Farmcrowdy is officially exploring the business of selling meat after it acquired a majority stake in Best Foods, an agro company established 16 years ago. The Nigerian agrotech firm has previously been crowdfunding farmers, but with the latest investment, it will expand its footprint in Nigeria’s Agric business.
Farmcrowdy has been reviewing its business operation, trying to diversify its portfolio. According to TechCabal, the company has been operating in the meat market silently since last year but this acquisition makes its ambition public and shows it has a long-term plan for the meat market.
What does Farmcrowdy gain? The deal exposes the company to the clientele and existing contracts of Best Foods in the meat market. This will fast track its presence in the market, as the agrotech firm will serve beef and poultry meat to 50 meat markets across the south-west region of Nigeria, including 100 customer endpoints.
Also, with the capacity to process 120 – 200 bulls every day, Best Foods is one of the largest meat processors in Lagos and Nigeria. So, considering the market demand for meat supply in Nigeria, the acquisition is leverage for Farmcrowdy to tap into the two million consumers in Lagos and the 1.2 billion poultry meat demand in Nigeria.
Meanwhile, Best Foods’ assets and staff expertise will be readily available for Farmcrowdy when the latter finally launches its Farmcrowdy Meat Hubs in the second quarter of 2020.
Speaking on the acquisition, the Founder of Best Foods, Emmanuel Ijewere, said, “This deal with Farmcrowdy is a welcome development for us.
“It provides a major growth opportunity for both businesses. We are excited about the many possibilities.” Part of the deal will see Ijewere join Farmcrowdy as a member of the advisory board.
The Managing Director of Farmcrowdy, Kenneth Obiajulu, said, “Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply.”
He added that “With a range of high profile clients, the acquisition supports Farmcrowdy’s strategy to lead the market and meet the requirements necessary to process approximately 45 cattle every day for meat consumption in Lagos.”
GREEN EAGLES AGRIC BIZ was packaged as a veritable investment entity by notable Nigerians but has since turned out to be a front for a monumental scam. They have defrauded their investors, refusing to pay Investors their Principal not to talk of interest. The duo of Barr Adebola Adetayo and Mr. Oluwadahushola Taiwo are the individuals who masterminded the scam that Greeneaglesagribiz is, setting out with the sole intention of defrauding individuals of their hard earned monies.
Innocent investor’s believed that the said Agrictech was genuine after it got attractions and endorsement from Public figures/agencies and personalities like Dr Emmanuel Ijewere, Dr christopher kolade, Hon Wafarninyi Theman and Television Continental (TVC).
It’s sad that these non-executive directors used their capacity, public office and personality to make believe that GreenEaglesAgricBiz was a genuine venture.
The Public should be careful and do due diligence before carrying further business or financial transactions of those whose pictures are attached.
Below are their pictures and profile of some of the Executive and non Executive Directors:
Emmanuel Ijewere is one of Nigeria’s most respected Accountants/Tax Consultants and is an Independent Director of Nova Merchant Bank Limited. Who is currently the National Coordinator of the Nigeria Agribusiness Group which is the umbrella body for agriculture and agribusiness in Nigeria
Dr christopher kolade is a veteran broadcaster and sometime Director–General of the Nigerian Broadcasting Corporation. He was Chief Executive and Chairman of Cadbury Nigeria Plc and formerly the Nigerian High Commissioner to The United Kingdom. He was a colonial era Education Officer in Nigeria