ENADAMA Group touts itself as one of the leading group of companies ‘building lasting solutions to solve Africa’s pertinent problems.’
To achieve the luscious goal, it claims to focus on creating unlimited wealth for Africans through the use of technological innovations.
But that is actually far from reality. It has rather subjected people to awful experiences through its investment platforms.
The group has interests in agriculture, finance, education, healthcare, oil and gas, media and logistics as well as construction and engineering. And these services are rendered through its smaller brands identified as Farm4me, Viablex, Ceepass, Eliaversity, Medcity, and Lasting Infrastructure Limited.
But, in 2020, Aiseosa Ogunbor, one of the firm’s investors, invested in Viablex, the group’s agricultural trading platform.
Besides, Ogunbor also invested through his registered farm business – Kyrenia.
On December 8, 2021, the investment firm boasted of a growing user base of “70, 000 registered users.”
But it has since shut out members from communicating directly in a Telegram platform set up as one of the channels of communication, mainly to lodge complaints should there be any.
The last time an investor communicated via the channel was September 4, 2021, The ICIR investigation shows.
Some had earlier complained of finding it difficult to withdraw from their electronic wallet, also on the portal.
Nevertheless, Adama has somehow enjoyed media prominence such that in July 2021, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, also appointed him the managing director of Royal African Farm owned by the king. He justified his decision by describing the accused as ‘worthy son of Oduduwa.’
But when Ogunbor could no longer bear the repeated failed promises of getting his Return on Investment (RoI), he mailed The ICIR for possible support to help recover his principal and RoI.
“I bring to your attention VIABLEX, FARM4ME, and CEEPAS all registered under the ENADAMA GROUP and owned by one Mr. Adama Adama.
“Thousands of Nigerians have invested via the above-mentioned platforms but since last year no one has been paid, offices closed and they do not respond to emails. The same thing Titan Farms has been doing for months,” he told The ICIR.
“I personally have over N8 million and to date, a dime has not been paid (CAPITAL + ROI). Please, sir kindly look into this case to enable investors recover their funds.”
The ICIR attempted to join the Farm4Me group on Telegram. This reporter saw 2,104 members as of the time of attempting to join the Telegram group. It was learnt that before now, investors could exchange messages via the communication channel, but that does not happen again. They could only read but not respond on the Telegram platform.
This reporter can confirm that Enadama Group is aware of the regulatory guideline designed by the Security and Exchange Commission (SEC) for firms involved in crowdfunding to run their businesses.
But it argues that its operation is more guided by the Central Bank of Nigeria (CBN), rather than SEC. But, that is not true because the public invests money into its platform with the hope of getting return on investment (RoI) after a few months. Regardless, the firm seeks to get a ‘Certificate of No Objection’ from the SEC.
Multiple investments with no ROI, principal
On June 30, 2021, Kyrenia Farm invested in Viablex, the sum of N500, 000. The expected RoI was N675, 000.
In July 2021, precisely on Sunday 25, Viablex issued another invoice confirming Kyrenia’s Farm’s N300, 000 investments with N405, 000 as the RoI.
A few days after, on July 31, the firm committed N1 million to the project with the hope of getting N1.35m.
The following month, August 13, 2021, another round of N3m investment was done by Ogunbor, with a RoI of N4.05m. Ogunbor is the chief executive officer of Kyrenia farm.
The day after, on August 14, the same year, Kyrenia which is Okunbor’s firm. invested 300, 000 with RoI of N405, 000.
About a week after, on August 27, the same year, the same investor put in 610, 000 with RoI of N823, 500.
On September 14, 2021, the firm invested another N300, 000 with an expected N405, 000 as the ROI.
By October, Ogunbor with his firm, Kyrenia Farm, had invested over N6m (N8.11m anticipated return) with no ROI. Yet, it continued with another round of investment. As at October 4, 2021, the principal investment was N615, 625, with an expected RoI of N831, 094.
Aside from Okunbor’s Kyrenia Farm, one Mrs. Rachael Emmanuel also invested the sum of N393, 024 in Viablex with an anticipated RoI of N530,582.
As of the time of filing this report, the investors are still awaiting payments.
50 per cent RoI in four months
Meanwhile, with the vision to raise 1 million commodity trading millionaires in Nigeria, Adama had promised investors a 50 per cent (RoI) in four months.
Here is how it works: The customers are majorly required to invest in commodity export orders from international buyers.
The investors could also buy commodities and store them online. This could be resold once the price appreciates.
Subscribers could as well sell their farm produce directly to off-takers (buyers) through the internet using the platform at better prices.
“List your contract farming company on Viablex, food processors and commodity exporters will contract you to farm for them; request for a loan and receive it instantly in your bank account.”
These were some of the juicy promises the platform made to its subscribers.
But over a year after Ogunbor’s N6 million investment, he is yet to get his principal nor has he received his returns as promised.
On February 16, The ICIR reached out to Adama to establish his compliance with SEC regulations but he failed to respond. The ICIR also asked him why he had failed to pay investors.
A text message and multiple calls to him were not responded to.
His legal adviser Napoleon Otache did not also return calls and a message sent to him.
Firm shuts operations, offices under lock and key
On Wednesday, February 23, The ICIR attempted to pay the investment firm a visit at its two offices located in Abuja.
They are situated at Suite 102 and 103, Millenium Plaza, Central Business District (CBD) and Suite 36A, Anon Plaza, Gudu, also in the Federal Capital Territory (FCT), respectively. However, the offices were under lock and key.
At Gudu District, the Farm4me sticker posted on the sliding doors was still visible. But, it was not the case at the CBD office. There was nothing to identify the investment firm.
A security official working at a new generation bank also within the Millenium Plaza confirmed that the office was being occupied by ‘Farm4me’ until it vacated. But, he could not establish the exact timeframe they left the office.
Other individuals within the complex had earlier dismissed the firm’s existence in the office complex. This implies there are no means investors resident in Abuja could physically reach out to the firm, except via emails.
Firm petitions EFCC, ICPC, DSS others
ON January 17, Adama wrote to all his investors informing them of the challenges confronting his firm.
He acknowledged the lingering problems but attributed delayed payment to a supposed cyber attack on his firm’s payment platform.
Still, the investors consider this story untrue. Some believe he should not have used their investment to acquire the microfinance bank and other fixed or non-liquid assets.
“What caused the delay in payment of ROI is the cyber security threats and attacks on our platforms, delayed local and international vendors payment, and negative Nairaland and other social media posts and comments due to the delayed payment of RoI.
“This sent the wrong signals that led to panic withdrawals. No financial institution in the world can withstand panic withdrawals based on negative speculations,” Adama stated in a letter sent to one of the investors.
The ICIR saw copies of ‘a situation report’ written by Adama to the Economic and Financial Crimes Commission, the Department of Secret Service (DSS), the Independent Corrupt Practice, and Other Related Offences Commission (ICPC), including the Police.
The letter came through his lawyer and was received on January 10 by the Police and EFCC.
“Due to our present situation, we embarked on the reorganization of our team to reduce financials. We have a lean team right now. So if you notice that some of our staff are no longer with us now, that shouldn’t surprise you. We will call some of them back when we gain stability in the coming months. We are still a close-knit family.
“We have reported our present predicament to the EFCC, The Nigeria Police, DSS, ICPC, and NSCDC….,” he stated in the letter to the investors.
Adama agreed he failed to fulfill his part of the deal but assured that he was leading a team of fundraisers to pay back investors.
“In the middle of the little storm, we also got access to long-term financing opportunities with development finance institutions. This will help strengthen us financially in the coming months.”
The responsibility currently lies with the petitioned antigraft agencies to ensure investors are timely refunded.