The proposed financing would support Johnvents Industries and its subsidiaries in building a sesame-processing facility in Nigeria with annual capacity of 50,000 tonnes and a cashew factory in Côte d’Ivoire capable of processing 30,000 tonnes a year. Johnvents also plans to acquire 30 trucks to strengthen its distribution network and use part of the financing as permanent working capital. Alamu founded Johnvents and remains its principal shareholder, holding an effective ownership interest of approximately 95% through direct and indirect stakes. The ownership structure leaves him firmly in control as the company develops into a regional agricultural-processing group. ADVERTISEMENT The World Bank’s private-sector arm disclosed the proposed investment on 21 October. The proposal is still awaiting approval, with IFC’s board expected to consider it on 18 December. Under the plan, IFC would provide a senior loan package of up to $72 million with an eight-year repayment period and a two-year grace period on principal payments. Up to $50 million would come through an IFC A loan, with $25 million of that amount expected to be covered by credit insurance. IFC would seek to mobilise the remaining $22 million from other lenders through a B loan. About $53.6 million would be allocated to the factories, vehicles and other capital expenditure, while $18.4 million would provide working capital. Johnvents plans to build a 50,000-tonne-a-year sesame-processing facility along Nigeria’s Sagamu-Ibadan Expressway. [Johnvents ] Johnvents plans to build a 50,000-tonne-a-year sesame-processing facility along Nigeria’s Sagamu-Ibadan Expressway. [Johnvents ] ADVERTISEMENT Johnvents expands beyond cocoa The proposed investment would extend Johnvents’ operations beyond the Nigerian cocoa industry, where the company has already secured substantial development financing. In June 2024, IFC provided Johnvents with a $23.3 million financing package to expand its cocoa-processing plant in Ondo State and double production capacity to 120 tonnes a day. The package included financing from IFC, the International Development Association’s Private Sector Window and the Global Agriculture and Food Security Program. Johnvents secured another $40.5 million in long-term financing from British International Investment in February 2025. The money was earmarked for machinery, factory refurbishment and an increase in cocoa-processing capacity to about 30,000 tonnes annually. ADVERTISEMENT The latest proposal would move the group further into sesame and cashew processing while expanding its physical operations into Côte d’Ivoire, the world’s largest producer of raw cashew nuts. IFC said long-term dollar financing of the proposed scale was not readily available to regional agribusiness companies. It expects the investment to improve market access for farmers, create jobs and retain more value in Africa by processing agricultural commodities closer to where they are produced. An associated advisory programme could provide climate-smart agriculture training to approximately 40,000 farmers. It would also support digital traceability, producer organisations and sustainability certification across Johnvents’ agricultural supply chains. However, IFC classified the proposed investment as a Category A project, its classification for developments with potentially significant environmental and social risks. The institution identified possible child and forced labour in agricultural supply chains, unsafe working conditions, pesticide exposure and the conversion of natural or critical habitats as risks requiring safeguards. ADVERTISEMENT IFC also cited Alamu’s concentrated ownership and decision-making authority as a residual governance risk. It said the company had begun reducing that risk through professional management, board committees and a holding-company restructuring intended to strengthen independent oversight. The financing has not been approved. IFC said its projected board date is an estimate and should not be interpreted as confirmation that the loan will proceed.