Abod Success Nigeria
Abod Success Ltd. is an international trader of raw cashew nuts (70% of turnover) and processor and producer of branded retail cashews (30%) sold on the local market, based in Lagos. Abod Success was incorporated in 2000 by selling 1 bag of cashew nuts a week. In the last 17 years the company has grown organically. In 2018, volumes of 1.300 tons of cashews went through the business (850 tons unshelled, and 450 tons shelled). The company had an annual turnover of about 3.5 mio EUR in 2018.
In 2019, we provided a 3-years profit sharing 8-months €400k in Naira convertible working capital facility. This is a financial product local banks are unable to deliver as they only submit fully collateralized loans (at 25% interest rate). The entrepreneur likes our entrepreneurial approach by offering capital on a profit split. The downward risk is mitigated for him and eventually Triple I can even get a higher return as offered by local banks.
The company employs 60 permanent and 200 unskilled workers primarily women (cracking and peeling) and young men (drying and carrying). Our facility will increase the buying capacity generating around 60 additional jobs. Part of our intervention will also be the improvement of the working conditions. Along our partnership we will assess the ESG in more depth and develop a plan to improve the working conditions of the staff. Abod Success is sourcing currently from hundreds of local farmers mainly from Benue State. 30% is bought direct from farmers and 70% is sourced through middlemen. Together we have the ambition to increase the direct sales from farmers allowing farmers to obtain a higher price.