With the rise in crowdfunding platforms in the agritech sector defaulting on payments to subscribers, STEPHEN AGWAIBOR writes on how this trend speaks to gaps in the regulatory space
When Ms Eruteya chose to subscribe to Requid, a Nigerian agritech investment firm on May 30, 2020, she was full of high hopes. She invested N150,000 in a rice farm, Requid JV Rice 02 farm, that promised a return on investment of 28 per cent over a seven-month tenure.
However, just before maturity of the investment, events took a new twist.
Eruteya said, “On the 26th of December, four days before my payout, they sent an email which I didn’t see till the 30th when my payment was due.
“They had been putting bi-weekly updates on their site and according to the site, the farm was doing well when they sent this message.”
Strangely, the email read, “We wish to notify you of some developments with regards to one of your payouts.