On June 25, 2021, Hilary Unachukwu invested N502,000 in Titan Farms, an agricultural investment company owned by Gbenga Eyiolawi, with the hope of receiving N125,000 monthly for three months, and N625,000 at the end of the third month.

The company had promised 25 percent return on investment (ROI) and it appeared too good for Unachukwu to turn down. But after receiving his first profit in July, he did not receive any more payments.

In July, Eyiolawi signed Nkechi Blessing and Jaiye Kuti, Nollywood actresses, as ambassadors of the brand, but a month after, investors began to complain, as observed here.

“The interests were to be paid monthly, and the capital repaid with interest in September,” Unachukwu explained to FIJ. “In August, interest was not paid. In September, capital was not repaid.”

READ ALSO: Enitan Bello of ‘Let’s Farm’ Unreachable ‘After Taking Investors’ Millions’

He said the company had sent him a mail that his money would be repaid, but several efforts to reach Eyiolawi were not successful.

Unachukwu said he invested after learning of the scheme via a WhatsApp group he belonged in, but he now regretted doing so.

On the company’s website, its FAQ answers a question bordering on the safety of investments. It reads, “Take our word for it; your funds are safe, but more than just our word, all of our goods are fully insured by LeadWay Assurance.

READ ALSO: Charles Iheanacho of Farms 32 ‘Absconds With Investors’ N8m’

“Therefore, in the event that something remotely goes wrong with our goods and products, which has never happened, your capital is insured. There is nothing to worry about.”

However, Unachukwu’s experience has proven that there is much to worry about.

When FIJ contacted LeadWay Assurance, they said they could neither confirm nor deny they insured the company.

FIJ made attempts to contact Eyiolawi, but his numbers were unreachable. A text message sent to him was not replied as of press time.

However, post-publication, Eyiolawi reach out to FIJ to explain that Titan Farms had sent a mail to all its investors, apologizing for the company’s inability to fulfil its commitments, and promising a new April 2022 maturation date.

He said when Unachukwu reached out to him, he made an exception and promised to pay him on February 27, 2022.

“We reached out to everyone of them [investors]; we sent emails to them saying we were going to restructure their investments for six months to allow the company stabilize, then we pay them. It was not just him; all the investors.

“His six months end in April. So he reached out to me on January 25, and asked about the status of the investment. I told him that the investment is restructured. I told him I would pay him on February 27, and that was from a personal commitment, not the company’s commitment. The company was to pay him in April.”

Although, Unachukwu did not respond to the proposal for the February 27 date or the mail sent to him earlier, Eyiolawi said the mail contained options for investors to respond if they did not agree to the proposed change.