Olutimilehin Akinbode, an Ogun state resident, has accused West Agro Agriculture and Foods Processing Ltd. of breaching investment terms relating to N1million capital he has with the company.

Akinbode told FIJ that he invested two N500,000 capitals in the company’s fish farming and vegetable farming investments between 2020 and 2021, with an agreement to receive Returns on Investment (RoI) every six months for three years.

Akinbode claimed West Agro agreed to pay him 30 per cent RoI worth N150,000 for the first two instalments, and 35 per cent RoI worth N175,000 for the last four when an agreement was first reached.

He further said the investment was supposed to see him earn a combined sum of N1 million on each investment.

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Akinbode told FIJ he made the investments with the company because he believed they were genuine. He also said he knew their physical address.

“They only paid once on each of the two investments I made. I invested N500,000 each, and they only paid N150,000 each on them,” he said.

“When the time came for them to pay the next RoI, they said I should give them 90 days because of the ‘things going on in the country’. I got the first payments exactly six months after investing, but the second payments for each never came.”

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After waiting for his RoIs that never came, Akinbode terminated his first contract with the company in January.

West Agro confirmed his termination, but said it would take six months to process a N435,000 refund to him. The N435,000 was arrived at after the N150,000 that was earlier paid to him from his initial investment was subtracted, and after adding N85,000 sum the company still owes him.

WE PAID HIM AN EXTRA N175,000, WE ONLY OWE FOR ONE INSTALLMENT — WEST AGRO

When FIJ contacted Evelyn Oyefeso, one of West Agro’s customer service agents, she said the company had paid Akinbode the promised RoI three times.

“In October 2021, we paid him N175,000, and he confirmed it after saying he did not see it earlier,” she said.

“We could not pay his recent RoI because of unforeseen circumstances, but there has been constant communication with him, and a mail tray. We sent a recent update in April.”

Akinbode maintained that he never received any N175,000 from the company. The termination mail that was also made available to FIJ also showed that he was not paid this sum.

Oyefeso told FIJ that the company’s legal team would contact our reporter with additional information, but at press time, they were yet to.