₦airaland Forum

ImmaculateJOE:
If Obi wins, this man will definitely gonna get a juicy appointment.. He is capable and competent.

Are you not one of the problem of this country? You're still talking about a "juicy" appointment when we're fighting to retire all our juice-seeking politicians.

mukina2, dominique, News is from FIJ investigation. If you may, kindly move to frontpage.

AJOBI77:
Fraud! Fraud!! Fraud!!!

Baba nla fraud bro. The founder and CEO is still in hiding.

FarmFunded Agroservices, an acclaimed investment company, has vanished after failing to pay its investors for almost two years.

Despite proactive measures taken by some investors to ensure that the company refunded their investment capital, they continually encountered hurdles set by the company.

Speaking with FIJ, Gregory Ezenwa (not real name), an investor with the company, said FarmFunded threatened him when he would not stop making efforts to get his money.

He stated that the chief executive officer of the company also called him, asking that he desist from motivating other investors to get their money.

The entrepreneur, who invested N3 million with FarmFunded in October 2020, said everything seemed fine with the company until three months after investing.

He said that he invested in the company’s Rice Paddy Aggregation Scheme for a 10-month period at 36 percent interest rate, but did not receive benefits due to the company’s failure.

He said he was shocked when he stumbled on a forum on social media where FarmFunded investors were complaining about not receiving their due payments months after investing in the company.

In fear, he said, he reached out to the company’s management to find out if there was a problem, but they denied it.

Ezenwa said the complaints multiplied by the day, and then FarmFunded stopped taking investors’ calls. He said they later blamed the issues they were facing on Covid-19, banditry and bird flu.

“To calm investors’ nerves, they announced that they had brought in some experts to see to the recovery of the company. Joshua Ajisope (Founder and CEO) would be stepping down as CEO and would be replaced by Anthony Olu, a risk manager by profession,” he said.

Ezenwa stated that the company held a Zoom meeting where they promised to make public the list of investors they owed and a specific schedule for payment.
“That list we never saw. Instead, FarmFunded sent every investor an email, promising to pay them, some as far out as two years. That promise also was never fulfilled,” he said.

Ezenwa contacted everyone in the official investors’ group and asked them to join another channel to discuss how to recover their capital legally, but this offended the company’s founder, he stated.

“Founder Joshua Ajisope called me one night and was threatening. He disguised it as a friendly notice to stop,” he said.

“He made statements like, ‘If you don’t stop instigating other investors against us, it will force us to fight back.’”

Ezenwa said he did not mind the statement until he received a letter in his house, threatening legal action against him a week later.

“They said they would take some actions against me if I did not delete a comment I made on an investors’ forum against FarmFunded,” he said.

Ezenwa said he and other investors wrote a petition to the Lagos State Police Command through a lawyer, and the police swung into action.

“They could not get Joshua Ajisope, but they could track down Anthony Olu, the new CEO. FarmFunded appointed two layers to Olu and they were ready for a legal battle,” he said.

He stated that FarmFunded representatives insisted they intended to pay, disclaiming the shreds of evidence brought before them.

“The investigation would have been ongoing at the Inspector General of Police Intelligent Response Team (IGP-IRT) office had the Abba Kyari issue not come up,” he stated.

Ezenwa said that while the matter is under investigation, Joshua Ajisope of ‘Farm Funded’ has established another farming scheme, cassavecash.com, where he has been defrauding other unsuspecting Nigerians.

“Olanrewaju Tobi, the co-founder of FarmFunded, has also established jetsfarms.com, another farming scheme, defrauding unsuspecting Nigerians.

“After the police arrested Anthony Olu, FarmFunded deleted all information on their website. Soon after, the website was parked. Jetsfarms.com has also been defaced and parked.”

FIJ placed several calls to FarmFunded via one of its numbers displayed on Google, but it did not connect. They had also not responded to a text sent to them at press time.

https://fij.ng/article/farmfunded-ceo-joshua-ajisope-threatens-to-sue-investor-asking-for-his-n3m/

For Gods sake what is a positive ratio metric?

Wo, isoro Nijeriya su mi.

XerXers:
Unveiling of VP was postponed to tomorrow because of this maiduguri trip. More pictures later

Bro get a better Camera please . These pictures are too pixelated for something as historic as this.

Ask Peter Obi to buy you a DSLR camera. I suppose you're part of his media team.

thebosstrevor1:
A credit system is not a good system and also not good for the country's balance book

if we have a credit system that also means more debt for the government because they have to continue printing money to give bank access to cheap money at the end of the day, the bubble will go bust and you end up becoming more poorer and debt slaves

FFS!

You know what? Just stick to political arguments please.

thebosstrevor1:
The loan apps promising free money and so called low interest captivated many poor Nigerians, they became debt slaves to the loan apps, Now Tinubu want to totally enslave us with debts and make the bankers more richer, create a banking dynasty and make debts be able to pass on from generation to generation, while the bankers milk us all dry.

I know many Nigerians love that credit system even without understanding that forever they will be slaves to the bankers and government whose hope is to lower your standard of living and make sure you are a slave to them.

A credit system is a good thing. It's not only good for us Nigerians, it's also good for the country's balance book.

It's not everything you'll criticize na. Be consciously OBI-dient.

Pacesetterz:
S.eun is depressed. Take this to the bank

I think he's suffering a midlife crisis.

The same people who sold Buhari to us in 2015.

The same people who told us that 4 years is not enough to fix the damages done by PDP's 16 years rule.

It's been 8 years and the same people are advising us to vote for Atiku and Tinubu.

Oga suffer no dey tire you?

By what metrics did you arrive at this valuation? I doubt Nairaland is worth $1M.

$300,000 monthly, Ni bo?

Israel disclosed that the task force has been mandated to coordinate the registration and revalidation exercise of students and youths-led support groups into a recognisable structure.

These people still don't get it. The world have moved beyond structures. Decentralization is the future.

Transportation - Decentralized
Banking - Decentralized
Shopping - Decentralized
Media - Decentralized
Money - Decentralizing
Education - Decentralizing
Health - Decentralizing
Work - Decentralizing

As I write, parcel delivery is being decentralized on a global scale by a Nigerian Tech company. Nobody cares about centralized structures anymore. Wake up

haffaze777:
When will you burst the guy below?

[quote author=Totilopussylick post=114263288]Words is enough for the wise

[/quote]He's an impersonator too. I caught him trying too hard to potray Obi as an Igbo president.

Totilopussylick:
South West people can go and jump into the lagoon.


Obi for president.

Why are you trying so hard to potray Obi as an Igbo president. Like I don't get it. This is some evil sabotage sir. There are thousands of Yoruba campaigning for Peter Obi.

What is your agenda?

Are you kidney me?

plaindealer:
Of what relevancy is your pointless chart when you are bleeding year after year on the ground, when the same company is a few feet from the grave, even in the same 2018 that you referenced.

UBER has never made a profit, oh they did last year, yet their stock value keeps going up
Twitter never made a profit until they sold to Elon, but it doesn't stop them from taking home $44 billion.
WeWork is a complete basket case but check where their stock is at.
Amazon, as big as they are has never made a profit yet Jeff Bezos's shares made him the 2nd richest man in the world.

I could go on and on. There is no correlation between ARR loss/gain and the value of a company's stock.

plaindealer:
Even in 2018 and yearly, the company was drawing in losses and debt.

Painting rosy pictures and deceptions can not hide obvious sad economic realities, very soon, that company will pack up because they can not sustain continued yearly loses.

Seriously? What's the correlation between a business incurring ARR loss with the value of the company.

Sir, if you cannot read a simple trading chart, don't quote me next time with your limited frontal lobe arguments. I don't do your unproductive Nairaland arguments.

agabaI23:
This implies that the finance commissioner lied or does not understand his onion? I did not do due diligence though because I took it that the government knows exactly what is current. We may have to come up with a query for the finance commissioner.

Not really, the Anambra ministry of finance does not have access to these funds as the investment is a CBO. A CBO is a corporate bond that pays annual dividends to shareholders and the full capital at maturity which will be in 2050. I don't think successive Anambra governors are interested in it since they don't have access to it.

I think they're not really happy about it.

Seun:
Peter Obi's supporters had claimed that his investment grew in dollar value, so that justifies debunking the claim based on the dollar value. However, there is value in continuing the debate so there's no reason why we shouldn't feature this thread also. It still doesn't look like a great investment to me though.

The claim is true. That claim was based on an interview Peter Obi had with Arise TV in 2018. It is not a recent interview. Here is the link to the interview. Please note the date.


https://www.youtube.com/watch?v=tfxiZBzfoyU

At the time, INTBREW was trading at N58.69 and the Naira was trading at N300 against the dollar. If you put the numbers in, Anambra's 4.7% stake in INTBREW was worth a little over $98M. Do your own research.

agabaI23:
I based my calculation on the information I got from the scandalous publication which they claimed came from the commissioner of finance.
See my attached spreadsheet for how I got my figures and for the source of my data ---https://www.nairaland.com/7189779/peter-obis-12.24m-investment-breweries#114025775

I need a feedback too with evidence because I want you to be right please

Anambra Invested N1,955,535,247.00 for a 10% stake in SABMiller in 2012. SABMiller is a subsidiary of AB Inbev. In 2017, AB Invec decided to consolidate its stake by merging SABMiller, Intafact Beverages Limited and Pabod Breweries to create a new subsidiary in Nigeria called International Breweries PLC. This merger increased the value of INTBREW greatly, however, diluted Anambra's shares to 4.7% making her the 2nd largest single investor in INTBREW. Anambra was 1st largest single investor in SABMiller.

As of this moment, the market cap of INTBREW is N151.771B.

N151.771B x 0.047 = N7.32B

I challenge anyone to prove otherwise.

Thank you.

I hate that they keep saying Anambra's stake in INTBREW is worth N2.32B when it's actually worth N7.32B.
Political science/mass comm grads and mathematics are 2 parallel lines.

Throwback:
By why the outlandish claim that $20m is now $100m in value?

That is a straightforward lie.

No, it's true. That interview was from 2018 and INTBREW shares were trading at N58.69 per share, 11X what it is worth today and Anambra's stake was valued at over $98M at N300/$ exchange rate.

It's not Obi's fault that Buharinomics destroyed the economy.

agabaI23:
Peter Obi Invested N1.96 billion and the value now is N2.24 billion (Picture)

Lalasticlala
Seun
Mynd44, OAM4J

You're wrong

Anambra's 4.7% stake is worth N7.32B. Respectfully, I'll like to know how you arrived at your figure.