An investor with Titan Multibusiness Investment Limited, Mrs. Adeola Awoleru, has condemned negative reports against the firm, saying such malicious might jeopardize the good understanding that exists between the company and its major stakeholders.
Awoleru in a statement 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.
According to her, “I don’t see any fraudulent tendencies from the way the firm is handling the agro-commodity investment dispute, because more than N55 million was paid to different investors in December. More than N550 million has been paid from July to December 2021 and I personally got N12.7 million 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 which fraudulently deceived Nigerians into failed agric schemes, and that is why we are pleading with people that are sponsoring malicious report against them, it might affect the good understanding we (investors) have with them.”
She asserted that the firm has also explained to them how it is going to alter its business model by introducing new product lines, stating that the new product sizes will 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”, she added.
Meanwhile, a statement from the firm attributed the underperformance recorded 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 read, “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 and drastically reduced our production rate which also affected our ability to pay investors as and when due.”