Psaltry International Limited (PIL) has approved the appointment of the new board of directors for its company.
Psaltry, an agro-processing company with an asset base of $20million and factory capacity of 24 metric tones (MT) of sorbitol per day, 40MTper day of food-grade starch and 20MT per day of High-Quality Cassava Flour (HQCF), located at Ado Awaye in Oyo state.
The company, at the board meeting that took place on the 10th of January, at Psaltry International Company Limited site approved the appointment of Folusho Olaniyan as the Chairman Board of Directors, Paul Okunaya and Kaycee Kennedy as members of the board.
The new Chairman board of directors, Olaniyan, rose to become the Managing Director/CEO of UTC Nig Plc in 2007 and stepped down in 2013 to begin a private consulting career, later founded Contact Consulting Nig. Ltd., market research, business advisory and advocacy organisation, focused on agricultural value chain development and investments, in 2013.
Okunanya has over 18 years experience in treasury, corporate and commercial banking, corporate finance, turnaround management and private equity investment, while Kennedy has over twenty years of experience in the fields of technology and management- providing leadership, solutions and innovation to enterprise, manufacturing, business and government.
Psaltry is the major supplier to Nestle, Unilever, Nigerian Breweries and Promasidor.
The factory was established to produce sorbitol, a major raw material for toothpaste production, and food-grade starch as raw material for seasoning cubes, beverages and medications.
It also produces high-grade cassava starch, high-grade cassava flour, cassava glucose syrup. The company is about to commission the new factory, the coming on stream of which will be a major milestone towards the industrialisation of Nigeria through agricultural value chain development.
Established in 2005, Psaltry is the first to produce cassava-based sorbitol in Africa, and second in the world after Indonesia.
PIL runs an outgrowers’ farmer scheme of 3,500 farmers and 500 youth agripreneurs.
The company’s contribution to environmental sustainability involves waste management in which Psaltry’s factory recycles cassava peels and pulp waste into pellets for powering wood boilers in the production factory.
Olaniyan commended Psaltry International Company Limited founder and Managing Director, Mrs Oluyemisi Iranloye for her remarkable contribution to the agricultural landscape in Africa.
She also appreciated her for her significant impact in building the company to achieve its goals and gave her assurance that there will be absolute cooperation between her and other members of the board of directors to ensure Psaltry attain its global standard.