Psaltry International welcomes Akanya to chair new board

… as Olaniyan ends 6-year stint

Oluwadarasimi Omiyale

Psaltry International Company Limited, a Nigeria-based agro-processing company, has inaugurated a new board chair at the expiration of six years tenure of the first female board chair. In a handing-over ceremony in Ikeja, Lagos, recently, Folusho Olaniyan stepped down as board chair for the in-coming Oluwafunmilayo Akanya, a professor.

During Olaniyan’s tenure, she provided strategic oversight that supported Psaltry’s expansion, strengthened governance structures, enhanced board effectiveness, and reinforced the company’s reputation for excellence, regulatory compliance, and sustainable growth. She led the team that commercialised cassava bread during her time as the CEO of UTC Plc. At the Chartered Institute of Directors, she serves as chairman of the Director Development and Certification Committee. She is also a Cochran Fellow of the United States Department of Agriculture (USDA).

Akanya, the in-coming board chair, is a distinguished academic and educational leader with nearly four decades of experience in teaching, research, and academic administration. She rose from being one of the founding members of the Department of Biochemistry at the Federal University of Technology, Minna, becoming head of department, dean of the School of Science and Education, and a member of several key university committees, including Council and Senate. Her research focus is in nutrition and clinical biochemistry, with over 80 peer-reviewed publications.

Psaltry International Company Limited was established in 2005, originally operating as a farming enterprise before transitioning into full-scale industrial processing in 2012. Located in Ado-Awaye, Iseyin Local Government Area of Oyo State, it operates from a large integrated facility supported by expansive farmland and a structured network of local contract farmers.

Founded with the vision of reducing post-harvest losses and opening up industrial potential of cassava, Psaltry has grown into one of Africa’s leading cassava processing companies, integrating thousands of smallholder farmers into a sustainable commercial value chain and contributing significantly to rural development and industrial growth.

Notably, Psaltry is the first company in Africa and the second globally to produce sorbitol from cassava, positioning Nigeria on the global map for advanced cassava industrialisation. Its products serve clients across the food and beverage, personal care, pharmaceutical, and industrial sectors, reflecting the company’s strong production standards and market relevance.

Oluwafunmilayo Akanya, in-coming board chair, Psaltry International Company Limited

The company specialises in the processing of cassava into industrial and food-grade derivatives. Its product portfolio includes High Quality Cassava Flour (HQCF), Food-grade Cassava Starch, Glucose Syrup, Cassava-based Sorbitol, Animal Feed from processing waste, supporting circular economy practices, High-purity Hydrogen, produced from 2024 and supplied to industrial clients, including BOC Gases.

Psaltry operates in compliance with national and international quality and regulatory standards. Its operations and products are certified by relevant authorities, including National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON – MANCAP), Halal Certification and Kosher Certification. These certifications reinforce the company’s commitment to quality assurance, food safety, and global best practices.

Psaltry’s growth trajectory reflects deliberate investment, capacity expansion, and sustainability. Its operational milestones include the acquisition of over 300 hectares of land for farming and factory development; training of local farmers and establishment of an extensive out-grower network within the space of 2005 and 2012; completion and commissioning of a 20-tonne-per-day cassava starch factory in 2013; expansion with an additional 20-tonne-per-day starch production line in 2015; establishment of an animal feed/pellet factory, converting production waste into animal feed and promoting a circular economy in 2019; introduction of 15 tonnes per day high-quality cassava flour production capacity in 2020; completion of a 25-tonne-per-day sorbitol and glucose production facility in 2022 and commencement of hydrogen production for industrial supply in 2024.

Through these milestones, Psaltry has strengthened food security, expanded industrial raw material supply, supported smallholder farmers, and contributed to rural economic development. In 2025, the company marked 20 years of operations, underscoring its long-term impact and resilience in Nigeria’s agro-industrial sector.

Psaltry International Company Limited was founded by Oluyemisi Iranloye, a pioneering agribusiness entrepreneur widely known as the “Cassava Queen”. Since establishing the company in 2005, she has played a central role in transforming cassava from a subsistence crop into a high-value industrial raw material. Under her leadership, Psaltry has integrated over 5,000 smallholder farmers into a structured supply chain and implemented community development initiatives, including access to water and electricity for host communities. Her vision and leadership laid the foundation for Psaltry’s strong production base, market credibility, and reputation as a socially responsible agro-industrial company.