Firm inaugurates N15b cocoa processing plant in Ondo
Johnvents Industries Limited, a wholly indigenous agribusiness and subsidiary of Capitalsage, has commissioned its upgraded multi-billion-naira cocoa processing plant in Akure, Ondo State.
The Group Managing Director of CapitalSage, John Alamu, at the inauguration of the factory in Akure on Tuesday, disclosed that it would create over 17,000 jobs.
The inauguration was carried out by the Executive Governor of Ondo State, Oluwarotimi Akeredolu, in the presence of other dignitaries, including the Deji of Akure, Oba Aladetoyinbo Ogunlade Aladelusi and the Jegun of Ile Oluji, Oba (Dr.) Julius Adetimehin, among others.
Alamu disclosed that the processing factory was upgraded to utilize the vast opportunities available in cocoa value chains.
He explained that it was incorporated in 2016 and had been at the forefront of driving sustainable growth and end-to-end transformation across the entire agricultural value chain.
Alamu added that apart from production, processing, manufacturing and distribution, the factory “promises to be a connecting bridge between cocoa farmers and the global cocoa market, thereby contributing meaningfully to Nigeria’s exports.”
“Johnvents Cocoa Processing Factory is a highly progressive agribusiness project, with 15,000 metric tonnes automated processing plant that requires less manpower and operates at 98 per cent operational efficiency at full blast.
“The factory will create 300 direct jobs and over 17,000 indirect jobs, becoming an economic powerhouse for Ondo State and Nigeria as a whole,” he explained.
Governor Rotimi Akeredolu commended the company for choosing the state as the investment destination, pledging to provide a conducive environment for their operations.
He said: “I am delighted to be here for the commissioning of the Johnvents Cocoa Processing Factory. Today’s commission of this incredible project is an important milestone in the cocoa agribusiness, not only to Ondo State but to Nigeria as a whole.”
He lamented that Nigeria was not taking advantage of the cocoa value chain, as only about 10 per cent of Nigeria cocoa beans are processed into cocoa butter and powder, while the rest are exported.