CHIEF Executive Officer, Titan Multibusiness Investment Limited, owner of Titan Farms, Chief Gbenga Eyiolawi, has assured distributors, that supply of rice would now be in abundance, after suffering a shortfall in supply for a short while.
Eyiolawi, in a statement he personally signed, attributed the shortfall recorded recently to the effect of COVID-19 pandemic on Nigeria as well as the illegal influx of foreign rice and recent insecurity challenge in the country.
He said:”The effects of COVID-19 pandemic on our dear country and the illegal influx of foreign rice coupled with the recent insecurity within the country have negatively affected our operations drastically reduced our production rate which also affected our ability to pay investors as and when due.
“In recent time, it has been difficult reaching a business compromise with our outgrowers (paddy suppliers) because of the high inflation which is against our standing agreement. Due to the aforementioned, we have not been able to optimally produce and later halted production in the past two months.
“However, In the past week, we were able to reach an agreement with our production partners after a lengthy negotiation, production is expected to start fully as soon as possible.
“All pending orders will be released to our distributors, stores, markets and communities for sale immediately the first batch is produced and packaged. To our esteemed investors, we are soliciting your patience and support at this difficult time in order to fulfil our contractual obligations within a reasonable specified timeframe.”
He informed that:”An investor-relations board has already been inaugurated to work with the management to give strategic guidiance to avoid future occurrence. A zoom meeting would be convened as invites would be sent to email addresses as soon as it is decided.”
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