Why agrotech firms fail to remit ROIs to investors - Cibo Prima Farms’ CEO, Ojebola Matthew

Ojebola Matthew, the Chief Executive Officer (CEO) of Cibo Prima Farms, has stated that Agrotech companies in Nigeria often fail to deliver Return on Investments (ROIs) to their investors based on unrealistic promises.

Why agrotech firms fail to remit ROIs to investors -Cibo Prima Farms’ CEO, Ojebola Matthew

In an interview with this writer, where he made this known, Matthew said the agrotech firms who get called out for failure to remit their ROIs don’t put critical factors into consideration before approaching investors, adding that most of them don’t participate in farms activities to curtail some of the challenges that may be experienced on the fields.

“A lot of these agrotech firms don’t pay their ROIs as they’ve promised because they are unrealistic in the course of exploit. Most of them don’t consider the other factors that determine the success of their activities. For instance, you see some companies promising 200% ROI in one year, some promise 100% in three months, and I would ask myself, how are they going to achieve these?” He queried.

Speaking further, Ojebola explained that the investing public is impatient. Hence, according to him, they want to quickly realise what they invested with, and their profits.

“Another problem we have in this country is that Nigerians are not interested in long term business.. Most of the time, people that invest in all these agrotech firms are not people that have excess money, some of them just want to take advantage more than they want to do business, they just want to take advantage of this opportunity, like okay this is an opportunity, someone say he will cultivate farm for me and in six months, if I invest N1 million, I will realise this same amount as ROI, and still collect back my capital. With this in their minds, they go into cooperatives, or their banks, and put the money to work.

“They are not interested in the business, it doesn’t matter if it fails or succeeds. As long as they make their profits and capital, everything has gone well for them,” he added.

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