An agro-allied company, the Johnvents Industries Nigeria Ltd, has said it has invested N3biillion to boost cocoa business in Ondo State and Nigeria.
It was gathered that the company took the acquisition of a cocoa factory in Nigeria from the previous occupier of the factory early this year.
The Group Managing Director of the company, Mr. John Alamu, addressing reporters in Akure, the Ondo State capital, on the development, said that the firm was in the cocoa industry to make a difference.
He said the company would be inaugurated by Governor Rotimi Akeredolu next week.
Alamu said: “We acquired the factory from Olam. Olam was the last tenant here and the factory belongs to Coop Cocoa. The nature of acquisition is this; the building belongs to Coop Cocoa, while we had 100 per cent acquisition of all the equipment of the factory.
“We came in, in April and since we came in, we have invested over N3billion in revamping the entire factory. This investment has been in the area of upgrade of some machinery, complete overhaul of some machinery. There has been a whole lot of development, this is not what this place used to be months ago. We have also invested a lot of money in procurement of cocoa beans.”
Discussion about this post