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Troubled FTN Cocoa Moves To Raise Fresh $6.3m Loan To Survive Liquidation

Distressed FTN Cocoa Processors Plc has turned to taking $6.3m loan from OH Ecosystems LLC in other to dodge bankruptcy.


After an emergency meeting held in Lagos, the company is willing to provide security in favour of Norwegian Investment Fund for Developing Countries and OH Eco for the convertible loan.


Norwegian Investment Fund for Developing Countries had funded OH Eco with $12m to invest in the Nigerian cocoa industry.


In a regulatory filing seen by THE WHISTLER on Wednesday, FTN Cocoa which had not declared revenue directed its directors to “form Technical and Management alliances with any organization local/foreign in such a way as would be mutually beneficial to the parties involved.