Nigeria has the farmers, it has the cocoa, it has the land and climate to produce a crop demanded around the world. What Nigeria has struggled to do is capture enough of the value created from that cocoa.
John Alamu is trying to change that.
Through Johnvents, the Nigerian entrepreneur has moved from aggregating cocoa from smallholder farmers to processing the beans into cocoa butter, liquor and cake, building industrial capacity in Ondo State and expanding into international markets.
His story is therefore not simply about cocoa production but what happens after the crop leaves the farm and whether more of that economic activity can take place in Nigeria.
Alamu established Johnvents in 2016, initially financing harvests, aggregating cocoa and selling raw beans. The company eventually moved into processing, taking a position further along the value chain.
That decision has transformed Johnvents into one of Nigeria's largest cocoa processors.
From cocoa beans to industrial processing
The economics of the business explain the attraction.
A tonne of raw cocoa earns about $8,000. Processing it into cocoa butter can raise its value to roughly six times that amount, while chocolate can command up to 30 times the value.
For Nigeria, the difference represents an opportunity to turn an established agricultural strength into greater industrial activity.
Johnvents began producing cocoa butter, liquor and cake and expanded its processing operations in Ondo State.
In 2021, the late Rotimi Akeredolu, then governor of Ondo State, commissioned the company's 15,000-tonne facility in Akure.
The following year, Johnvents won Best Cocoa Dairy Company in Nigeria at the BusinessDay Leadership Awards.
The company's biggest expansion came in 2023, when Johnvents acquired Premium Cocoa Products Ile-Oluji, one of Nigeria's oldest cocoa-processing plants.
The facility has an installed annual capacity of 30,000 tonnes. The acquisition made Johnvents Nigeria's largest cocoa processor by installed capacity.
The company has also distributed agricultural inputs to 6,000 farmers in Ondo State and says it works with more than 10,000 farmers.
The farmers behind the factory
The factory is only as strong as the supply chain feeding it. That puts smallholder farmers at the centre of Johnvents' model.
The company's relationship with farmers includes cocoa aggregation, financing and agricultural inputs. For farmers, such links can provide access to finance and markets. For a processor, they help secure the supply and quality of cocoa needed to keep production running.
Alamu's familiarity with rural communities predates Johnvents, it began with a small lending operation that would eventually become the foundation of a much larger business career.
The ₦100,000 beginning
Born on August 21, 1992, Alamu studied statistics at the Federal University of Agriculture, Abeokuta, and Olabisi Onabanjo University in Ogun State.
His early career included work with Catholic Relief Services and the International Fertilizer Development Center, where he was involved in monitoring, evaluation and agricultural development.
In 2014, while still in his early twenties, he had ₦100,000, worth about $550 at the time.
He used the money to lend small sums to farmers and market women in rural communities.
The operation continued until 2018, when it was incorporated as CreditAssist Investment Limited after expanding across Nigeria. It later developed into CapitalSage Technology and CapitalSage Holdings.
CapitalSage subsequently grew into a diversified financial-services group, with Kolomoni Microfinance Bank providing savings, loans and USSD banking in Nigeria and The Gambia.
The group also includes businesses covering payments, structured lending, asset management and capital markets, with a distribution network of more than 60,000 agents and merchants across Nigeria.
The financial-services experience is an important part of Alamu's background, but Johnvents has taken his business journey into a different arena: industrial production.
International confidence in Johnvents
The scale of the cocoa business attracted major international financing.
In February 2025, British International Investment, the UK's development finance institution, committed $40.5 million in long-term financing to the Johnvents group.
The funding was directed to Premium Cocoa Products Ile-Oluji, which had been operating at about 13,000 tonnes against its 30,000-tonne installed capacity.
The financing is supporting machinery, refurbishment and expansion aimed at increasing production.
Benson Adenuga, head of BII's Nigeria office, said the investment would help address structural barriers in the cocoa industry, benefit local farmers and improve Nigeria's trade balance.
Jonny Baxter, the British deputy high commissioner in Lagos, said the UK was proud to support sustainable investment that creates jobs.
The investment also places greater expectations on Johnvents to turn its installed capacity into productive capacity.
Preparing for global markets
Johnvents has committed to achieving 100 per cent cocoa traceability by 2027, with at least 90 per cent certified.
The target comes as European Union rules place greater emphasis on deforestation risks and supply-chain documentation for commodities entering its market.
For Johnvents, traceability means being able to establish where its cocoa comes from and follow its journey through the supply chain.
That is becoming increasingly important for Nigerian companies seeking to compete in major international markets.
Financing the expansion
In October 2025, Johnvents Industries issued its Series 20 commercial paper under a ₦100 billion programme, with the issue worth about $67.5 million.
The 270-day note carried an implied annual yield of roughly 23 per cent and opened on October 17 before closing on October 24.
The proceeds were intended for working capital as the company increased production in Ondo State and expanded exports.
Series 20 followed 19 earlier issues.
The borrowing provides another source of funding for expansion, but the cost also underscores the financial demands of running a large manufacturing operation.
Raw materials must be purchased, equipment maintained and production sustained before finished products generate revenue.
Beyond cocoa
Alamu's business interests now extend beyond Johnvents.
Johnvents Foods operates in consumer products, while Best Western Hospital represents the group's healthcare interests.
CapitalSage's financial-services businesses operate across Nigeria, The Gambia, Kenya and the UAE, while Johnvents' export activities reach markets across Africa, Asia, Europe and the Middle East.
In April 2026, CapitalSage restructured its board, introducing independent oversight and appointing a new chief executive for its financial-services businesses. Alamu said the changes were intended to strengthen accountability as the organisation expanded.
He has also received the Business Conglomerate Leadership Award at the Marketing Edge Awards and has become a regular speaker on Nigeria's economic diversification.
Yet the cocoa business remains the clearest expression of one of the ideas running through his entrepreneurial journey: Nigeria can do more with what it already produces.
The bigger Nigerian story
John Alamu's cocoa journey raises a question that extends beyond one company.
Nigeria has spent decades producing agricultural commodities for global markets. The next stage is to build more of the industries that process those commodities, employ people around them and take higher-value products into those same markets.
Johnvents is attempting that with cocoa.
The company has moved from aggregation to processing, expanded its industrial footprint and acquired a facility capable of processing 30,000 tonnes annually.
Whether that capacity ultimately translates into sustained production, stronger farmer incomes, more jobs and greater export earnings will depend on execution, access to capital, reliable supply and the ability to compete in demanding global markets.
However, the direction is clear.
Alamu began his business journey with ₦100,000 used to lend money to farmers and market women.
More than a decade later, his businesses employ more than 2,000 people and work with over 10,000 farmers across a growing international footprint.
The more significant part of the journey, however, is what he is building around Nigerian cocoa as the opportunity is no longer simply to grow the crop but to process it, manufacture with it and take more of its value from Nigerian farms to global markets.
For Nigeria, that is the difference between being a major producer and building a major industry.