Segun Fayomi Of Plethora Farms Accused Of Duping Investors Of Millions

In April 2021, Arisekola, an entrepreneur, invested the sum of N2 million in Plethora Farms, a high-tech agricultural company, hoping his money would grow exceedingly within nine months. Arisekola told FIJ he heard about Plethora Farms from an acquaintance who spoke so well of the company. He said that Segun Fayomi, the company’s founder, promised him attractive advantages such as a 30 percent return on investment.

Convinced by the model Plethora Farms operated, Arisekola invested one million naira in a maize farm expected to mature in seven months and another one million naira in maize with a nine-month maturation period.

Proof of Maize Investment Subscription
However, when it was time to get his investment, Plethora Farms did not keep the promises made to him before he joined the company. And when Arisekola reached out to them for his money, they ignored him.

“These guys have just been playing games, claiming the company’s bank account was blocked,” he told FIJ. “I would send a series of emails before they responded to me with anything concrete. They feel we cannot do anything. These stories are wrong.”

Arisekola also explained that when all the attempts he made to reach the company via their email were unsuccessful, he decided to complain on social media platforms, but he noticed the admin of Plethora Farms would always delete negative comments on their pages.

“I have commented at least twice on Instagram regarding my money, but they deleted them. They censor their pages,” he said.

Similarly, Olufunke, a teacher, told FIJ that Plethora Farms disappeared when it was time to pay her. She said she invested N600,000 in a maize plantation programme in April 2021 and was supposed to be paid in December.

“In December, they began to lie when they were supposed to pay. I came to the realisation that I was defrauded by them because they were unusually silent. I always had to beg them before they would communicate their issues to me,” she said.

“And most of the time, they would always say they had issues with payment. I now always have to reach out to Plethora Farms via a friend of mine who knows the CEO directly.”