Tolulope Paul-Abiodun, the CEO of Euul Investment Company, an agro-investment firm, has asked investors to decide whether he should sell his farm or wait for the next planting season to receive the money he owes them.
This came after he failed to make payments promised investors for a over year.
In April 2020, Paul-Abiodun described the company as ‘a product of the determination and commitment of youths to make life better and help people get richer in the midst of the economic crisis in African Countries’.
But like many failed investment companies, Euul offered packages that allowed investors receive to up to 10 percent interest in three months, 12 percent interest every three months, and 18 percent in six months.
Investors who bought portfolios in 2020 got paid their promised interests at the very beginning. However, things took a bad turn afterwards.
FROM AN INVESTOR
Michael Thomas (not real name), one of Euul’s victims, told FIJ he made his first investment in the Ibadan-based agro-trading firm in September 2020.
“The Christmas package I invested in ended in December, 2020. For this, I received the necessary interest payments and it encouraged me to buy other packages in January 2021,” he said.
“I invested the sum of N200,000 in the kiddies package in January 2021 with the promise of interest payment of 12 percent every three months. I subsequently got paid the interests for April and July 2021. But since July, no payment has been received and the company has refused to refund my capital.”
Michael said he also bought three other portfolios in the same month.
“I bought the monthly cashflow package, the entrepreneur package and the vacation package in January with a sum of N200,000 each. Each one ought to accumulate an interest of 75 percent in 10 months,” he said.
“The payments for the packages were supposed to be made between December 1 and 10, 2021. In December, I made a request that the company pay me the interests on the entrepreneur and vacation packages but they asked me to have patience till December 10, the last day for the payment according to the written agreement.
“After December 10, Tolulope Paul-Abiodun, the CEO, reached out to me that they were having challenges at their farms because the machine to be used for the processing of their produces were faulty and the engineers were working on them.”
Michael said he is yet to receive any payment on all the packages he bought.
THE WAY FORWARD
According to the investor, Paul-Abiodun would again reach out to him in January to say the organisation was battling another challenge.
“The CEO told me they were having issues with their partners in another company and claimed that funds were stuck there. Then I informed him that I didn’t invest in any company apart from Euul. I don’t know any other company,” Thomas said.
According to the investor, Paul-Abiodun held a Zoom meeting with all Euul investors in April, and promised to pay by June or July.
“He also asked the investors to decide if he should sell his farm or they were willing to wait for the next planting season,” Thomas said.
“His plan is to put us in a tight spot. From his attitude, I strongly believe he has defrauded us with no plans of paying what he owes.”
When FIJ tried to contact Euul, their official phone line was switched off. However, Ruth Adewale, who signed many agreements on their behalf, said she no longer represented them.
“I used to be their legal officer, but I’m not acting for them again. I also invested N400,000 in the company last year, and it ought to mature this February, but I’m yet to receive anything,” she said.
When FIJ informed her that the organisation could not be reached, she recommended a visit to the company’s office in Ibadan.
FIJ also found out that, contrary to the company’s claim of being insured by Leadway Assurance, it is not on the insurance company’s agro-partnership list.
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