Thread by @EjeUka

Dear Subscribers and Stakeholders of @thriveagric.

I write to you to share additional news regarding the delayed payouts at Thrive Agric caused by the COVID-19 Pandemic.

Today, I specifically want to announce that we have made organizational changes to steer the business out of her current challenges and prepare Thrive Agric for the future.

We have started this process with the support of our investors, particularly Ventures Platform @vp_fund, who has been the epitome of a value-adding investor.

I will start first by announcing the new interim CEO,
Adia Sowho @adiaspeaks.

She is here to guide Thrive Agric through a turnaround exercise so that we survive the effects the COVID-19 pandemic has had on the business.

Adia has a lot of experience with building businesses from the ground up and shaping them to operate at scale.

I asked her to support us, recognizing that she has the required expertise to move us past this period successfully.

I will be stepping down as CEO for the interim, and assuming the position of COO, where, in addition to the attendant duties of the role, I will be Adia’s understudy.

We have also appointed a Chief Financial Officer who comes with significant experience in finance.

We sorely need this experience as Thrive Agric is financing the agricultural value chain and we need to deepen our capabilities in that area.

We have also recognized from this episode that we did not have a strong enough protection against risks.

As such, we have hired an experienced hand to head our Risk Management and Compliance.

We have also gotten additional legal representation, to better protect us and more efficiently manage our commercial agreements.

This is such that Thrive Agric is more exposed to stronger business relationships and fewer counterparty risks.

Amidst all these, we have been engaging with various regulatory bodies to ensure that we align as expected.

We hope that with these improvements across the organization, Thrive Agric is better prepared to weather this storm and emerge stronger than ever.

I sincerely express my apologies to all Thrive Agric subscribers, partners, and investors for the lapses in communication in the past months.

We are committing to maintaining effective communication on the state of things with Thrive Agric to all stakeholders in order to regain confidence as we ensure all subscribers get paid fully.

This delay in payouts is not what we intended in our mission to create a food-secure Nigeria.

We hope for your continued patience as we continue to engage with you in the next few days as we roll out the changes to get us back on track.

Thank you.

Uka Eje
Co-founder
Thrive Agric.