Cardinal Torch Expands Agro-Processing Drive With ₦4.5bn Cashew Plant, Unveils New Levels Of Investment

Cardinal Torch Company Limited has announced a ₦4.5 billion investment in a state-of-the-art cashew processing factory in Shagamu, Ogun State, as the agribusiness firm accelerates its transition from a commodity exporter to a fully integrated agro-processing company.

The facility, with a processing capacity of 10 tonnes per day, is scheduled for commissioning in the first quarter of 2027 and represents a key milestone in the company’s strategy to increase local value addition, expand exports of processed agricultural products, and strengthen Nigeria’s non-oil economy.

Speaking during a recent media parley in Lagos, David Olurin, Managing Director and Chief Executive Officer of Cardinal Torch, said the investment underscores the company’s commitment to moving beyond the export of raw cashew nuts into the production of semi-processed and ready-to-eat products for domestic and international markets.

“We’re moving from just exporting raw cashews to processing them locally,” Olurin said. “The intention is to process cashews up to semi-processed and ready-to-eat products.”

According to him, the company has completed virtually all preparatory work on the project, with commercial operations expected to commence by February 2027.

Olurin explained that the choice of Shagamu was driven by its proximity to raw material sources, access to multiple power options and established export logistics, factors he said would position the factory for long-term competitiveness in an industry where many processors have struggled.

He added that Cardinal Torch intends to differentiate itself through product innovation, including mixed nuts and other value-added consumer products, while leveraging long-standing relationships with farmer cooperatives and its dedicated logistics fleet to ensure uninterrupted raw material supply.

The company already supplies ready-to-eat cashew products to supermarkets and exports processed products to the United Kingdom and the United Arab Emirates.

Beyond the cashew project, Cardinal Torch unveiled an ambitious investment programme that will significantly expand its agro-processing footprint across multiple value chains.

The company disclosed that it is developing a 250-tonne-per-day soybean oil extraction plant, alongside a cocoa processing facility that will produce cocoa liquor, butter and cake for industrial and export markets.

It also plans to manufacture soybean meal, lecithin, and acid oil while expanding into fast-moving consumer goods (FMCG), including pasta, spaghetti, and beverage products.
The expansion follows the establishment of the company’s ₦30 billion Commercial Paper Programme, under which it successfully raised ₦10 billion through its debut Series 1 issuance in July 2026, arranged by FSDH Capital Limited, to support working capital and future growth initiatives.
Olurin also disclosed that Cardinal Torch intends to list on the Nigerian Exchange as part of its long-term succession and legacy strategy.

“The plan is to eventually list the company as part of our legacy and succession plan,” he said.

Chief Technical Officer Emmanuel Mshelia said the company is deliberately investing in processing infrastructure that captures more value within Nigeria rather than exporting raw agricultural commodities.

According to him, the new cashew plant will also extract Cashew Nut Shell Liquid (CNSL) from discarded shells, creating an additional export revenue stream.

He explained that CNSL is widely used in brake linings, automotive components and several industrial applications, turning what is traditionally regarded as waste into a commercially valuable product.

Mshelia noted that Nigeria currently exports about 80 per cent of its raw cashew production to countries such as India and Vietnam for processing, forfeiting significant economic value.

By processing cashew locally into finished products, he said, Cardinal Torch expects to increase value by as much as 200 per cent while contributing to industrialisation, employment generation and foreign exchange earnings.

“We are transforming Nigeria’s agricultural produce into world-class products,” he said, adding that all production facilities are being designed to meet internationally recognised certification standards required in global export markets.

Head of Business Development and Commercial, Ndutimobong Sunday, said the company’s expansion strategy is underpinned by strong corporate governance, risk management and regulatory compliance.

She said Cardinal Torch has implemented stringent investment screening processes, anti-money laundering controls and commodity price hedging mechanisms, including access to the Intercontinental Exchange (ICE), to protect investors and manage market volatility.

According to her, the company is also strengthening sustainable sourcing by partnering with organisations that comply with international environmental standards, including the European Union Deforestation Regulation (EUDR).

She added that the company’s credit rating reflects its financial discipline and ability to meet future obligations as it deploys funds raised from the capital market.

Executive Director, Operations and Logistics, Bamitale Akindele, said Cardinal Torch is positioning itself as a supply chain-driven agribusiness rather than a conventional commodity trading company.

He said the firm’s investments extend beyond factories to warehousing, aggregation, logistics and human capital, with all new processing plants being constructed to comply with internationally recognised standards, including BRCGS and ISO certifications.

Founded in 2020, Cardinal Torch has built its business around connecting African farmers to regional and international markets through ethical sourcing, technology-enabled logistics, value addition, and export trade.

With investments spanning cashew, soybean, cocoa, and FMCG manufacturing, the company aims to build a resilient agricultural ecosystem that increases export earnings, creates jobs, supports farming communities, and positions Nigeria as a major producer of value-added agricultural products rather than a supplier of raw commodities.