Digital Farmers’ Scandal: Phony Agro Investment [A Must Read ]
Twenty four hours after The ICIR’s report, more investors allegedly defrauded by Chief Executive of Titan Farms Gbenga Eyiolawi have continued to share their heart-breaking experiences.
Some of the concerned investors are regretting their decisions and wish they never put their hard-earned resources into the farm business.
Eyiolawi is being called several unprintable names because he defaulted in his agreement with the investors.
Tunde Adeniyi shared how he invested about N1.14 million with Titan Farms since August 10, 2021, but was yet to get his investment proceeds.
“Till date, not a dime has been paid.”
Rufai Kehinde Kofoworola made N1.2 million investment and was expecting N1.5 million return as of September 9, 2021.
Her plan as a married woman was to start a new business by January 2022 with the proceeds and support her husband with the usual family responsibilities. But as of the time of filing this report, her investment was still hanging, she said.
“…In fact, I am facing the same dilemma with the same Titan Farms. As I write, I have an investment of N1.2m to be paid N1.5m which has long been matured and due for payment since 9th September which is meant for a business I am supposed to start this January in order to assist my family and husband.
“As we all know, times are really hard and the country is not helping. Since September till date, I have sent several messages to no avail, kindly help.”
Azeez Shukurat Oloruntosin at about 3:13 pm on Thursday also narrated her account. She invested a million naira.
Eyiolawi acknowledged the N1 million investment but said the complainant was already settled with the product equivalent. This was when The ICIR reached out to him.
Some of these unpleasant experiences made some aggrieved investors tag all agro investments in Nigeria as scams.
Another individual identified as Damilola argued that investments had generally been turned into an avenue to swindle people.
“Titan farm’s CEO, is owing a lot of people and he is a chronic liar,” Damilola added.
The ICIR can confirm Eyiolawi suspended further investments because he was not registered with the Securities and Exchange Commission (SEC). This came after a warning from the commission.
However, he shared documents affirming he had commenced the process of regularising his firm’s activities as stipulated in the SEC guideline. The letter signed by his lawyer Chukwudi Ofili was received by SEC on July 1, 2021.
Meanwhile, The ICIR reached out to Eyiolawi to verify when exactly he would offset the debts but he disclosed that deliberate efforts were being made to dispose of some private properties to make the payments.