Investors of Ceepass; a digital bank for savings and investment, Viable X; export financing platform and Farm4me; a platform for contract farming in Nigeria (all manned by one man) have called out the CEO of the platforms, Adama J Adama as they request that their overdue funds be paid immediately.
Bittered by the continuous promise-and-fail by the firm to payout principal investment and the returns, investors who have continued to hold on to hope that they would one day wake up to a credit alert from the platforms appear to be out of patience.
For months, the investors have continued to suffer in silence, gaging their mouths for fear of losing out when government agencies become involved despite that the injury cuts deep every day.
“What good is the money when government sits on it?” They often argued.
Yet, promises continue to be broken and shattered to pieces, wearing out investors’ trust that they have no more to offer – after all pending bills have to be settled with real money and not on promises in reality.
For investors like Sopi (as identified on social media) who had to take a loan against his salary, added little savings and invested in ViableX and Ceepass, he only wanted to raise enough to care for his triplet, little did he know that that would be the biggest mistake of his life.
According to him, his investment with ViableX matured on the 13th of November 2021, and another in Ceepass matured on the 11th of January 2022. Up until now (as of the time of this report), nothing has been paid.
Similar to Sopi’s case, Mariam and other investors are going through trauma as a result of a lack of a clear-cut direction and continued silence on a specific payment date which is fueling suspense that the platform may be another ‘MMM’.
“He defaulted on my payment since December 2021, then sent a one-time communication in February tagging it January. We sent him a letter via email through all channels to ensure he talks to us as regards the timeline of the payment plan but there was no regard or response. Sincerely, we are running out of patience,” Mariam said, referencing a unanimous letter sent by the group of investors following an initial ‘Situation report on the business activities’ by Napoloen Chambers, the solicitor for Ceepass, Viable X and Farm4me.
In the letter by Napoleon Chambers, the solicitor stated that Ceepass, which is the hallmark business of the company suffered serious setbacks due to hacking of their online payment system leading to the loss of a huge sum of money. He added that the Economic and Financial Crimes Commission (EFCC) is currently conducting an investigation into the matter.
He also said the measure to utilize manual payment by the conglomerate occasioned some delays to payment to investors due to the huge volume of investors that require to be manually verified for payment.
Meanwhile, it stated in its undertaking, “In line with the terms of the duly executed contract binding between our clients and their numerous investors, our clients hereby vouch that no investor will lose his/her dime, our client will not rest in their effort.
It added, “To making sure all the monies due to all the investors’ entitlements would be fully liquidated not later than the end of March, 2022 and the third week of april 2022. This is an undertaking giving in absolute honour based on our clients’ track record and the effort on ground”
Unfortunately, up till the moment of writing this report, the company is yet to deliver as promised. According to investors, what’s more shocking is that in all of this, the CEO, Adama J Adama has failed to address investors and has blocked all channels through which he can be reached on social media.
In the letter written earlier in February by investors and seen by Nairametrics, investors had called out the CEO, requesting that the company communicates in a clear term to the completion of payments to all investors before/up until March, 2022 as well as set up a Zoom or Google Teams meeting for an interactive session with all convened for the explanation followed by a signed mail based on what was agreed upon which would be sent to all investors. But none of these recommendations have been met.
What the company is saying
In a phone call with the company’s manger for the Lagos Unit, Sunday Odachie, he consented that the business is currently facing challenging times but told Nairametrics that the company is working on how to resolve the challenges and pay out money to all the investors.
When asked about the specific pay day, he said, “At a point, the platform was hacked but we will all have to be patient as everything would be resolved very soon. We have stipulated time for payment in December, March ending and others, but we kept failing and the more we give time and fail, the more people bully us and get angry. So we are careful not to be specific on when we will deliver. It may be tomorrow or next week; it will just happen, we are very much in business.”
Commenting on what the company is doing to resolve the challenge, he said the platform is utilizing every means possible including seeking for grants and partnerships whilst also hinting to Nairametrics that the company is expecting export funds from the bank.
He said, “Our export proceeds are hanging in the banks. We have dollars hanging in there because of some proceeds that has not been done. You know anything that has to do with foreign transactions, sometimes there are hiccups along the line.”
On reasons for lack of communication, he said that the company has been reaching out to investors via SMS and emails all along.
“It is not true that we don’t pick calls. The customer careline is on. Our office in Ikeja is open as well but some investors would just come to social media and say we have locked up the office. Sometimes when they say we are not responding, I think it is the solution they are referring to. Once their money is not paid, they will say you are not responding,” he said.
Notably, Ceepass, Viable X and Farm4me are all linked as one, with Cesspass housing all. This means that every investor has an account on Ceepass. Hence, this explained why the three accounts were affected by the hack. However, one major concern is – if the account was hacked, are investors fund still intact?
Addressing the concern, Odachie said, “Investigations are still on and that would enable us to know the extent of damages. For now we cannot ascertain clearly the extent of the damages though we know they have tampered with funds. That aside we are legally binded by agreement to pay them whether there is a problem or not.”
Speaking on whether the principal will be paid alongside ROI, he noted that the agreement said if anything goes wrong, the least we can pay them is their principal investment. Meanwhile, he added that the company is yet to reach a decision on whether the capital alone will be paid or if returns will be added.
Bottom line
Crowdfunding in Nigeria has in recent times been going south fueling a rising feeling of pessimism over the crowdfunding industry in the country.
From Farm Power to Payfarmer, Goldvest, Emerald farms, Vestpay, H O Corn, FarmKonnect, Farm Sponsor and a list of endless ventures, these platforms known for funding a project or venture by raising money from a large number of people who contribute relatively small amounts, typically via the internet, have either defaulted or are delaying payments of investment funds, alongside Return on Investment (ROI) to investors.
You can read on why crowdfunding platforms in Nigeria are failing here
If after 6-8 months now, Adama Adama and ViableX are still talking about an hack of their domain, then they have a big hack on all of us Investors. If you are hacked, easily the EFCC will ensure wherever such money was transfered to. It is a lie! The guy Adama Adama and Sunday in Lagos are only playing to the gallery. They’d always planned on doing this nefarious act since other crowdfunding Apps are doing same. The govt seems a part of the game too. How would a business just run away with 100s of Millions of Naira Investors’ money? How! Are we so lawless?
We must not wait until people get guns and start killing these guys and their family members for swindling them so cheap.
Adama Adama & Sunday should be advised to provide my 3.8M Naira asap. I won’t work so hard for you to sit on my sweats.
I don’t think they are telling you the truth about them sending SMS , mails and picking of calls. I have never received a mail , SMS on any update about my investment with Viablex. If I want any update , I just log on my profile expecting to see any update. I will call their line nobody picks 09010586919.
Their Telegram group has been restricted. You can’t post anything on it , and the Admin does not post any update . I baffles me is people are registering.. if the company knows they have issues why do they allow people to be registering.
Thank you nairametric for your effort highly appreciated Adama J Adama of Farm4me is only manifesting the 419 in him because he premeditated what is playing out now and moved fast to involved all the law enforcement so that non of them will response to the demand and crying of his investors. Mainwhy forgotten that he can’t bribe the Almighty God
I am also very grateful to you Nairametrics for your interest in the plight of investors to Ceepas. We were told that our investment was insured with a certain insurance company and that if anything goes wrong, insurance will pay. Now, they are not paying. What stops the insurance from paying.
I so much have faith in this Adama guy believing that he is a man of integrity who is capable of delivering on his Vision but now I know better!!! I may not be certain when and how my money will be paid but I’m so certain my sweat will never go down the drain just like that….I will advise you to just pay me my 1.2 million naira jeje or face the resulting consequences….I don’t need a law enforcement,,,,I’m an ijebu man,,, It’s gonna be a spiritual battle and you would wish you had listen !!! A word is enough………………………….
My brother send Ogun to Dem!
Thanks for this article. I’m a victim of Farmkonnect. They keep promising that they will pay. It’s almost a year now.
Its unfortunate, all of the people involved in this modern fraud are youths like Abadini Abraham adonduwa, if the law of the land is passive , the calamity from God will surely hit them. Lazy criminals living on peoples sweat.
Iam confused
They’re all fraudsters. They misappropriated investors money and feed their lifestyle from investors money. It’s pity that we Nigerians are still the ones killing ourselves. Nobody will ever ask me to invest in anything that is not on the floor of or regulated by the Nigeria stock exchange. Imagine…tell me how foreign investors will come into the country when our own local investors money is being embezzled. I lost 168 million naira in total and don’t even know where to start from. EFCC is not even helping matters with my petitions still there unattended to.
It’s so sad. My children school fees has not been paid for 2 sections now and they’ve dropped out of school. This is after my mother died because I couldn’t afford to treat her as I didn’t have any penny on me. I watching her take her last breath.
So you can imagine the extent of damage that these fraudsters have caused us investors.
All the money I saved up to use to do business after I quite paid employment is gone. Now I dont even have a job. It’s my pregnant wife that is struggling with her emergency job she got quickly we are using to feed..we’ve not even talked of other bills.
I can’t believe the government just told their hands and watch her citizens suffer from these fraudsters. The most painful part of it all is that I did not even get a penny as profit. After waiting for my payment to be due, they went mute.
My sweat and the suffering of my family can not just go like that…I will fight both physically and otherwise.
Crowdfunding is something other countries are using to create more opportunities, but Nigeria’s own is something else. In ceepass, I have had 5 million-plus withheld since last November and no positive acknowledgement.
I knew this was going to happen when I registered on viable X over a year ago. I think I registered with an initial 10k and it took forever for it to reflect in my account. I stopped following up because it was better to loose 10k than lose millions. I am happy I made the right decision.
Ceepass have not been communicating with any investor as far as i am concerned, since last December they’ve been mute. All that talk of being hacked is a big lie, it was a perfectly organized scam by Adama who wants to use investors fund for his political campaign. He will never win any election in this country for causing pain and suffering to the innocent.
I will suggest investors gather and stage a protest to EFCC demanding that Adama be made to pay investors their money.. These monies are individual. sweat not government money that people embezzle at will. Wherever he is hiding should come out and address the investors
I used to think Adama is a man of integrity when the Ooni of Ife, HRH, Oba Adeyeye Ogunwusi made him MD of Royal farm, prompting me to invest my hard-earned money in viablex last year. Little did I know he’s one of those who defraud and go into hiding, thinking people will make noise, keep quiet and forget. More disheartening is the fact that those in authority who should fight this injustice for the teeming investors are doing nothing. Afterall, Adama claimed his companies are regulated and insured and we did not invest in a ponzi scheme. So where did all the money go?
There is no peace for the wicked!!!
My mother is amputated now because of this people. They have refused to pay my money.
All I need is my principal plus they claimed to be insured by Leadway. So I am not expecting that they cannot declare bankruptcy and get to pay investors their money. It’s a shame.
Mr Adama J. Adama, please pay as promised. You said from June ending, but now you are yet to start payment. Please you can still create trust in some people if you do as published. Over 50,000 customers once trusted you with their income, please don’t disappoint them.
You were making it and raising. You companies were all over the newspaper. But now, painful stories.
JUST START PAYING THEIR PRINCIPAL.
God Bless you
I took my pension money to invest the only saves with me up till now no response why are you people like this please and please things have not been easy for me I beg you help me