FarmFunded Agroservices, an acclaimed investment company, has vanished after failing to pay its investors for almost two years.
Despite proactive measures taken by some investors to ensure that the company refunded their investment capital, they continually encountered hurdles set by the company.
Speaking with FIJ, Gregory Ezenwa (not real name), an investor with the company, said FarmFunded threatened him when he would not stop making efforts to get his money.
He stated that the chief executive officer of the company also called him, asking that he desist from motivating other investors to get their money.
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The entrepreneur, who invested N3 million with FarmFunded in October 2020, said everything seemed fine with the company until three months after investing.
He said that he invested in the company’s Rice Paddy Aggregation Scheme for a 10-month period at 36 percent interest rate, but did not receive benefits due to the company’s failure.
He said he was shocked when he stumbled on a forum on social media where FarmFunded investors were complaining about not receiving their due payments months after investing in the company.
In fear, he said, he reached out to the company’s management to find out if there was a problem, but they denied it.
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Ezenwa said the complaints multiplied by the day, and then FarmFunded stopped taking investors’ calls. He said they later blamed the issues they were facing on Covid-19, banditry and bird flu.
Ezenwa’s payment receipt
“To calm investors’ nerves, they announced that they had brought in some experts to see to the recovery of the company. Joshua Ajisope (Founder and CEO) would be stepping down as CEO and would be replaced by Anthony Olu, a risk manager by profession,” he said.
Ezenwa stated that the company held a Zoom meeting where they promised to make public the list of investors they owed and a specific schedule for payment.
“That list we never saw. Instead, FarmFunded sent every investor an email, promising to pay them, some as far out as two years. That promise also was never fulfilled,” he said.
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Ezenwa contacted everyone in the official investors’ group and asked them to join another channel to discuss how to recover their capital legally, but this offended the company’s founder, he stated.
“Founder Joshua Ajisope called me one night and was threatening. He disguised it as a friendly notice to stop,” he said.
“He made statements like, ‘If you don’t stop instigating other investors against us, it will force us to fight back.’”
Ezenwa said he did not mind the statement until he received a letter in his house, threatening legal action against him a week later.
“They said they would take some actions against me if I did not delete a comment I made on an investors’ forum against FarmFunded,” he said.
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Ezenwa said he and other investors wrote a petition to the Lagos State Police Command through a lawyer, and the police swung into action.
“They could not get Joshua Ajisope, but they could track down Anthony Olu, the new CEO. FarmFunded appointed two layers to Olu and they were ready for a legal battle,” he said.
He stated that FarmFunded representatives insisted they intended to pay, disclaiming the shreds of evidence brought before them.
“The investigation would have been ongoing at the Inspector General of Police Intelligent Response Team (IGP-IRT) office had the Abba Kyari issue not come up,” he stated.
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Ezenwa said that while the matter is under investigation, Joshua Ajisope of ‘Farm Funded’ has established another farming scheme, cassavecash.com, where he has been defrauding other unsuspecting Nigerians.
“Olanrewaju Tobi, the co-founder of FarmFunded, has also established jetsfarms.com, another farming scheme, defrauding unsuspecting Nigerians.
“After the police arrested Anthony Olu, FarmFunded deleted all information on their website. Soon after, the website was parked. Jetsfarms.com has also been defaced and parked.”
FIJ placed several calls to FarmFunded via one of its numbers displayed on Google, but it did not connect. They had also not responded to a text sent to them at press time.
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