Johnvents Industries redeems N28.64bn debt and oversubscribes N80bn paper

Johnvents Industries Limited has fully redeemed its Series 21 Commercial Paper, which had an aggregate face value of N28.64 billion, upon maturity. Simultaneously, the company reported that its N80 billion Series 1 Commercial Paper issuance, part of a N250 billion programme, was oversubscribed.

The company stated that the proceeds from the N80 billion issuance will be used to fund seasonal working capital requirements. This includes the procurement and processing of cocoa and other agricultural commodities to ensure continuity across its processing facilities during critical seasonal windows.

Group Managing Director John Alamu noted that the oversubscription serves as a vote of confidence in the company’s strategy to connect Nigerian agriculture with industry, exports, and consumer markets. Johnvents aims to use the capital to increase processing capacity and strengthen its position within the agricultural value chain.