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Business

Thrive Agric drama: We only insure the farms, not funds of individual investors – Leadway Assurance

The funds of the individual investors were not covered by the Insurance company, as the investors erroneously believed.

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Thrive Agric drama: We only insure the farms, not funds of individual investors - Leadway Assurance

Leadway Assurance, the insurance company in charge of Thrive Agric’s farms, said that its services do not cover individual investor’s funds, but only the insured farms and other farm assets.

This was disclosed by Leadway in a statement on Tuesday evening after Thrive Agric’s Investors called out the company and its insurers over delayed investments.

READ: General Electric rehabilitates 3 gas turbines at NDPHC power plants

READ: Leadway Assurance champions cybersecurity awareness amidst increasing digital risk

Backstory

Nairametrics earlier reported that a Thrive Agric investor known on Twitter as theprincelyX, took to the social media platform and called out to the company for holding on to his investment returns. He claimed the company owes him almost a million naira, and he has been told to wait till next year to see returns on his investments.

Thrive Agric is owing me almost a million naira. They are owing other investors millions. Thrive Agric is telling me to wait till 2021 to get my investment that was due in Sept 2020,” the investor tweeted.

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READ: PZ incurs N1 billion in exchange rate loss 

Thrive Agric, however, responded in a social media statement that the delay “is an unfortunate outcome of the COVID-19 pandemic and its consequent restrictions on physical access to farms and farming markets. Like many other businesses, we were not fully prepared for the impact, and despite the intent upon which this company has been run for the last 3 years, our subscribers now bear the brunt of these challenges with us.”

Leadway’s position

In today’s statement, Leadway Assurance said,

“Our contractual obligation is limited to the agric tech platform and not their individual investors.

“Leadway only provides insurance cover for the farm assets of its insured agric platforms

READ: Industry Cabal, NACCIMA, reveals how it’s lobbying the CBN for N500 billion

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“This, therefore, means that we only provide cover using our agric based insurance solutions for the risks to insured farms and other  farms assets against perils stated in the insurance policy document issued.”

What this means

The funds of the individual investors were not covered by the Insurance company, as the investors erroneously believed. This simply means getting their returns on investment is largely at the mercy of Thrive Agric. It is left to be seen how this unfolds in the coming days, as we monitor the situation closely.

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Business

FG declares Wednesday, Thursday public holidays

The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

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The Federal Government has declared Wednesday 12th and Thursday 13th May as public holidays to mark the 2021 Eid-ul-Fitr celebration.

This was disclosed in a social media statement issued by Dr. Shuaib Belgore, the Permanent Secretary of the Ministry of Interior, on behalf of the Minister, Ogbeni Rauf Aregbesola on Monday.

What the Minister said

The Minister of Interior, Ogbeni Rauf Aregbesola, while making the declaration on behalf of the FG today in Abuja, congratulated the Muslim faithful on this occasion and called on all Nigerians, at home and abroad to use the period of this year’s Eidul-Fitr celebration to pray for peace, stability and economic transformation in the land.

Aregbesola who believes that development cannot thrive in a rancorous atmosphere, urged all Nigerians to be law-abiding and embrace the spirit of love, self-discipline, kindness and tolerance, as taught by the Holy Prophet Mohammed (Peace Be Upon Him). He also called on all security agencies in the country to be more courageous and patriotic to surmount the ongoing battle against resurging insecurity and activities of criminal elements in Nigeria.

He assured that the resolve of the President Muhammadu Buhari-led administration to end the scourge of crime and criminality in the country and restore peace to every nook and cranny of Nigeria was sacrosanct.

“This administration will not be deterred in its efforts, until every Nigerian and resident of the country, is free to move around without fear of any threat to his/her life and property. We are therefore putting necessary measures and strategies in place to strengthen the stability of the country as well as ensuring economic prosperity of our dear nation,” he emphasised.

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Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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