Gideon Oriolowo, a Lagos State-based visual artist, has accused McBuddy Properties Ltd. of breaking agreement terms after he invested N700,000 in the company’s agro-investment business.
Oriolowo informed FIJ that in 2020, he learned about the business on a Max FM radio programme.
The Lagos resdent paid N200,000 in April 2020 for a plot of plantain farm in the Epe area of the state under the assumption that the platform was legitimate.
He said that he later invested N500,000 in the company’s poultry farm business in March 2021.
“While the first investment period was for five years from May 2020 to April 2025, the second investment was supposed to start from March 2021 and mature in July 2021, according to the investment plan,” said the visual artist.
According to records of the investment agreement that FIJ obtained, McBuddy’s Greenfold Farm was required to pay N50,000 as profit on the plantain farm investment every year.
For the poultry farm investment, Oriolowo was to get N100,000 and his investment capital of N500,000 at the end of five months.
However, Oriolowo never got a dime out of the anticipated return on investment on both investments. The company also failed to refund his N700,000.
READ ALSO: Between Craig Barisuka and Anita Ijeoma, Liberia-Based Nigerian’s N33.5m Is Hanging
Oriolowo said he got in touch with the company via its Instagram page and through phone calls in an attempt to recover his N700,000.
He also noted that he went to the company’s office in Magodo but still did not get his money.
“They said I was going to get the money in 2021, but they postponed it until 2022. Their customer care reps stopped answering my calls, then they decided to stop replying to my messages,” he said.
“They are not even talking about it again, and the funny thing is that they are still running their business. I’m sure they are still scamming a lot of people, because they are still advertising everything on their social media platforms.
“Please help me. I need my N700,000 back. These people have ruined me beyond control, and they’ve failed to pay me.”
In response to FIJ’s inquiries, the company said that Oriolowo invested N700,000 in its Afro-investment business, and that they had started paying back investors since August 2022 and would complete it by September 2023.
Hammed, a customer care representative, said the company had earlier communicated to investors that their capital would be refunded by September 2022 after a severe loss the company had at the farm due to African swine flu.
He noted that Oriolowo’s payment slot was between May and July 2023.
“He can reach out to us with this email so send his account information, so we can update our records for payment,” added Hammed.
Be the first to receive special investigative reports and features in your inbox.