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Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me - Investment - Nairaland

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Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Nigerialabalaba: 11:54am On Apr 14
Investors call out CEO as they demand payout for overdue investment in Ceepass, Viable X, Farm4me

Investors of Ceepass; a digital bank for savings and investment, Viable X; export financing platform and Farm4me; a platform for contract farming in Nigeria (all manned by one man) have called out the CEO of the platforms, Adama J Adama as they request that their overdue funds be paid immediately.

Bittered by the continuous promise-and-fail by the firm to payout principal investment and the returns, investors who have continued to hold on to hope that they would one day wake up to a credit alert from the platforms appear to be out of patience.

For months, the investors have continued to suffer in silence, gaging their mouths for fear of losing out when government agencies become involved despite that the injury cuts deep every day.

“What good is the money when government sits on it?” They often argued.

Yet, promises continue to be broken and shattered to pieces, wearing out investors’ trust that they have no more to offer – after all pending bills have to be settled with real money and not on promises in reality.

For investors like Sopi (as identified on social media) who had to take a loan against his salary, added little savings and invested in ViableX and Ceepass, he only wanted to raise enough to care for his triplet, little did he know that that would be the biggest mistake of his life.

According to him, his investment with ViableX matured on the 13th of November 2021, and another in Ceepass matured on the 11th of January 2022. Up until now (as of the time of this report), nothing has been paid.

Similar to Sopi’s case, Mariam and other investors are going through trauma as a result of a lack of a clear-cut direction and continued silence on a specific payment date which is fueling suspense that the platform may be another ‘MMM’.

“He defaulted on my payment since December 2021, then sent a one-time communication in February tagging it January. We sent him a letter via email through all channels to ensure he talks to us as regards the timeline of the payment plan but there was no regard or response. Sincerely, we are running out of patience,” Mariam said, referencing a unanimous letter sent by the group of investors following an initial ‘Situation report on the business activities’ by Napoloen Chambers, the solicitor for Ceepass, Viable X and Farm4me.

In the letter by Napoleon Chambers, the solicitor stated that Ceepass, which is the hallmark business of the company suffered serious setbacks due to hacking of their online payment system leading to the loss of a huge sum of money. He added that the Economic and Financial Crimes Commission (EFCC) is currently conducting an investigation into the matter.

He also said the measure to utilize manual payment by the conglomerate occasioned some delays to payment to investors due to the huge volume of investors that require to be manually verified for payment.

Meanwhile, it stated in its undertaking, “In line with the terms of the duly executed contract binding between our clients and their numerous investors, our clients hereby vouch that no investor will lose his/her dime, our client will not rest in their effort.

It added, “To making sure all the monies due to all the investors’ entitlements would be fully liquidated not later than the end of March, 2022 and the third week of april 2022. This is an undertaking giving in absolute honour based on our clients’ track record and the effort on ground”

Unfortunately, up till the moment of writing this report, the company is yet to deliver as promised. According to investors, what’s more shocking is that in all of this, the CEO, Adama J Adama has failed to address investors and has blocked all channels through which he can be reached on social media.

In the letter written earlier in February by investors and seen by Nairametrics, investors had called out the CEO, requesting that the company communicates in a clear term to the completion of payments to all investors before/up until March, 2022 as well as set up a Zoom or Google Teams meeting for an interactive session with all convened for the explanation followed by a signed mail based on what was agreed upon which would be sent to all investors. But none of these recommendations have been met.

What the company is saying

In a phone call with the company’s manger for the Lagos Unit, Sunday Odachie, he consented that the business is currently facing challenging times but told Nairametrics that the company is working on how to resolve the challenges and pay out money to all the investors.

When asked about the specific pay day, he said, “At a point, the platform was hacked but we will all have to be patient as everything would be resolved very soon. We have stipulated time for payment in December, March ending and others, but we kept failing and the more we give time and fail, the more people bully us and get angry. So we are careful not to be specific on when we will deliver. It may be tomorrow or next week; it will just happen, we are very much in business.”

Commenting on what the company is doing to resolve the challenge, he said the platform is utilizing every means possible including seeking for grants and partnerships whilst also hinting to Nairametrics that the company is expecting export funds from the bank.

He said, “Our export proceeds are hanging in the banks. We have dollars hanging in there because of some proceeds that has not been done. You know anything that has to do with foreign transactions, sometimes there are hiccups along the line.”

On reasons for lack of communication, he said that the company has been reaching out to investors via SMS and emails all along.

“It is not true that we don’t pick calls. The customer careline is on. Our office in Ikeja is open as well but some investors would just come to social media and say we have locked up the office. Sometimes when they say we are not responding, I think it is the solution they are referring to. Once their money is not paid, they will say you are not responding,” he said.

Notably, Ceepass, Viable X and Farm4me are all linked as one, with Cesspass housing all. This means that every investor has an account on Ceepass. Hence, this explained why the three accounts were affected by the hack. However, one major concern is – if the account was hacked, are investors fund still intact?

Addressing the concern, Odachie said, “Investigations are still on and that would enable us to know the extent of damages. For now we cannot ascertain clearly the extent of the damages though we know they have tampered with funds. That aside we are legally binded by agreement to pay them whether there is a problem or not.”

Speaking on whether the principal will be paid alongside ROI, he noted that the agreement said if anything goes wrong, the least we can pay them is their principal investment. Meanwhile, he added that the company is yet to reach a decision on whether the capital alone will be paid or if returns will be added.

Bottom line

Crowdfunding in Nigeria has in recent times been going south fueling a rising feeling of pessimism over the crowdfunding industry in the country.

From Farm Power to Payfarmer, Goldvest, Emerald farms, Vestpay, H O Corn, FarmKonnect, Farm Sponsor and a list of endless ventures, these platforms known for funding a project or venture by raising money from a large number of people who contribute relatively small amounts, typically via the internet, have either defaulted or are delaying payments of investment funds, alongside Return on Investment (ROI) to investors.

https://nairametrics.com/2022/04/14/investors-call-out-ceo-adama-j-adama-as-they-demand-payout-for-overdue-investment-in-ceepass-viable-x-farm4me/

2 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Nigerialabalaba: 11:56am On Apr 14
anoda low budget crypto ponzi don send some greedy suegbe and lazy freemoney-loving yoots to golgotha. shiorr.

110 Likes 9 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Bounceboune7: 12:12pm On Apr 14
A fool and his money will soon part ways,if mmm no teach people lesson then they can't learn again.

Nobody will go n work n bring money for u,use your head

55 Likes 5 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Esseite: 12:13pm On Apr 14
We just know how to ruin every good initiative.. now anything crowdfunding, investment is seen as scam...

16 Likes 2 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by tutudesz: 12:13pm On Apr 14
Other countries are using crowdfunding to grow their business, while some idiots are using it to scam people undecided
See people investing in your ideas embarassed while honest people hardly see investors, this Life cry

51 Likes 6 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Buharidgeneral: 12:13pm On Apr 14
Yet another one
These mugu no dey finish

7 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by ali0olabisi: 4:08pm On Apr 14
sad
Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Misstittee: 5:27pm On Apr 14
This ageitech sector has been attracting unscrupulous people lately. Do your due diligence before investing.

9 Likes 1 Share

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by bennybuhari: 5:27pm On Apr 14
Why are Nigerians so gullible

7 Likes 2 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Offpoint1: 5:28pm On Apr 14
grin seems nothing is real in Nigeria again

6 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by olu122: 5:29pm On Apr 14
grin
Maxwell come and see your children

1 Like 1 Share

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Sabadon(m): 5:29pm On Apr 14
Money gone

9 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by eldervine(m): 5:29pm On Apr 14
Things like this are one of the reasons why the moment you introduce yourself as a nigerian to a foreigner they will just disappear. The average nigerian out there is looking for who to scam. even me self i follow dey find who i go scam.

6 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by luftw4ffe: 5:30pm On Apr 14
E DON HAPPEN AGAIN OO grin

In a few months, another set of fools will go down grin

Nigerians & free money ehn

22 Likes 1 Share

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by WIZGUY69(m): 5:30pm On Apr 14
Since my experience with MBA in 2020, I've promised myself that anytime I send any Human being my hard earned money in the guise of investing or any crowdfunding nonsense, heavy thunder should strike me. sad

40 Likes 2 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by iCauseTrouble: 5:31pm On Apr 14
grin
Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Uptownerd: 5:31pm On Apr 14
When will our country people ever learn? undecided


If they chop their money finish, na so we go hear say Papa J don begin dey mine skull for Ogun State for 20k per head.

Chai!!!!
Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by chygozie11: 5:32pm On Apr 14
Mugu fall guyman chop... Naija done over hard grin

1 Like

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by omenkaLives(m): 5:32pm On Apr 14
They will NEVER learn. I have no pity for any of these type.

MMM should have been the last of its kind, but no, Nigerians are too damn headstrong. They see these things, and despite their experiences, still jump right into them with both legs.

They'd tell you "be one amongst the first investors so by the time many people have arrived and the promoters are about to take off, youv already cashed out". Shey Una think say the promoters no dey read these things, or dem be mumu?

Smh.

17 Likes 1 Share

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by benedictuyi(m): 5:32pm On Apr 14
Nairaland is also to blame for the fraud perpetrated by Viable X.

Nairaland actively advertised ViableX, Ceepass, and Farm4me on their platform even when it was clear as daylight that these aforementioned companies were operating a Ponzi scheme

35 Likes 2 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by MoneyMustBMade: 5:33pm On Apr 14
tutudesz:
Other countries are using crowdfunding to grow their business, while some idiots are using it to scam people undecided
See people investing in your ideas embarassed while honest people hardly see investors, this Life cry

Because those fake one promise over high return

4 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Kingosytex(m): 5:34pm On Apr 14
People wey mumu for this country too plenty. After what MMM and its likes have done to you all, you've refused to learn.
Chinmark and co will continue to cash out on your gullibility. cheesy cheesy

7 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Asour: 5:34pm On Apr 14
Bounceboune7:
A fool and his money will soon part ways,if mmm no teach people lesson then they can't learn again.

Nobody will go n work n bring money for u,use your head

People actually work for investors & bring money back — while they themselves are being rewarded — without stepping foot at those companies.

Most commercial banks, Dangote, MTN, BUA foods etc all have investors who put their money in them and earn dividends periodically.

Even cooperatives like REI co-op exist in the US. A few Real Estate Investment trusts exist in Nigeria e.g. UPDC.

The model is not the problem here. it's our corrupt tendencies at play so don't judge a concept by its flawed application. Most Nigerians — especially the Business class lack integy.

23 Likes 2 Shares

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by ppogba: 5:34pm On Apr 14
bennybuhari:
Why are Nigerians so gullible

Because:
* They are greedy.
* Loves free money.
* Wants money without sweating.
* Wants to earn without letting others know their source.

8 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by MikeMicheal(m): 5:34pm On Apr 14
Is like i will create ponzi scheme too ooo.
Seems Nigerians dont want to have sense.

5 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by simplesearch: 5:34pm On Apr 14
Hiss, 419ers and their usual format!

1 Like

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by jide4lagos(m): 5:36pm On Apr 14
Ope ooo, I almost put my money in this sh*t before I use the money run France student Visa package. Alihamdulilah. If you see this scammer profile and the office eh... You must collect wotowoto
Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by SarkinYarki: 5:36pm On Apr 14
So this dude eventually went into organised fraud like I predicted way back cheesy

2 Likes

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by ATTAHDYE(m): 5:37pm On Apr 14
Nigerians don't want to learn. There is no easy money anywhere.

2 Likes 1 Share

Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by Winters23: 5:37pm On Apr 14
grin
Re: Adama J: Investors Call Out CEO Of Ceepass, Viable X, Farm4me by wwwihy: 5:38pm On Apr 14
Abeg nairaland...stop disturbing us with all these investments people

5 Likes 1 Share

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