The Managing Director/CEO of FTN Cocoa Processing PLC,Abiola A.Aderonmu has disclosed that it has invested additional N6billion into the company in order to bring the cocoa producer back to activity on the floor of the Nigerian Stock Exchange(NSE).
According to him despite the effort by the board and management of the cocoa producer, more funds are needed to ensure that FTN PLC returns to productive activity.
Aderonmu who was speaking on the back of the company’s facts behind restructuring at the NSE presented by its Executive Director,Akin Laoye Tuesday said the company is on the threshold of bouncing back given the various improvements in its operation of late, saying that the onus is on the nation to ensure that the manufacturing sector which FTN PLC represents is given a pride of place.
At the event, NSE Director General Oscar Onyema had said that the event was planned to enable the company to inform the market on its activities as it concerns its on- going restructuring in the overall interest of the market, adding that the hope is that the company would soon return fully to the market.
He reminded them that full disclosure is required in the market as it has zero tolerance for poor corporate governance, maintaining that credible and timely information are vehicles that make for good capital markets.
Laoye had informed the gathering that the company has entered into a partnership of sort with Transma Commodity Group and that the off take agreement signed by them has ensured that yearly 31% of its produce is bound to be taken up by the American Company. According to him this amounts to N6.7billion revenue yearly.
He also maintained that its cocoa powder are usually taken up by Nestle and Promassedor while the cocoa butter would be taken up yearly by the American company, adding that the agreement with Transma has already been approved by Security and Exchange Commission(SEC) and its shareholders.
As well he disclosed that FTN PLC new plant is all set and ready for production activity but that they ardently require working capital to kick off operations, revealing that they are working the issues out with Bank of Industry(BOI) and others.