An agricultural firm, Farmpower, has assured its investors of accountability with the company’s updated payment structure.
The company’s Administration Manager, Mayowa Bamidele, said this in a statement made available on Friday.
The firm, which offers platform for investors to fund large-scale production of livestock and crops, had recently faced complaints from investors over operational and financial challenges with the firm.
The statement said, “The huge risk involved in agriculture which has, in turn, caused a tweak in production, distribution, and food business transactions in general, resulted in delayed payback to investors.”
It added, “Economic factors cannot be excluded as well, as achieving business benchmarks on each farm has proven obscure as a result of these setbacks. These challenges influenced a severe cutback in business operations as the food production and routine sales have been pending for some time. The company disclosed that the Security and Exchange Commission had also directed companies to stop raising funds through crowdfunding
This, the statement added, had made the firm to seek alternative financing options for its operations.
“We are happy to announce there are corporate clients willing to partner with us to become leading agricultural company in Nigeria.”
The company also said it would no longer accept investment from retail investors, while noting that active investments would be paid in line with the stated terms.
“All security agencies have been notified about the payment situation and the newly updated payment structure given by the firm,” it added.