Amid mounting public dissatisfaction and potential legal repercussions from disgruntled investors, Thrive Agric has undertaken significant leadership changes to address its financial struggles.
The agritech startup has announced Adia Sowho, a seasoned professional with extensive experience in technology and business, as its interim CEO. Sowho, formerly the Vice President for Growth at Migo, has also held leadership roles at Etisalat and worked as a telecommunications consultant at Deloitte. She replaces Uka Eje, one of Thrive Agric’s co-founders, who will transition to the role of COO.
“This move is essential to help Thrive Agric overcome the challenges brought on by the COVID-19 pandemic,” Eje stated. “Adia’s expertise in scaling businesses and navigating difficult periods makes her the ideal person to guide us through this critical phase.”
Investor Concerns and Public Pressure
Thrive Agric’s troubles stem from delays in repayments owed to subscribers of its farm investment program. Over 30 subscribers have issued an ultimatum demanding repayment of approximately ₦50 million (~$110,000). Many investors claim they have been left in the dark, with the company defaulting on payments as early as March—months before the pandemic significantly impacted Nigeria.
Frustrated by a lack of clear communication, nearly 100 subscribers have formed a WhatsApp group to collectively pressure the company for solutions. Public dissatisfaction has also surfaced online, with some accusing the startup of fraudulent practices.
Efforts to Resolve the Crisis
Ventures Platform, one of Thrive Agric’s initial backers, has intervened to address these issues. The venture capital firm has provided bridge loans to facilitate partial repayments and is working with the company to improve its communication strategy. Thrive Agric has assured subscribers that all payments will be settled within 12 to 24 months, but many investors find this timeline unacceptable.
Some subscribers, including Tega Edwin-Ajogun, who publicly voiced her concerns, demand immediate repayment, citing personal financial obligations. “I just want my money back,” she stated.
Insurance Disputes
Another point of contention involves Thrive Agric’s partnership with Leadway Assurance. Subscribers argue that the startup misrepresented the extent of insurance coverage for their investments. Thrive Agric and Leadway Assurance clarified that their policy does not cover disruptions like the pandemic affecting post-harvest sales, contrary to what some investors believed based on company communications.
As Sowho assumes leadership, her primary focus will be stabilizing operations, rebuilding trust with investors, and implementing strategies to ensure Thrive Agric’s survival.
