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Thrive Agric finally pays investors after financial crisis, controversial year

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Agric-tech company, Thrive Agric, has finally repaid investors a year after the company was accused of failing to pay initial investment and interest on the investment as at when due.

The investment company had experienced financial problems after the COVID-19 pandemic, with the company stating that it wasn’t prepared for the virus outbreak, which affected logistics and operations of companies.

Last year, investors had publicly accused Thrive Agric of not fulfilling their investment obligation. The company has been indebted to the investors since last year April.

The company suffered more setback after Leadway Assurance said its insurance doesn’t cover Thrive Agric’s funds. The insurance company said it only insures the investment company’s farm produce.

In a bid to douse the tension among investors, Thrive Agric made leadership changes, appointing Adia Sowho as its interim chief executive officer to help the company manage the crisis and withstand the pandemic consequences.

READ ALSO: CBN to support cultivation of 500,000 hectares of maize in 2021

It also split payment into two phases. The payment was scheduled for last year fourth quarter and this year. Commenting on the progress of the repayment, Sowho said investors have been paid their dues.

“I am happy to announce to you all that Thrive Agric has completed all overdue payments due to its crowdfunding subscribers,” Sowho said in the company’s statement.

She added that, “The COVID-19 pandemic changed our lives forever. It tested the world and the businesses around the world; ours included.

“We were not able to keep our promise of on-time returns on farm subscriptions, and you, our subscribers, had to bear the rougher side of the risk in running an agriculture business during a pandemic.” she said in a note to investors on Thursday.

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