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 caused by the COVID-19 pandemic.
He has due to this fact introduced Adia Sowho as interim CEO, whereas a Chief Monetary Officer with vital 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.
Expensive Subscribers and Stakeholders of @thriveagric.
I write to you to share extra 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 nearly one million naira, and he has been informed to attend until subsequent yr to see returns on his investments.
He detailed his plight in a protracted thread titled ‘THRIVE AGRIC: ANOTHER PONZI SCHEME OR BAD BUSINESS?’
In the meantime, Leadway Assurance, the insurance coverage firm accountable for Thrive Agric’s farms, came forward to say that its providers don’t cowl particular person investor’s funds, however solely the insured farms and different farm property.
In his assertion in the present day, Mr. Eje stated the corporate has made organizational adjustments to “steer the enterprise out of her present challenges and put together Thrive Agric for the long run.”
“We now have began this course of with the assist 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 a turnaround train in order that we survive the results the COVID-19 pandemic has had on the enterprise,” Eje stated.
He additionally stated Adia has years of expertise constructing companies from scratch and pivoting to scale and has the abilities wanted to maneuver Thrive Agric previous the disaster.
“Adia has plenty of expertise with constructing companies from the bottom up and shaping them to function at scale. I requested her to assist us, recognizing that she has the required experience to maneuver us previous this era efficiently.
“I will likely 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 likely be Adia’s understudy.
“We now have additionally appointed a Chief Monetary Officer who comes with vital 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 stated.
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 now have additionally gotten extra authorized illustration, to raised defend 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.