Agroparternships has responded to allegations of unprofessionalism in the handling of payments due to its investors.
In a mail forwarded to investors, Agropartnerships assured them that their funds are safe and in addition promised a virtual webinar scheduled for Wednesday, January 19th 2022, where investors will be briefed further.
While investors are yet to receive links on the webinar as of the time of reporting, the date for the upcoming virtual meeting with investors coincides with the maturity date of the next investment in line.
The response follows a recent Nairametrics report which detailed complaints from investors against the company’s handling of their investments.
What Agropartnerships is saying
Expressing regret on the inconvenience members have had to go through in the course of requesting payouts, the agritech crowdfunding platform assured that there are plans in place to put things in order.
The statement read in part, “We acknowledge that many Agropartners have experienced difficulties accessing their funds from Agropartnerships. We recognise the great inconvenience this has caused, considering the timing of its occurrence. We deeply regret the situation and are taking steps to ensure this does not reoccur.
“With the intention to quickly resolve this payouts in the different cycles, we committed to timeline which we thought were realistic. However, we were faced with difficulty as we progressed and missed these timelines, further reducing our partners’ confidence in us. Communication with our partners was therefore delayed as we explored alternative to solve the issues.
“This is no time to give excuse for how we got here. We owe all our partners explanation and clarity on what we are doing to resolve this going forward. It is important to us that you always remember that all your funds are safe despite the delay.”
Noting that Agropartnerships will henceforth focus on critical points to resolve the issue, it stated, “We will be having a partners webinar on Wednesday, January 19, 2022 to address concerns, provide status updates and clarify our plans towards ensuring all partners payouts are completed.”
What you should know
- A few days to the 2021 Yuletide celebration, investors of Agropartnerships cried out in fear that the agritech platform may not be able to fulfil payment for matured investment before the end of the year.
- Not having received returns on their investments as at when due, the investors threatened to involve lawyers and security personnel in the course of following up on matured investments unpaid by the platform.
- Agropartnership is an agritech digital platform sponsored by Farmforte and focuses on investment in farms, trade-in commodities through crowdfunding projects with a minimum of N90,000 per unit of investment project.
- While the investment subsidiary of Farmforte, Forest Capital recently acquired Kayvee Microfinance Bank, some people believe that the agritech platform may have bitten more than it can chew.