes automated processing plant, with capacity to crush cocoa into cocoa liquor, butter, cake and powder.

He said that over 2,000 personnel would be involved in the cocoa supply and export value chain, while more than 15,000 smallholder farmers would be empowered to generate sustainable income and contribute to the national economy.

Alamu, however, said that the industry had signed an agreement with companies abroad for large scale patronage.

“We have signed an agreement with companies abroad that have potentials. The nature of this contract has already off-taken 100 per cent of what we will be producing in the next one year.

“Our sales strategy plan is product specific. Our cocoa butter is straightly for export and we already have buyers.

“But for our cocoa powder, we are not willing to send that abroad because we don’t want to package all our fortunes here and take them abroad since there is local demand,” he said.

The managing director said that the industry had three warehouses outside the country capable of storing 15,000 tonnes of cocoa beans and the industry would keep stocking up to cater for light crop season.

Alamu added that Gov. Oluwarotimi Akeredolu would officially inaugurate the industry on Dec. 7.

In her remarks, Mrs Caroline Omotosho, Manager, JohnVents Industries Ltd., said the company would be a game-changer in the cocoa value chain in revenue generation, local capacity development, job creation and contribution to the country’s GDP. (NAN)

 

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Business & Economy

Mangal Cement Reiterates Commitment to Consistence Quality, Tightens Relationship with Stakeholders

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The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa Monday, July 14th, 2025 addresses Annual Stakeholders Forum, Abuja
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By AbdulRahman Obaje

Mangal Cement has reiterate its commitment to consistence quality while reinforcing its relationship with it stakeholders.

The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa made this known Monday, July 14th, 2025 during this year Annual Stakeholders Forum, Abuja.

Omowunmi said, “We are here today basically because of this title: ‘building stronger partnership, quality trading solution and value for money’. We are here; number one, to tighten the collaboration that we’ve been having with our stakeholders. We know that we’ve been having relationship with you by virtue of the fact that you are partner to our business, you are using our brand; that automatically has clarify the fact that we are in partnership”

”We don’t just want it to be like that, we want it to be tighter, so we want to strengthen that collaboration, we want it to be tighter. That is why we are here and that is why we have invited you to be part of this event.”

“And secondly. We are also here to reaffirm the consistency in quality and innovation. We want to assure you that our quality remain the way it has ever been since inception; since we started production. My colleague said this is first of its kind; I mean the stakeholder forum we are having. But obviously this is first of its kind in Abuja environment. And I want to also appreciate us for being part of this very first one.”, she continued.

Participants also expressed satisfaction with Mangal product. Obastar Block Industry Said the cement is very good. He said, “People should join in using it, we have been using it. The cement is good. We have been using other cements but since we have tried Mangal cement, we have not been disappointed.”

“The only place they need improvement is setting, outside that, the cement is very good.” he concluded.

Olayinka AbdulWahid, IBZA Blocks said, “Mangal cement is very good in terms of quality and durability.

The blocks that we produced with Mangal cement, the customer actually vouch for. I have some few friends that whenever they want to cast, they always request that make Mangal cement available.

So, in terms of quality, it is a very good quality/ the only challenge we have is the availability and most of the time the delivery is very very poor in which sometimes, some of us we are unable to wait. we have to look for alternative product.

But with this seminar we attend today, if we can have access to more of the vendor or more of the distributor, we can have alternative demand.

So, that is the only challenge, the availability.”

However, Omowunmi further revealed that Mangal Industries is not slowing down on innovation and quality assurance, asserting that this is the reason for the forum, so as “to reaffirm our commitment to quality and innovation as an organisation.”, she continued.

The forum saw notable personalities such as Engr. Yusuf Ibrahim, Industrial Training Fund, Silifa Shagaya, SON and others in attendance

High point of the event was the distribution of wheelbarrows and protective gears to all the participants of the stakeholder forum.

 

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

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CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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 CBN Retains Nigeria’s Interest At 27.50%

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Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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