Status: Completed investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Tulip Cocoa was established in 2006 in Nigeria in order to expand the production capacity of Dutch cocoa trader and producer Theobroma. Theobroma started as a cocoa butter trader in Amsterdam in 1922. Its main shareholder is the leading international commodity trader Armajaro Trading Ltd. Theobroma has expanded the range of cocoa products it trades and now has its own cocoa production facility so as to be able to supply high quality cocoa products regardless of general market trends.

What is our funding objective?

The success of Tulip has led to the expansion and upgrade of its production capacity. The new investments will not only more than double the possible through-put volume of cocoa beans (30,000 metric tons instead of 12,000) as well as decrease the costs per metric ton by 50%, but also improve the quality of the semi-finished products. Investments will consist of, among others, warehousing capacity and infrastructure, drying equipment and blending units, a cocoa alkalization and sterilization unit and a cocoa butter pressing, filtering and filing installation.

Why do we fund this investment?

Tulip cocoa is an established and successful company in Nigeria and the investments at hand are in line with the corporate strategy. Furthermore, there is synergy with other Theobroma projects and efficiency will be improved. The company is also committed to environmental and social issues, reflected by amongst others its dedicated sustainability manager. FMO’s involvement was highly additional since local commercial long-term financing is not available. FMO also helped to increase client awareness of the traceability of cocoa products in Nigeria and of the number of farmers producing for them.

More investments

Date Total FMO financing
1/16/2018 EUR 2.80 MLN
Website customer/investment
Agribusiness, Food & Water
Effective date
End date
Total FMO financing
EUR 5.00 MLN
Fund Emerging Markets
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)