Co-founder and CEO of Thrive Agric, Uka Eje, introduced that he would step down as CEO and assume the place of COO because it faces challenges led to by the COVID-19 pandemic.
He has subsequently introduced Adia Sowho as interim CEO, whereas a Chief Monetary Officer with important expertise in finance has been appointed by the AgriTech funding agency.
Eje introduced in a social media assertion on Thursday afternoon, informing buyers concerning the delayed payouts of their investments.
Pricey Subscribers and Stakeholders of @thriveagric.
I write to you to share further information relating to the delayed payouts at Thrive Agric attributable to the COVID-19 Pandemic.
— Uka Eje (@EjeUka) October 8, 2020
Nairametrics reported that on October 2nd, a Thrive Agric buyer recognized on Twitter as @theprincelyX, took to the social media platform to call out the corporate for holding on to his investments. He claimed the corporate owes him virtually one million naira, and he has been advised to attend until subsequent 12 months to see returns on his investments.
He detailed his plight in an extended thread titled ‘THRIVE AGRIC: ANOTHER PONZI SCHEME OR BAD BUSINESS?’
In the meantime, Leadway Assurance, the insurance coverage firm in command of Thrive Agric’s farms, came forward to say that its companies don’t cowl particular person investor’s funds, however solely the insured farms and different farm belongings.
In his assertion right now, Mr. Eje mentioned the corporate has made organizational modifications to “steer the enterprise out of her present challenges and put together Thrive Agric for the longer term.”
“We have now began this course of with the help of our buyers, significantly Ventures Platform , who has been the epitome of a value-adding investor. I’ll begin first by asserting the brand new interim CEO, Adia Sowho.
“She is right here to information Thrive Agric by way of a turnaround train in order that we survive the results the COVID-19 pandemic has had on the enterprise,” Eje mentioned.
He additionally mentioned Adia has years of expertise constructing companies from scratch and pivoting to scale and has the talents wanted to maneuver Thrive Agric previous the disaster.
“Adia has a number of expertise with constructing companies from the bottom up and shaping them to function at scale. I requested her to help us, recognizing that she has the required experience to maneuver us previous this era efficiently.
“I will probably be stepping down as CEO for the interim, and assuming the place of COO, the place, along with the attendant duties of the position, I will probably be Adia’s understudy.
“We have now additionally appointed a Chief Monetary Officer who comes with important expertise in finance. We sorely want this expertise as Thrive Agric is financing the agricultural worth chain and we have to deepen our capabilities in that space,” he mentioned.
Eje additionally famous that the corporate realized that it didn’t have insurance coverage safety for the buyers, and employed a brand new head of Threat Administration and Compliance.
“We have now additionally gotten further authorized illustration, to raised shield us and extra effectively handle our business agreements. That is such that Thrive Agric is extra uncovered to stronger enterprise relationships and fewer counterparty dangers,” he added.