Psaltry International company supports farmers with 600 million cassava stems, loans, others

A cassava processing company, based in the Iseyin Local Government Area of Oyo State, Psaltry International Company Limited has reaffirmed its drive for a sustainable agribusiness environment in which cassava farmers and neighboring communities will benefit immensely as out-growers have accessed 600million cassava stems, Agric loans among other inputs from the company.

This was made known by the Chief Executive Officer of the company, Yemisi Iranloye, in a statement by her Special Adviser on Special Duties in Ibadan, the state capital.

The company said this in reaction to a media report criticizing it for delayed payment to farmers, adding that nothing of such happened, as there has been a payment plan according to a memorandum of understanding that has been used for years.

Addressing the accusations of payment defaults and lack of transparency in the weighing system by the publication, the company stated that such claims were far from the truth, stating that Psaltry purchased over ₦1 billion worth of cassava annually from three main segments of suppliers.

“Psaltry is reacting to a so-called “exclusive” news story from a blog alleging that Oke-Ogun cassava farmers would no longer sell cassava to the company due to, “delayed payments, lack of transparency in weighing system and no traceable benefits for both community and its indigenes.

“This is clearly the work of mischief makers, our priority has always been to contribute meaningfully to the communities where we operate, we believe that sustainable agriculture and responsible business go hand-in-hand, and our 15-year journey reflects that commitment.

“First, we procure cassava from our out-grower farmers whom we pre-fund, secondly, we source cassava from traders, we pre-fund to reach deep, remote areas where it would be difficult for farmers to bring their produce to us, ensuring that no farmer is left out of our supply chain, thirdly, we work with traders that we have previously trained, who now supply us cassava independently.

“I am happy to inform you that over 600 million cassava stems, herbicides, as well as Agric loans, were made available to these out-growers.”

He noted that each of the arrangements involved a business transaction with mutual obligations, where both parties have an understanding regarding payments and commitments.

To foster greater transparency, Psaltry has also committed to publishing regular impact reports, which will highlight ongoing community initiatives and key contributions to the local agribusiness ecosystem. Through these reports, Psaltry will maintain open lines of communication with stakeholders and continue to champion shared growth and sustainability.

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