Business

Johnvents Secures $40.5mn from BII to expand

Benson Adenuga, head of British International Investment’s (BII) office in Nigeria, said the institution was providing long-term funding for the firm’s plant in Ondo state.

Published

1 year ago

February 18, 2025

OCHEFA

609 Views

Johnvents, a Nigerian agribusiness and manufacturing firm, has gained $40.5 million from the UK’s development finance institution to more than double its cocoa processing capacity to 30,000 metric tons annually.

Cocoa is among the biggest non-oil exports in Nigeria and largely grown by small-scale farmers in the south of the country.

Benson Adenuga, head of British International Investment’s (BII) office in Nigeria, said the institution was providing long-term funding for the firm’s plant in Ondo state.

” We’re actually providing funding for them to acquire machines and refurbish and expand their factory,” Adenuga told Reuters. Johnvents exports processed cocoa butter and powder, including to Europe.

Adenuga said BII would also help the firm to have 90% of its cocoa certified under the Rainforest Alliance sustainability and traceability programme by 2027.

Related Topics:British International Investments Featured Johnvents

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Business

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

2 days ago

July 30, 2026

OCHEFA

35 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

2 days ago

July 30, 2026

OCHEFA

46 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.