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Nigerian cocoa firm signs alliance with US company

A Nigerian beverages company, FTN Cocoa Processors Plc, has signed a five-year Strategic Partnership Alliance with Transmar Group of America, one of the global players in the cocoa products industry, the privately-owned Guardian Newspapers reported Tuesday.

The paper quoted the company chairman, Olusola Oguntimehin, as saying that the shareholders at a recent Annual General Meeting (AGM) also approved the alliance, aimed at aiding FTN’s business growth and profitability.

Oguntimehin explained that the partnership would help the company meet conditions set by the African Export-Import Bank Limited (AFREXIMBANK), so as to assess its credit facility.

“FTN Cocoa Processors Plc and CONCAFF, another cocoa processing company in Cote d’Ivoire, were selected by AFREXIMBANK to pioneer its African Cocoa initiative (AFRICOIN), which is designed to develop cocoa industry in Africa.

“This is aimed at helping origin country’s cocoa processors in Africa to operate in collaboration with off-takers in the international market. This has strengthened their willingness to support funding of FTN,” he said.

Oguntimehin said the company hopes to return to profitability in the financial year, going by the recent expansion in capacity as well as partnership with other companies.

The company chairman also noted that the future looks bright and promising for all stakeholders in the company.

“It is our hope that the result of the various installations carried out in the year under review will start to reflect from the latter part of the year. I therefore like to solicit the support, patience and commitment of all towards the success of our company,” he added.

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