An Ibadan farmer simply identified as Adeyinka has narrated how he lost the sum of N3 million to Farm4Me, an agric-tech investment company founded by Adama J. Adama.

Adeyinka said he joined the investment platform in 2020 when the return on investment (ROI) was 50 percent.

“I started with a million naira then at 50 percent interest rate and was paid after 120 days or four months of investment,” said Adeyinka.

“I would only take the interest and return the original investment for another circle.”

READ ALSO; Social Worker Was Introduced to Farmsponsor Investment Company by Her Financial Coach. She Lost N4m

Mr Adeyinka told FIJ that the seamless process made him trust the organisation, and he decided to invest more.

He further did two more investments and got paid.

 “In January 2021, Farm4me reduced their interest rate to 35 percent from the initial 50 percent, which was fine with me,” he said 

“Since I had done two investments with them and the money got paid via my Wallet App seamlessly, I had no reason to be scared.”

The story, however, took a sad twist.

“On May 20, 2021, I invested N1.8 million. My ROI of N2.4 million was to be due on September 20, 2021,” Adeyinka said.

“I got paid, took the interest and reinvested the original N1.8 million on the due date. This was to mature on January 20, 2022.”

In trust, just a month after the N1.8 million was invested, he invested another N999,500.

The payment date for the second investment was October 24, 2021, and he was supposed to be paid N1.3 million.

That is a total return of N2.4 million on the first investment and N1.3 on the second investment, which would amount to N3.7 million.

He told FIJ that payment hadn’t been made for the first and second investments ever since. He also noted that several attempts to get in touch with the company ever since proved abortive.

FIJ had reported how the company defrauded a lecturer of the N2.1 million he invested in melon farming alongside his wife.

FIJ also reported how the company, after failing to pay about N10 billion to investors, initially claimed its system was hacked.

READ REPORT HERE; Farm4Me’s Adama J. Adama Stops Taking Calls From Lecturer Who ‘Invested’ N2.1m

The CEO stopped answering his investor’s phone calls when they suspected he had defrauded them.

Recent repeated calls by FIJ to the organisation’s mobile did not go through. A text message sent to the same telephone number had also not been responded to at press time.