On behalf of the ownership of Farmsponsor Nig Ltd, we want to thank our sponsors for their unwavering support and trusting us as we work to improve the Agricultural sector in Nigeria.
We deeply share in your displeasure with the upset that the company has had in paying out its sponsors.
The past few days has been quite a challenge as the company has been facing some difficulties which has destabilized our crowd funding operations.
These challenge stems from the recent SEC cease announcement on all crowdfunding platforms by June 30, 2021. This has made it impractical for Farm-sponsor to continue its crowding operation as the notice came upon us abruptly, by the first week of June.
We are taking appropriate measures to see that all funds collected from every sponsor will be paid back accordingly.
Please bear with us as payments will likely be staggered. We are working to make payout as fast as possible but to be honest, it may take up to 18 – 24 months to finish. Paying everyone at once will eat too deep into our operational cash flow. Let us continue to work to pay you.
The stated timeline is only but the very least. We are already working hard to see everyone is paid in the shortest of time, nevertheless we wouldn’t want to disappoint twice so we have to settle for the stated projected timeframe.
It is also worthy of note that over the last two years, Farm-sponsor have accomplished a great deal, and we owe it to all your sponsorship.
In the time that we have been doing business together along with the funds you have trusted us with, we have been able to establish the following:
• A 360,000-broiler Pen (biggest in South-South Nigeria).
• 60,000 capacity breeders pen (with over 10,000 laying breeder birds).
• 10 tons per hour feed mill.
• 24,000 per day fully automated chicken processing plant (recently installed and commissioned).
• 128,000 birds per week state of the art hatchery.
• 823 Hectares of land in Oyo State (valued above $3m).
• A veterinary clinic and two retail supermarket outlets in the heart of Port Harcourt, amongst many other great features that we have achieved together.
We are just stating to make certain, perhaps you’re in doubt that you have invested wisely.
Part of our short term strategies is through overdraft or a term loan from some of our financial institutions. Our mid term strategy is through equity investment from institutional investors and we are willing to relinquish 30-50% of directors shares in the company. Our long term strategy would be direct revenue from the business, hence the 18-24 months.
Our entire workforce is working tirelessly to ensure that we regain the trust you’ve always had with Farmsponsor.
It’s uneasy on our part that we are writing this letter instead of payment slips.
We apologize for any undue hardship or inconveniences that this might cause you.
We really appreciate your understanding, and support as well as believing in us as we walk this journey of emerging a stronger Farm-sponsor.
Co-founder, Globetrot Farmsponsor Nig Ltd.