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23.05.2024 Featured Lagos Auditor Put N5m in Adama J. Adama’s Agro-Business Scheme in 2021. No Gain, No Refund Yet

Published 23rd May, 2024

By Tola Owoyele

Florence Lawan (not real name), a Lagos State-based auditor, has narrated how Adama J. Adama, the CEO of Viable X, an export financing platform, defrauded her of N5 million after she invested the sum in the latter’s controversial agro-business scheme.

Speaking with FIJ, Lawan said she invested the sum in December 2021.

“I first heard of him through my husband in 2020,” Lawan said.

CEO of Viable X, Adama J. Adama.
Adama J. Adama

“Actually, my husband was the first person to invest in Adama’s agricultural crowdfunding business during the period. He put some amount of money in Adama’s business and was paid back the ROI that was promised.

“He tried it again two more times and was also paid the ROIs that were promised. Seeing this, I later felt encouraged to partake in the scheme. I initially invested N1 million in the business and got my ROI and capital back at the end of three months.”

READ ALSO: After Taking Investors’ N10bn, Adama Adama’s Farm4Me Claims Its E-Wallet Was Hacked

Lawan told FIJ she subsequently invested N5 million in Adama’s Viable X scheme.

“When I paid the N5 million, Adama told me I would get 35 percent of it as my ROI at the end of four months,” said Lawan.

“Since I made the payment in December 2021, I was supposed to receive N1,750,000 as ROI and my principal of N5 million back by April 2022.

“Everything I was supposed to get at the end of April 2022 was N6,750,000.”

Lawan said Adama, despite his numerous assurances, failed to pay her the N6,750,000 as expected at the end of April 2022.

“Since then, I have not heard anything from him,” said Lawan.

“I placed many phone calls to him, wrote him many emails and also sent him many text messages, but he would not respond to any of them. It was later on that I started seeing many publications of how he had defrauded many investors on the internet.

The certificate Lagos auditor received after paying N5 million to Adam J. Adama.
The Certificate Lawan Received After Paying N5 Million to Adam J. Adama

“He has not returned many investors’ money, including mine. Apart from the money he took from me, he also stole a huge amount of money from my husband. I am talking about several millions of naira.

READ ALSO: Using Provest Hub, 24-Year-Old Emmanuel Jolayemi Swindles Investors Out of N4bn

“Adama’s fraudulent action has affected my husband psychologically, and he is yet to recover from the matter. I am talking about a real psychological issue that has now become a medical matter.”

ADAMA J. ADAMA’S FRAUDULENT HISTORY

In November 2021, FIJ reported how Adama, through Farm4Me, another of his fraudulent agricultural platforms, stole over N10 billion from hundreds of investors.

He had lured investors into putting their money into the farming of crops like maize, sorghum, soy beans, paddy rice, sesame seed and melon.

After a while, Adama shut down his Abuja office and would not communicate a repayment plan to the aggrieved investors.

Despite the many police and EFCC petitions the investors wrote, most of them never got their capitals back.

ADAMA LATER VIED FOR A SEAT IN THE NATIONAL ASSEMBLY

Despite the many allegations of fraud levelled against Adama, he contested the All Progressives Congress (APC)’s primary election in 2023.

READ ALSO: After Registering Addy Finance Ltd With SEC, Adoms Francis Used It to Strip Investors of ‘Over N13bn’

He made the move in a bid to represent the Apa/Agatu Federal Constituency of Benue State at the National Assembly.

Godday Odagboyi Samuel, the then incumbent House of Representatives member from the same constituency and Adama’s main opponent, however, secured a ruling from an Abuja High Court that positioned him to yet again run for office instead of the Viable X owner.

NO RESPONSE AS USUAL

After Lawan’s latest account, FIJ made several phone calls to Adama’s phone number for a reaction to the allegation on Wednesday, but it was unreachable.

The text and WhatsApp messages sent to the line had also not been responded to at press time. This has been the case since late 2021.

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Published 23rd May, 2024

By Tola Owoyele

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