Titan Farms Multibusiness Limited on Friday, said it has paid over five hundred and fifty million to investors as at December 2021.
The company’s CEO, Aare Gbenga Eyiolawi, said this on Wednesday in Ibadan, while addressing pressmen.
Speaking through the company’s PRO, Mrs. Ayoola Olaniyi, Eyiolawi said Titan Farms is not a fraudulent company.
She described reports published by some media platforms about the company as an unsubstantiated statement, explaining that such claim differs from the company’s mandate.
“Between July, when the payment got slow and December 2021, we have paid over 550M (with available proof and data). For some investors upon amicable settlement, we were able to settle them with considerations other than cash”.
“However, without revealing the identities of the investors, the proof of payments can be made available upon request. We will make this record open and available if they can have a committee set up for such a purpose. This committee can be a 5 man committee set up by the investors without any interference from us as to who is selected”.
“Primarily, we adopted the mode of sending emails as official means of communication, since the hurdles experienced in call making won’t be met while sending emails. Calls could be missed after office hours, emails cannot”.
“So majorly, the essence is to create efficiency in attending to investors and not only them, customers, partners and collaborators and ensuring better communication channels with partners. It is also important to note that we will now be operating a Hybrid system of working.” she added.
She asserted that the company is looking into altering its business model and by introducing new product lines and also new product sizes to cover more customer base.
“Our rice products would now have 2kg and 1kg sizes for shelf/supermarket sizes, so new buyers can buy for sampling and tasting while they come back to buy bigger sizes once they are satisfied with the quality of products we offer”.
“We would also be introducing two varieties of Garri as part of our new product lines in partnership with an international food processing organization based in Ibadan. This Garri would come in various sizes ranging from 1kg to 25kg and would be distributed across institutions, markets, and supermarkets”, she added.
She added that, “Our campus rave project that kicked off last year would enter full gear this year by ensuring the distribution of products to students at affordable prices while having them subscribe to our packages to ensure they get food cheaper than they would in their universities’ host communities”.
“By so doing, students are able to save more and not also bother about food while studying. We are using this avenue to build a student community “Community of the Future” for our products where we presently have over six thousand members and by the end of the year, we hope to have over One Hundred Thousand members for the community that we will constantly supply on regular basis”, she added.
This means we would spread across at least 5 tertiary institutions before the end of the year with our full presence. That way, the company can make more money reliably while reducing the cost of logistics and staffing.
On payment of investors, the PRO said the company never stopped the process of settling investors.
She admitted that the process may have been slow, considering different factors, but it has remained steady over time.
“we intend to continue and even scale up the payment process till all outstanding to investors are settled”, she hinted.
“Also, the envisaged dates failed because certain expectations on which the dates were fixed failed. We cannot be giving excuses why a date failed, rather we take responsibility for them and see how to redeem the disappointment and business as well”.
While she called on Journalists and Media practitioners to assist the company in salvaging the current situation, Olaniyi also enjoined members of the public to forthwith end the damaging posts on social media.
Speaking on the ongoing litigation process, Olaniyi said the Company’s legal team internally, and externally are on top of the issue, adding that this would help the management properly see to steady business growth.
“Yes, the truth is that a lot of investors have been paid, however, for privacy and confidentiality reasons, we cannot make such records or evidence public”.
