The Agric-tech and Agro-crowdfunding platform – Thrive Agric. – has announced that Uka Eje has stepped down as the company’s CEO, giving room for Adia Sowho to lead as an interim Chief Executive Officer.
Adia Sowho was appointed few days after some of Thrive Agric. investors called out the company on social media for breaking their trust, and defaulting on matured investments.
In a statement released, Uka Eje said that Adia “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.”
Eje, who co-founded the company with Ayodeji Arikawe, further said:
“Adia has a lot of experience with building businesses from the ground up, and shaping them to operate at scale. I asked her to support us, recognizing that she has the required expertise to move us past this period successfully.”
While Eje will not be involved in running the company as the CEO, he has taken a new position as the COO, and would be understudying Adia.
According to a report posted by Business Insider Africa, at least, three investors have reportedly invested more than $10,000 each, in the company, with the hope of getting their payout in September, which the company failed to meet.
Thrive Agric. co-founders attributed the company’s challenge to the coronavirus outbreak, claiming that the business was not fully prepared for the impact of pandemic of such global magnitude.
The Cable report that investors in the scheme have expressed displeasure over the company’s inability to deliver as promised.
Recently, Leadway Assurance, the insurance company for Thrive Agric., made a public statement that their
“Obligation is limited to agric. tech platform, and not their individual investors. Leadway only provides insurance cover for the farm assets of its insured agric. platform.”
The Cable also reports that Thrive Agric. has appointed a Chief Financial officer, Head of Risk Management and Compliance, as well as more lawyers to aid representation.