Natural cocoa butter is expensive but a major ingredient used for the manufacture of chocolate. The search for alternative cheaper cocoa butter substitute with the similar physical properties, fatty acid and triglyceride content has been proposed. The objective of this study was to evaluate the potential of cheaper and processed (fractionated-or deodorized-) shea butter (FSB or DSB) to partly substitute 5% and 7.5% cocoa butter in chocolate production. The proximate composition, microbiological and sensory qualities, as well as estimated cost of the formulated chocolate products were determined and compared with that of the 100% cocoa butter chocolate as control. Results showed that all the shea butter substituted chocolate samples varying in percentages of incorporation had acceptable proximate composition and microbial quality according to the international standards. Also, there were no significant differences (P > 0.05) among all the five samples in terms of flavour, after-taste and texture except for the 7.5% FSB substituted chocolate which differed significantly (P < 0.05) from the other samples in terms of overall acceptability, thus 7.5% FSB was less preferred by consumers. FSB is cheaper than DSB based on the world market price quotes. Thus the current study recommends the use of FSB for chocolate confectioneries at 5% substitution rate for cocoa butter could help reduce the cost of chocolate production and increase turnovers.