By; AYO OJEDOKUN, Lagos
An investor with Titan Multibusiness Investment Limited, Adeola Awoleru has condemned some negative reports being sponsored against the firm, saying such malicious reports might jeopardize the good understanding that exists between both parties.
Awoleru who disclosed this in a statement issued on behalf of committee formed by the investors with the agric firm vouched for the integrity of Titan farms considering effective communication modality created by the firm to address partners and investors.
“I don’t see any fraudulent tendencies from the way the Titan is handling the agro-commodity investment dispute, because more than 55 million naira was paid to different investors in December. More than 550 million naira has been paid by Titan from July to December 2021 and I personally got 12.7 million naira settlement with arrangement and assurance by the firm to continue in that form.
“This has proved that Titan Farms is quite different from several phony agric investment companies fraudulently deceived Nigerians into failed agric schemes, and that is why we’re pleading with people that are sponsoring malicious report against them, it might affect the good understanding we (investors) have with them”, said Awoleru.
She asserted that the company has also explained to them how it is going to alter its business model and by introducing new product lines and also new product sizes to cover more customer base, and accrue more funds to lubricate the investments plans.
“Firms with fraudulent tendencies will not be open in its approach by soliciting for patience and support at difficult times in order to fulfill contractual obligations within a reasonably specified timeframe”, the investor added.
A statement from Titan Farms and made available to newsmen attributed the underperformance recorded by the firm recently to the adverse effect of the COVID-19 pandemic on the economy which has grossly affected the Nigerian business climate as well as the illegal influx of foreign rice and the recent insecurity challenge rocking the country.
The statement reads: “On behalf of the company, I want to appreciate all our shareholders, stakeholders, investors, distributors and employees for their immense support since the beginning of our operation.
“The effects of COVID-19 pandemic on our dear country and the illegal influx of foreign rice coupled with the recent insecurity within the country have negatively affected our operations drastically reduced our production rate which also affected our ability to pay investors as and when due.