Economy
Johnvents Offers Investors N80bn Commercial Papers at Over 18%
By Aduragbemi Omiyale
A fully Nigerian-owned integrated agribusiness engaged in the processing, manufacturing, export, and distribution of agricultural commodities and consumer products, Johnvents Industries Limited, is selling N80 billion worth of commercial papers to investors.
The company is floating the CP under its N250 billion Commercial Paper Issuance Programme, with this tranche being sold in two tenors of 270 days and 364 days.
According to details of the exercise obtained by Business Post, the shorter paper comes with a discount rate of 18.18 per cent and an implied yield of 21.00 per cent, while the longer note has a discount rate of 18.71 per cent and an implied yield of 23.00 per cent.
Subscription for the offer commenced on Wednesday, October 7, 2020, and will close on Tuesday, October 13, 2026, with the next day set aside for allotment, and the settlement on Thursday, October 15, 2026.
Johnevents Industries is seeking these funds for its short-term working capital requirements, particularly the bulk procurement of cocoa as the Main Crop season commences. Johnvents has also expanded its international footprint through trading offices in the UAE and Uganda, as well as its entry into the Senegalese and Gambian markets through its premium rice business. The investment is subject to applicable taxes, except as otherwise exempt.
Johnevents Industries was established in 2016 and has grown from a crop aggregation business into a leading agro-industrial company, with processing facilities in Ondo and Kano States and flagship cocoa plants in Akure and Ile-Oluji with a combined capacity of 48,000 metric tonnes per annum.
The organisation continues to strengthen its operations through backward integration and capacity expansion, supported by funding partnerships with leading development finance institutions, including the Dutch Fund for Climate and Development, British International Investment (BII), and the International Finance Corporation (IFC). These initiatives support its continued growth, export expansion, and sustainable value creation.
