Investors count losses as HO Corn drags on 50% return on investment

Bernard Amaigwo was not sure where to get the money to renew his rent in December until he was informed by a social media influencer about HO Corn inviting people to stake a minimum of N100,000 for a mouthwatering return on investment of 50 percent.

At the time Amaigwo had saved N150,000 and was hoping to save up to pay for his apartment before his rent was due. On seeing the HO Corn investment, Amaigwo quickly calculated the returns from the HO Corn and thought it was the best deal anyone could get. Plus, the very popular social media influencer whom he had a lot of respect for had assured him the company was legit.

In carrying his personal due diligence, Amaigwo said “I called them, I also saw a clip of them live on Channels TV. I also called Anchor Insurance, their insurance company and they confirmed to me that HO Corn is insured with them.”

Read more Outrage as HO Corn spreads 50% interest capital repayment to December on low patronage

Anchor Insurance issued a disclaimer in November saying the cover it offered does not include investors’ capital and neither does it insure return on investments thereof.

“The insurance cover is solely for the production cost claims incidents within the purview of our agricultural insurance.

Another investor who would simply want to be identified as Sylvester said he was hoping to use the money – N700,000 for “things” which include rent, some debts, and a balance on a property.

“I’m supposed to have balanced them in October with the said money,” Sylvester said.

Another investor who wanted to be identified by a first name Faith said she was one of the few people HO Corn has paid so far but was not going to stop campaigning for investors to get their money. She claimed knowledge of investors who planned to pay his house rent with the money while someone borrowed the money he invested.

After failing to pay in July, HO Corn had in October said it will begin payout from 30 October until 30 December. BusinessDay had reported that the company paid about 6-10 people and paused. Efforts to get the agro-investment platform to confirm how many people it has paid has been abortive.

The company appears to be deliberately avoiding direct contact with the investors according to many who have spoken to BusinessDay.

Aside from discontinuing regular communication on their social media platforms, the founder of the company Harrison Andrew has yet to issue a statement since the delay in July. Several investors who spoke to BusinessDay said the communication they have received has come from the company’s sales representatives.

“They are not giving any good response except their normal response of payment is ongoing. We have tried to reach them in their office, the office was closed. They are not picking their numbers as well. We called them out on social media, we still get the same response,” said Amaigwo.

Sylvester whose past experiences with agro-investment platforms were mutually beneficial said he now believes that HO Corn is not being sincere with investors.

“For example, HO Corn ought to at least publish names of those that had been paid and be transparent on their criteria of selection,” he said.