THRIVE AGRIC’S INVESTMENT SAGA OF 2020 (PART 4).
This issue has since been resolved. Read the concluding part here.
Since my last article, a lot has happened. For one, the Thrive Agric startup, founded by Uka Eje and Ayodeji Arikawe, appointed a new CEO in the person of Adia Sowho.
They also hired a new CFO and strengthened their legal base. Thrive Agric finally had that Zoom webinar with investors, but something more akin to talking to oneself and less about having a conversation.
However, none of those changes has translated into anything positive for the investors. At this point, it’s obvious that the Thrive Agric startup is more concerned about its survival as a company than anything else.
This article is the fourth story in this series.
For Part 1, read it here.
For Part 2, read it here.
For Part 3, read it here.
For Part 5, read it here.
For Part 6, read it here.
The Zoom Webinar
The Zoom webinar was held on the 9th and 10th of October 2020. It was chaired by Adia Sowho with Uka Eje, Ayodeji Arikawe, and Charles Isidi present. Faith Ogarabe was conspicuously absent in the meeting.
The Negative
Everything was wrong with that webinar. For one, everyone was muted except for the Thrive Agric panelists. Hence, no live questioning was allowed.
The text-based Q/A session that was allowed had many pertinent questions sidelined. Instead, Thrive Agric went for questions they felt they could answer without looking too bad.
The session didn’t present anything new except to find more ways to diplomatically feed us the same old lies. Thereby, highlighting the glaring inconsistencies in their story.
The Not So Negative
- Thrive Agric finally admitted that they were given permits by the government during the lockdown as opposed to what they stated in their official statement.
2. They also apologized for the misleading information on their website that says that investors’ capital was insured.
3. They apologized for the farm updates stating that they weren’t a full representation of the entire operation.
In effect, Thrive Agric apologized a lot (like that changes the fact that those lies, deceptions and coverups happened)
4. Thrive Agric inadvertently admitted that they will be paying off older investors (March/April) first, with the money they’ve received so far and will be receiving in the coming months.
5. Thrive Agric also said those payments will start coming in by Wednesday, 14th October 2020.
6. Thrive Agric said that the 12/24 months repayment plan that was initially proposed was now off the table.
7. Thrive Agric talked about possibly developing a portal where investors could log in to see where they were on the queue of payment
8. A poll was taken where the majority (61% on the first day and 68% on the second day) said they wanted their full payment (as opposed to a partial payment) and were open to a monthly Zoom meeting to discuss the progress made on their payments
The New CEO
Going by the gist Thrive Agric fed us, the duo, Uka Eje and Arikawe Ayodeji, stood outside Adia Sowho’s house for 4 hours until she agreed to help them out. Days later, she was announced as the new CEO at Thrive Agric.
Considering the fact that Nigerians are highly sentimental, appointing a woman and one with her reputation was a good chess move by Thrive Agric and Ventures Platform.
Having previously held positions at Migo, Etisalat et al, it was expected that Adia Sowho will approach her new role with guns blazing. Stating a Wednesday paydate was a bold move on her part.
A bold move that ended in a weak finish. Because, all that talk about changes, promises and reputations on the line, resulted in us seeing only friction with no motion or work achieved.
Yet, Thrive Agric will have you thinking that they have paid off a considerable number of investors.
Payout Forms
On the 15th of October 2020 after the Zoom webinar, Thrive Agric came up with yet another time delay tactic. They sent out emails that contained a link to a survey that contained the exact same questions that were asked in the Zoom poll the previous weekend.
At a time, when we were expecting to hear that people have been paid and positive progress has been made, Thrive Agric founders and management felt they could come out with this? Like we gave them a loan and they could easily request for an extension?
Needless to say, my answers to those questions were No, No and Yes respectively. And here is why?
Question 1: Are you open to partial repayment?
Would you consider percentage installments over a period of time over waiting for a full payment at a later date, but not more than the timeframe stated in the email we sent to you?
Before I even fully go into talking about Question 1, notice how that infamous 24 months silently made its way back to the table after Adia categorically told us in a recorded Zoom webinar that the proposed 12/24 months was off the table?
The fact that this form was sent to us 5 days after our meeting with Adia, means only one thing; Adia lied to us.
With how Question 1 is asked, it can mean either:
All our money is paid back to us in 2-3 installments. Which might mean getting all our money before Christmas.
Or
We will get back all of our money, paid in installments over a period of 12/24 months. Which might mean if Thrive Agric is owing me, say 120,000, that option allows them to pay me 5k every month for the next 24 months or 10k every month for the next 12 months
The ambiguity surrounding Question 1 shows that Thrive Agric, its founders and management have zero respect and no good intentions whatsoever towards their investors.
Question 2: Are you open to rescheduling your payouts?
Would you consider rescheduling your payment for a later date for an added interest rate?
Telling us that we will be paid at a later date, how late? Are we talking like a week, a month, 12/24 months or 5 years from now?
Telling us about additional ROI are we talking 0.1%, 1%, 10% or 100% per day/week/annum? (No, Adia. Competitive rate is not an answer)
The Next Move
Everything that Thrive Agric has done up until now has nothing but deception and deceit written all over it. Not one single positive thing has happened. Instead, it has been a little sleight of hand here and a little sleight of hand there.
A little advice to Uka Eje, Ayodeji Arikawe and Adia Sowho. And probably to their backers, Ventures Platform and Y combinator. This is not a magic show. There’s no magic wand that will make everything whoosh out of sight. Just pay us what you owe us and we will all go our separate ways. No hard feelings.
As for Thrive Agric supporters and sympathizers, just remember, “This is our story. We are the victims here. We are the ones wearing the shoe. Don’t let Thrive Agric tell you where it pinches.”
Thrive Agric is yet to pay me a dime. And until they do, I will keep on updating this series. Look forward to the next update soon.
Today is Day 42 of the Thrive Agric Twitter protest. Please add your voice to by following the hashtag #ThriveAgricPayYourInvestors.
If you have been a victim of Thrive Agric, founded by Uka Eje and Ayodeji Arikawe, please leave a comment below telling us your experience.
This article is part of a series.
For Part 1, read it here.
For Part 2, read it here.
For Part 3, read it here.
For Part 5, read it here.
For Part 6, read it here.
This issue has since been resolved. Read the concluding part here.
