A few days before the 2021 end-of-year celebrations, investors in Agropartenariats; an investment platform powered by Farmforte, shouted out of fear that the agritech platform might not be able to make payment for investments that fall due before the end of the year.
Investors have taken to social media to denounce Agropartnerships for not paying the investment along with the returns on the due date, especially when the fund is needed most.
Investor compliance ranged from non-payment of funds to funds missing in the portfolio, fueling growing pessimism about the platform among other things.
Investment matured but not paid
The platform manages project finance, investments in commodities and farms that promise a return on investment of between 16% and 40%, depending on the project and the schedule (usually six to 12 months). For example, project finance available on the website, Cashew Value Project offers 40% ROI in 12 months with a unit cost of N 250,000.
Others include sold-out Sesame 04 which offers 32% ROI in 9 months, Sweet Potatoes 08 which offers 36% ROI in 12 months with a unit cost of 100,000.
Information gathered by Nairametrics reveals that Agropartnerships has yet to pay investors their investment dues due in December.
An investor identified as OfficialvivianIkeji wrote on Agropartnerships Instagram page, “We have not committed a sin by giving you our money. Why can’t you just pay us in this current situation of the country? You want to rip people off their little one to enrich your heavy pockets. Keep your 600k ROI and pay me my capital, I’m not asking too much. I only need my money which has been with you since March.
Another investor, @Ifejola_ibitomi said, “It’s been over 3 days now, but we haven’t received the funds yet. You said after 3 working days. What’s going on please?
While there are cases of unpaid mature investing, some investors have also lamented that withdrawals are not reflected in their portfolio.
Begging the investment platform to rectify the problem, @sweetsmellsng wrote on his Instagram, “I made a bank transfer twice in my wallet so I requested a payment of 950k since 12/12/21. It still hasn’t reflected in my account. I have sent several emails and nothing has been done. Please can I get my money back? “
@Zolaraindustries, said another investor, “Please, I have requested payment since December 16th. The money left my wallet but I still haven’t been credited. Please help. Thank you”
@mz_ruthiiee said, “Please pay me my money. It has been over 6 days now since I requested payment. The funds have left my wallet and my account is not credited. Please pay me my money.
The platform does not communicate with investors
Despite the situation, investors said efforts to reach the platform were unsuccessful. Pleading for the urgent release of the fund to be used for families, some investors declared all attempts to reach agropartnerships; via mails, DMs on Instagram, calls, have all been futile.
An investor named @totutilly on Instagram said: “Guys, why are payments being delayed for up to 1 week and why do I have to sue you for updates?” If there is a problem, at least I would expect you to keep me posted “
Nairametrics visited Farmforte’s office at No.8, The Rock Drive, Lekki Phase 1 in Lagos on December 21, but was told their office was closed for the remainder of the year. In addition, attempts to reach the platform by phone call were unsuccessful.
A glimmer of hope
While many Agropartenariat investors have yet to receive payment for matured funds, it appears the platform has started paying some investors with less than one unit.
ladyobianuju said, “I think the payments are just delayed. Mine was due on December 15th, my wallet was replenished later that evening, and payment arrived in my account today, December 19th. However, communicating this would be the best way to keep everyone from panicking. Please consider communicating better.
Additionally, another investor who spoke to Nairametrics said she was confident the platform would pay off. According to her, the current problem may be related to management issues. She said, “I think they are currently having management issues with the automatic payment. Although it has been going on for a month, I was able to cash in twice in the last month. The payment was consistent
Nairametrics found that only investors with one unit have been paid at the time of this report, but investors are hoping that those in the 1-5 unit range will be paid within seven business days while those with five to 10 units will be paid. . in April of next year, as seen in a letter forwarded to one of the investors and seen by Nairametrics.
The email says, “If you receive an email, you currently have the option to defer funds or receive a deferred payment in April with additional interest. If you have not received the cashew cycle 04 email, you may receive all / part of your invested funds »
In recent times, there has been an increase in fraud cases within the crowdfunding industry, so much so that the Securities and Exchange Commission on January 21, 2021 established a new set of crowdfunding rules that, by its provisions, requires the establishment of appropriate structures.
Although this is seen as a welcome development that aims to regulate crowdfunding in Nigeria, experts say that the effective implementation of these rules would ensure proper compliance with its provisions and the Commission is charged with this responsibility.