On Wednesday, Greenfold Farm Projects, McBuddy’s agro-investment platform, paid N100,000 out of the N650,000 it owed Gideon Oriolowo, a Lagos State-based visual artist.

Oriolowo had invested his funds in Greenfold Farms but did not get his returns at the due date.

“I checked my account and saw that these people sent N100,000. But they were supposed to send N650,000,” Oriolowo told FIJ on Wednesday.

When FIJ asked if the company contacted him with respect to the part payment or when the remaining money would be paid, he said, “Nothing. No message, no nothing.”

FIJ had earlier reported how McBuddy Properties Ltd. broke the agreement terms it entered with the investor shortly after he invested N700,000 in its agro-investment business.

As documented by this media organisation on March 15, Oriolowo first invested N200,000 in April 2020 and an additional N500,000 in March 2021.

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The visual artist, who made these two investments in anticipation of Return on Investments (RoI), only got a one-time RoI of N50,000 on the former.

According to the contract agreement, the first investment period was to span a five-year-period from 2020 to 2025 while the second investment period was from March to July 2021.

Since Oriolowo had received a N50,000 RoI, he decided to deduct it from his investment capital of N700,000. He also asked the company to refund his capital but all his efforts were unsuccessful.

The company initially promised to pay his money in 2021 but the payment was later postponed to 2022. The investor then reported the incident to FIJ in March when it appeared that the company was not going to pay up as soon as possible.

“Their customer care reps stopped answering my calls, then they decided to stop replying to my messages,” Oriolowo revealed to FIJ.

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When FIJ reached out to the company in March, a customer care representative said the company could not meet up with payment plans because of some operational losses.

The company’s response to FIJ’s inquiry:

Checking from our records Mr Gideon Oriolowo invested the total sum of N700,000 into our Afro-investment business in 2021. He at some point collected return on investment but after severe loss we had at the farm due to African swine flu that affected the farm and  some other issues, we communicated that we will refund the Capital by September 2022. We could meet up and we have started paying back investors from August 2022 and to complete it by September 2023. Mr Gideon Oriolowo payment slot falls between May – July 2023. He can reach out to us with this email so send his account information so we can update our records for payment.

Although the company said Oriolowo would be paid between May and July 2023, the company reneged on its promise.

Oriolowo, who maintained constant communication with FIJ since he reported the incident, said the company sent him an Instagram message on July 17 stating that he would get paid in August.

FIJ emailed the company on August 8 to know the exact date the investor would be paid but there was no response. When the company paid on Wednesday, August 30, it was only 15.38 percent of the investor’s N650,000.

FIJ reached out to the company on Wednesday but no response had been received at press time. Neither FIJ nor the investor knows when, or if, Greenfold Farm will pay the remaining N550,000.