Thrive Agric CEO ‘steps down’ over failure to pay investors

Following months of complaints about failure to fulfill its obligations to investors on a number of agricultural ventures, Uka Eje, has stepped down as CEO of the agri-tech company, Thrive Agric.

An email sent to the company’s subscribers and stakeholders blamed the delayed payout on the COVID-19 pandemic and announced changes to the organisation’s structure to navigate through the murky waters it has found itself.

The company’s new interim CEO was introduced as Adia Sowho, who according to Eje, “is here to guide Thrive Agric through a turnaround exercise so that we survive the effects the COVID-19 pandemic has had on the business.

“Adia has a lot of experience with building businesses from the ground up and shaping them to operate at scale,” he wrote.

The erstwhile CEO according to the mail will be taking up the role of COO, although it is yet to be seen how already furious investors will react to this.

“I will be stepping down as CEO for the interim, and assuming the position of COO, where, in addition to the attendant duties of the role, I will be Adia’s understudy,” the email reads.

Read more Thrive Agric, Leadway reply investors clarify positions on delayed repayment

It was also stated that the firms have initiated organizational changes to “steer the business out of her current challenges and prepare Thrive Agric for the future.” This, it says is being done with the support of its core investors, particularly the Ventures Platform.

Part of the changes announced included the appointment of a CFO who according to Eje, “comes with significant experience in finance. We sorely need this experience as Thrive Agric is financing the agricultural value chain and we need to deepen our capabilities in that area.”

He also stated the company has hired an experienced hand to head its Risk Management and Compliance, and also secured additional legal representation, to better protect the firms’ interests and more efficiently manage commercial agreements.

Apologising to subscribers, partners and investors for the lapses in communication in the past months, the former CEO promised a commitment to maintain effective communication on the state of things with Thrive Agric to all stakeholders, in hopes of regaining confidence and working to get subscribers paid fully.

“This delay in payouts is not what we intended in our mission to create a food secure Nigeria,” said Eje, even though the mail still did not include what the investors wanted to read the most, when exactly will they be paid?