Farm Funds Africa, an investment scheme that has failed to pay Returns on Investment (RoI) since December 2020, has resorted to sending its investors e-mails, excusing itself for not being able to pay.
Each new e-mail comes a few days to a proposed pay day, giving a new excuse for failing and promising another date.
Amaka Ukwuegbu and a couple invested N480,000 each in March 2020, expecting to reap N640,000 each in December 2020 as promised, but 12 months after, they only have a pile of emails with failed promises.
One of such emails obtained by FIJ reads in part, “We humbly appeal to you to accept our sincere apologies for the delay in payments.
“You are aware that we have been able to receive some funds from an equity investor to commence work on the egg production which will bring in profits to aide the payment of your capital as soon as possible.
“The construction of the egg production plant was initially delayed due to unforeseen circumstances which have been taken care of. Work is now speedily and effectively ongoing.”
This mail was sent to investors in November 2021. Some of them originally invested in turkey as far back as early 2020 and were supposed to be paid in December 2020, but their investments were diverted to egg production.
Amaka said her biggest regret was that her money had lost value with the delay. FIJ learnt that with naira’s N387.6 exchange rate to the dollar back in December 2020 when she invested, N480,000 was valued at $1,238.5, but with the current estimated N530 to a dollar parallel exchange, that sum has dropped to $905.7, costing her a $332.8 loss.
In December, Farm Funds Africa mailed investors again; this time, it was a PDF document from Smith Strategic Services which it described as its equity partner.
It reads, “Please accept this letter as notification that Staci Smith Strategic Services team will be visiting Nigeria and the Farmify Agro Innovations Limited project in January 2022 to develop strategies and fundraising opportunities for Farmify Agro Innovations Limited.
“It is anticipated that implementation of interventions will begin after this visit.
“Thank you for your patience and understanding as we navigate the travel and operations challenges of the current climate.”
When FIJ spoke with Dorcas Omamuli, founder of Farm Funds Africa, she said she was aware her company had breached contractual agreements with its investors, but she was hoping new partners would come in to help cushion the effect.
She, however, said regardless of when new partners join the business, investors cannot get their monies back until months after the business gets back on its feet.
FIJ earlier reported how Farm Funds Africa went mute after collecting millions from its investors.
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