TheCable

Thrive Agric, an agric-tech company, has announced refund of overdue payments to its investors.

This development is coming a year after the company experienced financial hardship.

TheCable had reported that Thrive Agric had been owing investors since April 2020.

The company said repayment may take up to two years.

Uka Eje and Ayo Arikawe, co-founders of the company, explained that the business was not fully prepared for the impact of the COVID-19 pandemic.

Leadway Assurance, the company’s insurer, had told TheCable that the contract with Thrive Agric Agric only covers farms and not for funds invested by the public.

In an effort to overcome the challenge, Thrive Agric appointed Adia Sowho as its interim chief executive officer.

On Thursday, in a notice to its investors, Sowho said the company has completed refund of overdue payments.

The company’s interim head commended investors for their patience during the period, adding that the pandemic tested Thrive Agric and other businesses globally.

“I am happy to announce to you all that Thrive Agric has completed all overdue payments due to its crowdfunding subscribers,” the statement read.

“The COVID-19 pandemic changed our lives forever. It tested the world and the businesses around the world; ours included.

“We were not able to keep our promise of on-time returns on farm subscriptions, and you, our subscribers, had to bear the rougher side of the risk in running an agriculture business during a pandemic.”