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EXCLUSIVE: How Sam Afolabi’s Eatrich Farms Manipulated Employees To Collect Loans On His Behalf

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EXCLUSIVE: How Sam Afolabi’s Eatrich Farms Manipulated Employees To Collect Loans On His Behalf

Eatrich Farms, an agrotech business, recently made news headlines, after the arrest of its six staff and investors.

Information reaching Newsrand has it that the staff members and investors of the company were arrested for physical assault, a charge levelled against them by Bisi Dazuza, Eatrich Farms’ Group Managing Director, for daring to demand their almost N1 billion arrears.

“When they came to my office yesterday, they beat me and I even had a seizure in the process,” Dazuza stated as she justified the reason she reported the case to the Police. “One of them threatened to kill me. After vandalising my property, they stole my money and laptop.”

However, while controversies have continued to trail the ineptitude of Eatrich Fams to pay its staff and investors, Newsrand learnt how the company manipulated its employees to open accounts with Sterling Bank.

The accounts which were mandated to be opened with Sterling Bank, according to our sources, was with the aim of using it to access loans.

It was gathered that Eatrich Farms needed the loans in order to fund its businesses and the company’s leadership asked its staff to get the loans on behalf of it.

“While I was working with Eatrich Firms, Sterling Bank came up with an agro project which was brought to us. In order to access this loan, Sam Afolabi said all employees should open accounts and request loans, after which we should submit all the details to one of the heads of departments.

“But considering my smartness, it just didn’t make sense to me. How will I open a bank account and give you the details? To worsen the situation, he told us his company would access loans via our accounts and just give us stipends. I refused to do it because of the risks I sensed. I couldn’t think of paying another person’s loan. It was just nonsense to me, “former assistant operations manager of the company Ayeni Dolapo stated.

Corroborating Dolapo’s claims, a middle-aged man who worked with Eatrich Farm’s founder as his personal photographer, said although he’s no longer with the company, his bank account with Sterling Bank was used to collect a loan facility.

“One of the many issues am into with Eatrich Farms is the loan Afolabi used his staff members to apply for from Sterling Bank, and as I tell you this, there is N2.3 million in my account with the bank on behalf of the company.

“I cannot access the money, and I have already written several mails to Sterling Bank to declare that I was no longer interested in whatever Afolabi wanted to use that money for. I honestly don’t want to recount the awful things the company had me done during my stay there,” he added.

 

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MOFI: FG Commences Restructuring Of Ministry Of Finance Incorporated

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MOFI: FG Commences Restructuring Of Ministry Of Finance Incorporated

President Muhammad Buhari has charged the newly appointed Governing Council and Board of Directors of the Ministry Of Finance Incorporated (MOFI) to work on restructuring the company.

Buhari gave the directives in a statement, as he is appointed to head the governing council, promising to grow the company’s assets from N18 trillion to at least N100 trillion Naira in the next 10 years.

Buhari wrote; “We are reforming the Ministry of Finance Incorporated (MOFI). The old MOFI was not structured to deliver on the mandate expected of it. The new MOFI will operate in line with global best practices, as a trusted custodian and manager of Nigeria Government investments and assets.

READ ALSO: Ex-CIBN Chief Advises CBN On New Naira Notes

“To this end, I have charged the new Governing Council and Board of Directors, which I inaugurated yesterday, to grow MOFI’s Assets Under Management from the current value of 18 trillion Naira to at least 100 trillion Naira in the next 10 years.

“As part of the governance structure for the new MOFI, there will be a Governing Council headed by me, a Board of Directors led by a former Minister of Finance, Dr. Shamsudeen Usman, and an Executive Management Team headed by Dr. Armstrong Takang.”

The President expressed confidence that the reorganized and repositioned MOFI will assist in identifying the company’s assets and determining how to maximize its value.

Like many of its competitors throughout the world, he claimed, MOFI is currently on a path to becoming a worldwide investment brand.

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Dangote, Sinoma Sign Agreement On new 6Mta Cement Plant In Itori, Ogun State

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Dangote, Sinoma agreement

Dangote Industries Limited (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tons per annum cement plant in Itori, Ogun State. The agreement was signed by the Chairman of Dangote Cement Plc, Aliko Dangote alongside the Group Executive Director, Strategy, Capital Projects & Portfolio Development, DIL, Devakumar Edwin, while China Sinoma Engineering was represented by its Group President, Yin Zhisong, and the company’s Chairman, Liu Renyue. 

Dangote speaking at the signing ceremony, said that new integrated cement plant at completion will strengthen the local production capacity of Dangote Cement, bringing its local capacity to 41.25 million tons per annum and total African capacity to 57.6 million tons per annum. He said the Itori Cement Plant will also increase Nigeria’s capacity to export cement, thereby enabling more diversification and foreign exchange inflows for the economy.  

According to Dangote, the project is further expected to develop the domestic economy through creation of thousands of indirect and direct jobs and drive economic development in the Itori axis. Ancillary businesses, he stated will be drawn to the axis, who will be seeking to take advantage of the location of the cement plant to provide goods and services to staff, contractors and other stakeholders.  

He added that constructing the new cement plant is in line with Dangote Group’s vision of producing locally goods that were formally imported despite the abundance of raw materials for local production of such goods. 

He described Sinoma as a strategic partner who has been instrumental to the success of key projects in Dangote Group. He said, “We are comfortable working with your company. You have handled some of our key projects and I am positive that this project will be completed as scheduled. 

Group President of China Sinoma Engineering, Yin Zhisong, expressed satisfaction with the commitment and determination of the Dangote Group in building cement plants across Africa. He said: “It is an honour for us to build another cement plant for Dangote Group. We are proud and happy to be on this journey with the company again. 

When operational, the plant is expected to have two Lines x 6,000 TPD Clinker Production with an installed daily total capacity of 12,000 TPD of Clinker production. It is expected to be completed within 27 months with best-in-class equipment in the cement industry, sourced from Europe’s major equipment suppliers. 

The plant will have its own captive power plant to generate electric power for use by cement kilns and other production processes. 

The Itori Cement Plant will be Dangote Cement’s fourth cement plant constructed as a green field project in Nigeria, the rest are Obajana, Ibese and Okpella Plants.  

Dangote Cement is Africa’s leading cement producer with 51.6Mta production capacity across Africa with Nigeria accounting for 35.25Mta.   

Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and  Okpella plant in Edo state has 3Mta.  

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How Chelsea Can Afford To Buy Enzo Fernandez Under FFP Rules

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Kaveh Solhekol discuss how Chelsea’s deal with Benfica for Enzo Ferdandez will bypass Financial Fair Play rules and Dharmesh Sheth & Roy Hodgson share their thoughts on the potential transfer.

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