Business
Thrive Agric: CEO steps down, Adia Sowho announced as interim CEO
The CEO of Thrive Agric has stepped down from his position, as an interim replacement has been announced.
Co-founder and CEO of Thrive Agric, Uka Eje, announced that he would step down as CEO and assume the position of COO as it faces challenges brought about by the COVID-19 pandemic.
He has therefore announced Adia Sowho as interim CEO, while a Chief Financial Officer with significant experience in finance has been appointed by the AgriTech investment firm.
Eje announced in a social media statement on Thursday afternoon, informing investors about the delayed payouts of their investments.
Dear Subscribers and Stakeholders of @thriveagric.
I write to you to share additional news regarding the delayed payouts at Thrive Agric caused by the COVID-19 Pandemic.
— Uka Eje (@EjeUka) October 8, 2020
Backstory:
Nairametrics reported that on October 2nd, a Thrive Agric customer identified on Twitter as @theprincelyX, took to the social media platform to call out the company for holding on to his investments. 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.
He detailed his plight in a long thread titled ‘THRIVE AGRIC: ANOTHER PONZI SCHEME OR BAD BUSINESS?’
Meanwhile, Leadway Assurance, the insurance company in charge of Thrive Agric’s farms, came forward to say that its services do not cover individual investor’s funds, but only the insured farms and other farm assets.
Founder’s statement:
In his statement today, Mr. Eje said the company has made organizational changes to “steer the business out of her current challenges and prepare Thrive Agric for the future.”
“We have started this process with the support of our investors, particularly Ventures Platform , who has been the epitome of a value-adding investor. I will start first by announcing the new interim CEO, Adia Sowho.
“She is here to guide Thrive Agric through a turnaround exercise so that we survive the effects the COVID-19 pandemic has had on the business,” Eje said.
He also said Adia has years of experience building businesses from scratch and pivoting to scale and has the skills needed to move Thrive Agric past the crisis.
“Adia has a lot of experience with building businesses from the ground up and shaping them to operate at scale. I asked her to support us, recognizing that she has the required expertise to move us past this period successfully.
“I will be stepping down as CEO for the interim, and assuming the position of COO, where, in addition to the attendant duties of the role, I will be Adia’s understudy.
“We have also appointed a Chief Financial Officer who comes with significant experience in finance. We sorely need this experience as Thrive Agric is financing the agricultural value chain and we need to deepen our capabilities in that area,” he said.
Eje also noted that the company realized that it did not have insurance protection for the investors, and hired a new head of Risk Management and Compliance.
“We have also gotten additional legal representation, to better protect us and more efficiently manage our commercial agreements. This is such that Thrive Agric is more exposed to stronger business relationships and fewer counterparty risks,” he added.
Business
#EndSARS: No excuse for that amount of brutality on unarmed civilians – Raila Odinga
Raila Odinga has said that there can be no excuse for the amount of brutality met on unarmed #EndSARS protesters in Nigeria.
The Former Prime Minister of Kenya, Raila Odinga says there can be no excuse for the amount of brutality on unarmed #EndSARS protesters in Nigeria and urged the African Union and Nigerian government to investigate actors of state brutality.
Mr Odinga disclosed this in a statement on Thursday afternoon, he also passed his sincere condolences to the bereaved families and wished a speedy recovery to the injured.
Statement on Police Brutality against protesters in Nigeria. pic.twitter.com/R2X8vor7oP
— Raila Odinga (@RailaOdinga) October 22, 2020
“The Police brutality and abuses that have gone on in Nigeria for the last couple of days, leading to multiple deaths and injuries of unarmed civilians are extremely worrying and unacceptable. There can be no excuse for that amount of brutality on unarmed civilians protesting misconduct on the part of the police,” Odinga said.
He added that the brutality that was meted out on the protesters is a reminder of “how precarious and threatened Africa’s march towards democratization, respect for rights and freedoms and the rule of law remains”.
He urged that the continent needs to disembark from the politics of confrontation and violence and engage issues to resolve differences. He also called on the African Union and Nigerian Authorities to “investigate the violence and murders that have gone on and hold the perpetrators to account.”
“Africa and its institutions must stand up for and condemn the brutalization of its citizens at home with the same energy and vigor it responds to the violations of its citizens abroad,” he said.
Business
#EndSARS: Tinubu says he has no investment in LCC, collects no dime from Lekki Tollgate
Bola Tinubu has denied having any investment in the Lekki Concession Company.
Former Lagos State Governor and National Leader of All Progressive Congress (APC), Bola Ahmed Tinubu, has denied having any kobo investment in the Lekki Concession Company (LCC), and as such has no dime in the funds generated at the Lekki Tollgate.
The rebuttal follows claims and allegations of his involvement in the shooting of unarmed protesters on Tuesday at the Lekki Tollgate. He was alleged to be livid from the losses made at the tollgate due to its shutdown by #EndSARS protesters; hence, the scheme to disperse protesters
READ: UK moves to seize $39 million from Ibori’s lawyer over role in former Governor’s case
Bola Tinubu debunked this rumor, in a telephone interview with Channels Television in the early hours of Wednesday.
In response to a question on his interest in the Lekki Tollgate, the APC leader said, “I have no dime, no kobo investment in the tollgate”.
READ: Breaking: Some Nigerians mistook promptness of FG response as sign of weakness – Buhari
He also denied having any investment in the Lekki Concession Company (LCC), the firm which manages the tollgate.
Going further, he stated that he was reported to the President and initially accused of being behind the protests going on across the country; an allegation he has since denied. He refuted claims of giving the orders for the shooting of protesters at the Lekki Tollgate and questioned the logic behind the use of live arms on protesters who were unarmed.
READ: #EndSARS: Governor Sanwo-Olu clarifies “forces beyond our direct control” comment
“I will never, never be part of any carnage. I will never be part of that.”
According to Tinubu, it was his intervention that that spurred Governor Babajide Sanwo-Olu to respond to the demands of the protesters.
READ: #EndSARS: Government should be given the chance to implement the demanded reforms – Tinubu
He said, “That was why he (Sanwo-Olu) set up the Judicial Commission of Inquiry. The governor has gone to the home of one of the victims to appeal to them. He has put N200m together as part of restitution and compensation for those attacked.”
Backstory
There has been reported vandalization of properties allegedly owned by the former Lagos State Governor, which was fuelled by rumors he had a hand in the shooting of peaceful protesters at the Lekki Toll Plaza.
Explore Data on the Nairametrics Research Website
Hoodlums razed the Lekki Tollgate and there were also alleged attacks on Oriental hotel, Television Continental, amongst others.
Business
#EndSARS: Ikoyi Prison on fire, as Army foils jailbreak attempt
Ikoyi Correctional Centre in the Ikoyi area of Lagos is currently on fire.
Some buildings on the premises of the Ikoyi Correctional Centre are currently on fire, as there was an alleged jailbreak attempt by inmates. The fire emanating from the facility and seen in a video posted by Arise TV led to speculations of a possible jailbreak.
📹: Scene at Ikoyi Prison in Lagos pic.twitter.com/FOgtr2OskZ
— ARISE News Feed (@ARISEtv) October 22, 2020
Senator Tokunbo Ogunbajo confirmed the incident in a telephone interview with Arise TV. He disclosed that the cause of the fire outbreak is still unknown as security operatives and other personnel at the facility have done their best to curtail the inferno and restore order.
He emphasized that soldiers and other security operatives have arrived at the correctional facility, and there is no record of any escaped inmate, neither was there an attack from hoodlums.
According to him, the gunshots heard by neighbors, were fired to bring order and stem down unrest amongst inmates, who might want to seize the situation to escape.
COVID-19 Update in Nigeria
Breaking: Senatorial, State House of Assembly bye-elections postponed – INEC
#EndSARS: President Buhari issues stern warning to hoodlums
#EndSARS: President Buhari tells Youths to discontinue street protests
#EndSARS: President Buhari asks international community not to make hasty decisions on developments
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦461/$1
#EndSARS: Tinubu says he has no investment in LCC, collects no dime from Lekki Tollgate
Sanwoolu says curfew may be partially lifted
Naira stabilizes in forex markets as dollar supply hits record low during curfew
