Nearly a month since Agropartnerships claimed there was a challenge with the ‘Cashew 04 cycle’ that disrupted payment activities which ought to have been settled since 16th December last year, Nairametrics can confirm that a host of the investors (with 1-5 units of cashew investment) that the platform promised payment within a stipulated 3 to 7 days are still hanging on to hope.
In the middle of this, Osazuwa Osayi, Co-founder and Co-CEO, Farmforte, the agritech firm powering Agropartnerships appears to be hiding in silence and making investors play the waiting game, after making promises to host a town hall meeting to address the issue.
But at this point, investors are tired of waiting and they are demanding a logical explanation to the ongoing delay in payment as well as to the uncertainty that surrounds future investment.
Aggrieved by the ongoing delay and lack of regard for investors, an investor identified as @TY said on social media, “We need to get Agropartnerships to call a town hall meeting ASAP. Let them explain what happened to our funds. Also, we have people like me that still have other investments dropping this month, February, April, June etc.”
Another investor identified as @ekyn07 on Instagram called out the firm to pay up as he is out of patience. He said, “Pay me my money. I have been patient enough. I only got one 1unit. I requested a payout since 15th December. It’s almost 1 month, I haven’t received any, both for my cashew nut and rice chain investment. This is pure wickedness Pay me my hard-earned money.”
Recall, Nairametrics had earlier reported that Agropartnerships, in a mail had stated that payment will be made in batches to those with 1-5 units of investment within 3 to 7 days while the funds of those with 5-10 units will be reinvested and payment made in April 2022.
“For the ﬁrst batch, we will payout partners with less than 5 units (which accounts for more than 60% of the cycle population) within 7 days, in ascending order (which we have already started). Afterwards, we will announce the process for the next batch,” the mail read.
Meanwhile, 7 days is now overdue and investors within this category say they are yet to receive payment. The situation has continued to fuel concern for someone like @mo-sunshyne who claims to have over 50 units amounting to close to N5 million in value and has been scheduled to wait until April to access his fund.
The user on Instagram wrote, “I have lost my patience already. 52 whole units is a lot of money. Why do I have to wait endlessly before I get paid? I am not interested in any of your rollover options, I am certain people with more than 5 units are getting paid. Do I have to need connections to get my money? Do I have to come to your office to shout? I am going crazy and I demand that my hard-earned money be paid to me.”
As mentioned by the investor, the pattern of payment has continued to confuse investors as those who have below five units are still yet to receive payment to date. This has stirred the assumption that the platform may be paying based on connection, or how much effort is put into calling out the firm on social media.
Commenting on the slow pattern of payment, @Localman on social media said, “If Agropartnership is working at this pace to pay investors with 1-5 units, I do not see them meeting up with April 2022. I see all of those as strategy to buy time.”
He added, “let’s face fact and reality, the bad narrative is out already. No investors are interested in putting any kobo again. The quarterly payment delays have spilled into quarterly payouts. Lots of payments in line before April 2022.
What investors are demanding
On the basis of unacceptable managerial operation, some investors are proposing that Osazuwa Osayi, Co-founder and Co-CEO, Farmforte step down for someone with better competence to address the issue.
@Ucy said on social media, “this CEO should just step aside so that someone that has experience on how to manage disaster like this can step in to quickly remedy the situation.”
Likening the situation to a period when Thrive Agric had similar issues, he said that an expert had quickly stepped in as an interim CEO, set up a disaster recovery team and people got their money within 8 months.
Recommending the same strategy for Agropartnerships, he pointed out constant town hall meetings to provide updates as well as coming out clean to investors would go a long way in putting things to order.
Meanwhile, Agropartnerships has continued to be unreachable, switching off contact numbers, closing down offices and providing an automated response to emails.
How can we investors in agropartner meet .