Insolvency Crisis Rocks FTN Cocoa, To Forfeit Shares To Mirae Assets

FTN Cocoa Processors Plc, one of Nigeria’s oldest cocoa processors may convert some of the debts owed Mirae Asset Securities formerly Daewoo Securities (Europe) to ordinary shares as it has been unable to generate revenue or make profit due to chronic liquidity crisis.

FTN Cocoa is among the four surviving cocoa processors in Nigeria after 16 closed offices in 2018.