Olorunshola Abe, 48, has told FIJ how TTragricultural, an agribusiness platform, defaulted in its payment commitment to investors.

Abe told FIJ that he was introduced to the platform by a friend named Sholeye at the time the platform started a new project tagged ‘Castor Oil Seeds’.

“Sholeye told me that castor oil seeds were very lucrative, and Aderemi was looking for investors to partner him in producing them.”

Kareem Aderemi, an individual who calls himself ‘an experienced agricultural specialist’ on LinkedIn, is the company’s head. Abe further told FIJ the investment cost N67,000 per unit.

On August 9, 2021, Abe bought two units at N134, 000.

“Sholeye told me Aderemi was selling investment units and each cost N67,000. I paid N134,000,” Abe told FIJ.

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Each unit, according to Abe, was to yield N300,000 based on the return on investment (ROI) arrangement, thus his two units were to yield 600,000. The investment was also to reach maturity in six months.

However, trouble began in December 2021, when the first payment failed.

“Payment or ROI was to start after six months. In December 2021, when the first payment was to be made, he (Aderemi) gave an excuse of flooding on the investment farm,” Abe told FIJ.

In March, Aderemi reached out to investors, saying payment verification would begin in about a week. However, that never happened. He also sent a message to inform them of the government’s involvement.

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Over a year later, Abe sought to know his fate. But all of his messages were left unreplied to. “Till now, no payment has been made, and it has been one excuse after another,” he told FIJ.

On February 9, 2023, TTragricultural released an apology letter signed by Aderemi. The letter further promised payment unfailingly by March 3.

“We hereby plead with everyone (investors) to exercise patience till 3rd March, 2023, precisely a week after election, unfailingly,” the letter reads in part.

“This was one letter out of the many that he sent, promising payment would start on March 3. Today is March 27, and nothing is forthcoming,” Abe said.

According to the spreadsheet at FIJ’s disposal, over N180 million belonging to over 150 investors was involved in the botched scheme.

READ ALSO: Ibadan Farmer’s N3.7m Still With Farm4Me Investment Company One Year After Due Date

‘WE ARE WORKING TO RESOLVE IT‘

When FIJ reached out to Aderemi, he said that over 200 other persons were also involved.

“The programme concerns not only him alone; we have over 200 people in the exercise,” Aderemi told FIJ.

Aderemi said that the company was working to resolve the issue, promising that everyone would receive their funds by the following week.

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“Our partners in this programme outrightly packed up for business operations. But we are still managing this situation to ensure that we pay them their money as and when due,” Adeyemi said.

“I was in Osun yesterday, all to make sure that we pay everybody by next week. We promised them this week, but for the election case in court. We have received the Federal Government’s approval for the programme, which guarantee’s FG’s support for our programme.”