Farmpower is an Agricultural platform that offers a web app through which investors can fund the large-scale production of livestock and crops to empower rural farmers, boost food production, and give the investors commensurate returns on investment (ROI). Some of their major ventures include Pig, Goat and Rice livestock and commodities investment.
Recently, the firm has faced operational and financial challenges because of several factors; one of which is the huge risk involved in agriculture which has, in turn, caused a tweak in their production, distribution, and food business transactions in general.
Speaking with one FarmPower representatives; Mayowa Bamidele, he further explains: ‘In the past months we have experienced surges in prices of commodities, inflated cost of feed for livestock, produce transportation, and much more leading to the high cost of management hence slowing down farm operations. We have also experienced losses on our farms due to infestation and delays in routine and regular sales; our residential veterinary doctors reported a late detection of CRD (chronic respiratory disease) on the goat farm which led to late treatment and isolation of sick animals. Our pig farm was also infested with Swine Flu some months back. These losses on our farms; especially the goat farm being one of our biggest and largest investment schemes, put a toll on several of our business transactions.”
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Economic factors cannot be excluded as well; as achieving business benchmarks on each farm has proven obscure as a result of these setbacks. These challenges influenced a severe cut back in business Operations as their food production and sales have been pending for some time.
To achieve a balance and get operations back in order, FarmPower plans to faze out individual investments by paying off all existing individual investors using their newly structured payout schedule. Henceforth they will be working with corporate organizations to provide a more stable and sustainable growth edge for the company and agricultural sector at large.
In addition, Security Exchange Commission (SEC) directed all companies to seize raising funds through crowdfunding, this has made the firm source for alternative financing of their operations and they are happy to announce that they have some corporate clients they will be partnering with on their journey to becoming leading Agricultural company in Nigeria. Consequently, they will no longer be accepting investment from retail investors and all active investments will be paid in line with the stated terms.
To learn more about the Farmpowerng platform visit https://www.farmpowernigeria.com
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