Johnvents raises $59.5M in oversubscribed Nigerian cocoa debt sale

What's the deal? Nigerian agribusiness JohnventsDealroom has a profile for this one. Try Dealroom → raised ₦80 billion (about $59.5 million) in an oversubscribed Series 1 commercial paper issuance, with United Capital and Regius Capital leading the transaction. The debt was floated under the company's ₦250 billion commercial paper programme.

Why now? Proceeds will fund seasonal working capital, mainly bulk cocoa procurement as Nigeria's main crop season begins. The two tranches carry tenors of 270 and 364 days, with implied yields of 21% and 23%.

What's the endgame? Founded in 2016, Johnvents has grown from a crop aggregation business into an integrated agribusiness spanning aggregation, storage, processing, exports, and branded consumer products. It plans to lift processing throughput, move into higher-value consumer goods, and strengthen distribution and export relationships.

The issuance coincided with the full redemption at maturity of the company's Series 21 commercial paper, worth ₦28.64 billion. "Closing this issuance while fully redeeming Series 21 at maturity reflects our focus on matching funding to operating cash flows," said group head of treasury Samuel Olaifa.

Group managing director John Alamu called the oversubscription "an important vote of confidence in what Johnvents is building." The company has separately secured $23 million in debt financing with International Finance Corporation-led backing.

The signal: The round sits around the 90th percentile by size among debt deals for food companies in Nigeria. But the appetite is not unique to Johnvents: rival Sunbeth drew more than ₦220 billion in subscriptions for a ₦150 billion offer, signalling broad investor demand for seasonal cocoa credit ahead of the 2026/27 harvest.

Read more: businessday.ng

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