Johnvents Industries Redeems N3.68bn Commercial Paper

Fidelis David in Akure

An indigenous agribusiness and manufacturing group, Johnvents Industries Limited, has redeemed its series four commercial papers (CP) obligation totaling N3.68 billion.

The Group Managing Director of Johnvents Industries Limited, Mr. John Alamu, disclosed this yesterday while speaking in Akure, the Ondo State’s capital.

Alamu said that the CP was issued on May 17, 2023 at a yield of 18.5 per cent, indicative of the market’s recognition of Johnvents Industries’ strong performance and future potential.

Alamu said: “The repayment marks another milestone in Johnvent’s commitment to financial stability and investor confidence stressed that the Series four Commercial Paper, with a face value of N3.68 billion and was instrumental in bolstering Johnvents Industries’ working capital capabilities, enabling the company to expand its operations and meet the growing demand for high-quality agro products.

He expressed his gratitude to the company’s investors and stakeholders for their support, saying that “the successful repayment of our Series Four Commercial Paper symbolises our commitment to financial responsibility and sustainable growth. We extend our heartfelt appreciation to our investors for their trust and confidence in Johnvents Industries.

“In addition to the repayment of the Series Four CP, Johnvents Industries is gearing up for the redemption of its Series 5 Commercial Paper on February 27, 2024. The Series five CP, issued in August 2023 at a face value of N787.2 million and a yield of 15.75 per cent, has served its intended purpose of fortifying the company’s working capital reserves.

“We remain dedicated to maintaining the highest financial transparency and accountability standards. The upcoming redemption of Series Five Commercial Paper reflects our financial prudence and positions us for sustained success in the vibrant cocoa processing industry.

“With a strong track record of excellence and a commitment to quality, Johnvents Industries reaffirms its position as a trailblazer in Nigeria’s cocoa processing sector. The successful repayment of the Series Four Commercial Papers underscores the company’s resilience and reinforces investor confidence in its prospects.”