Farmnow, an agro-tech venture that mobilises investments into livestock, poultry, and crop production in the efforts to achieve food security and job creation has disclosed its commitment to 100 percent payment of its investors despite economic challenges.
Agricultural production has been under threat following the lingering COVID-19, alarming insecurity and hostile business environment, frustrating agricultural business projections and returns on investments.
Farmnow admitted that its businesses in the agricultural sector were challenged with the pandemic and insecurity, which have driven most farmers away from their farms.
Since its inauguration, Farmnow, which has run no fewer than 18 farm cycles across crop and livestock production within one year, expressed disappointment at the uncertainty that laced Nigeria’s economy.
In a statement to its farm sponsors and the investing public at large, Farmnow disclosed that despite the unfavourable economic situations, at no point had it defaulted in its payments to those who invested in its circles.
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“We are deeply saddened by the turn of events as our customers have placed so much faith in us. This delay has been caused by a decline in sales, delayed payments from our partners and off-takers, as well as the reduced spending power of consumers,” the statement said.
While noting that the company had put a smile on no fewer than 70 percent of its sponsors despite the enormous challenges that plagued the Nigerian business environment, the company assured that every sponsor would be paid by May 2023.
“We had initially moved the payment date forward to give us a chance to pay our sponsors their returns over 21 days and have done so to the best of our ability.
‘’So far, we have been able to pay over 70 percent of our farm sponsors but are currently bleeding financially and cannot keep up with the payment rate,” it added.
The company further expressed gratitude to all partners and investors’ continued faith in the business, assuring them that it remains resilient in its mission to foster tech-driven collaborative solutions that make agriculture profitable for all stakeholders along the agro-value chain.
