Co-founder and Co-CEO, Agropartnerships, Uyi Osayimwense, has assured that the payout strategy presented by the company is not asphyxiating. Rather, it will enable the businesses to fully return to a healthy financial standing.
Speaking at a virtual stakeholder meeting at the weekend to announce that payouts will resume in July, this year, he said the strategy ensures partners are paid in the earliest possible time frame.
On the occasion, which also featured the presentation of a consolidated payout plan, Osayimwense assured partners of the company’s commitment to clearing payouts, adding that the company is working to strengthen its pillars for longevity in the sector.
He said the payout strategy presented will enable the business fully return to a healthy financial standing. He said: “We have spent a huge amount of time since the last webinar with our team of experts, speaking with employees, contractors, institutional investors, agencies, technical partners, and some agropartners. I can assure you that everyone has worked tirelessly with us and our internal teams to fully analyse the situation – past and future maturing cycles, operations, future cash flows, risks, and opportunities. It is based on the outcome of this deep assessment that we have come up with the most viable way out of the present challenges.”
Also speaking on the payout schedule, Co-CEO, Osayi Osazuwa, said: “To this end, we have halted all payouts from February 18. While we plan to begin Interest payments in July 2022, payments will be made in three batches, July 2022, Oct 2022, and February 2023.”
In recent weeks, many partners have had to deal with delayed cycle payouts, caused by global supply chain disruptions, resulting in huge losses worth millions of dollars, which also impacted the company’s ability to acquire and replace critical machinery at processing facilities as well as the unforeseen impact of the COVID-19 pandemic.