As part of efforts to redeem payout commitments to all stakeholders, Agropartnerships have announced that payouts will resume in July 2022. The company made this known during a recent virtual stakeholder meeting on Friday, 18th of February 2022, which also featured the presentation of a consolidated payout plan.
While assuring partners that the company is committed to clearing all payouts, Uyi Osayimwense, Co-founder and Co-CEO, Agropartnerships disclosed to stakeholders that the company is working relentlessly to strengthen its pillars for longevity in the sector. The payout strategy presented will enable the business fully return to a healthy financial standing. More importantly, it ensures partners are paid in the earliest possible time frame. 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 analyze 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 commented “To this end, we have halted all payouts from February 18. While we plan to begin Interest payments in July 2022, all payments will be made in three batches, July 2022, Oct 2022, and Feb 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 on business operations.
