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Investors Accuse Muyiwa Ademola of Fraud

Muyiwa Ademola
Muyiwa Ademola

October 24, (THEWILL) – Nollywood actor Muyiwa Ademola is currently in the eye of the storm for allegedly defrauding some investors of their hard-earned money. The investors who are hell bent on retrieving their money had invested in Lagos-based agricultural investment scheme owned by Eatrich Farms and Food Limited, which the actor represents as its ambassador.

The investors, who are some of the actor’s fans, claim that the owner of the company, Sam Afolabi, made away with their dividends and capital. They were lured to invest in the scheme when the talented actor convinced them that the company was genuine in its dealings.

Some of the victims said they invested as much as N2 million of which the company promised a return on investment after six months. They were shocked when one investor, who had breast cancer and was in urgent need of treatment, cried out on social media that her money was trapped. Sam Afolabi, assured them that his company was insured with Leadway Assurance. He later took to his heels and put his office under lock and key after the insurance company disassociated themselves from the crisis.

The insurance company stated that Eatrich Farms and Food Limited used its logo without its consent as it only insured the latter’s catfish business.

The insurance company also said it did not cover Eatrich Farms investors’ funds and their investment schemes. The victims then wrote a petition to Alagbon Police Station in Lagos and the company’s ambassadors were invited, but they never showed up. The victims also petitioned the Economic and Financial Crimes Commission over the matter.

While stating his own side of the story, Muyiwa Ademola described the situation as unfortunate. He said all efforts he made to ensure that Afolabi paid the aggrieved investors proved abortive. At one point, Afolabi promised to sell some of his properties to settle the investors’ debts, but failed do so. He only threatened to relieve the actor of his ambassadorial appointment. The actor has since distanced himself from Eatrich Farms and Food Limited.