Around April last year, Eatrichfarms was trending all over the place. It was supposedly an agro-investment company based on crowdfunding. The CEO was Mr. Sam Afolabi.
Eatrichfarms company placed adverts with top media channels like the Vanguard and Daily trust for people to invest.
Over 250 people invested in the company because of the proof of asset and the rate was roughly 5% monthly interest which seemed fair enough.
Unfortunately, at the end of the maturity period, the C.E.O (Sam Afolabi) refused to pay investors, no interest, no capital. He shut down the offices, switched off his phone lines, and fled the country.
And this was a company that recently launched its corporative. One of the investors voiced out that he invested up to a total of a N1million(naira), hoping to get his returns in the 6months. He realized he lost his hard-earned money.
The actions of Sam Afolabi following the collapse of his company are disturbing. Rather than follow the due process for liquidation, he simply fled like a common criminal. We have a state of emergency in Nigeria with regard to the investment space. The national assembly should criminalize the Ponzi scheme and empower SEC with the ability to prosecute those who are not registered in it. The sad part is with all the petitions to the EFCC so far, not a single arrest has been made.