Mariam, a businesswoman based in Lagos, says she is still waiting to be paid nearly four years after investing close to N15 million in two agricultural schemes run by Azeez Oluwole, the managing director of FarmKonnect, an agro-investment company based in Ibadan.
Speaking to FIJ, Mariam — who requested that only her first name be published — said she had remained patient for months, hoping the company would fulfill its promises, but neither she nor other investors have received any payments.
“I discovered FarmKonnect on social media and was impressed by what seemed like a genuine opportunity to support agriculture and earn returns,” she said. “Their marketing was convincing, and Azeez Oluwole came across as trustworthy. That’s why I invested.”
Mariam said she put her money into two of the company’s schemes in 2020, trusting she would receive her returns within the agreed timeframe. However, four years later, she says she has not received a single payment.
“I’ve made countless attempts to follow up, and all I get are empty assurances. There’s been no refund, no explanation — just silence,” she said.
Mariam is one of several Nigerians who now say they were misled by FarmKonnect’s promises of high returns and transparency.
FIJ reached out to Azeez Oluwole for comment but had not received a response as of press time.
Mariam told FIJ that she discovered FarmKonnect in 2019 through an advertisement on social media. After reaching out to the company and finding it seemingly credible, she decided to invest—and her initial experience was positive. However, subsequent investments did not go as well.
In March 2021, she entered into a partnership agreement with FarmKonnect, committing N10 million to a venture the company described as a hydroponics package—an agricultural business expected to run for seven months and deliver a 35 percent return on investment (RoI).
Mariam told FIJ that the agreement was signed on March 10, 2021, with the understanding that after seven months, she would begin receiving monthly payments and her return on investment would be paid over the following seven months. “But that never happened—not even once,” she said.
According to Mariam, Azeez later claimed the business had encountered difficulties and assured investors that a payment plan would be introduced. For a while, he provided monthly updates, she said. Then, without any notice, all communication ceased.
Mariam said the last update she received was in April 2024. Since then, her emails to the company have gone unanswered, and no contact number has been available for follow-up.
“At one point, I was invited to a Zoom meeting with the Managing Director, who assured us that payments would resume soon. But nothing has happened since,” she said.
The hydroponics deal wasn’t Mariam’s only investment with the company. She had previously invested N4.8 million in FarmKonnect’s onion package, which launched in January 2021 and was meant to last for 12 months.
It’s now four years. I didn’t receive any monthly payments throughout that year, and I haven’t received a kobo till today. It’s the same story: silence and empty assurances,” Mariam said.
Mariam told FIJ that the company initially appeared credible, with a functioning office in Ibadan and consistent communication that gave an impression of legitimacy.
“But it was all a front,” she said. “They used trendy agricultural terms and promised fixed returns to attract investors. I’ve been waiting for years. Now, it just feels like the entire setup was designed to scam us.”
FIJ attempted to contact FarmKonnect, but their phone line was unreachable. As of press time, the company had not responded to inquiries sent via email or text.
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