Farm sponsor (Farmsponsor.com.ng) is masquerading as an Agric-tech platform where investors can sponsor a farm and earn residual income.
Farmsponsor is promising 15% return within 2 weeks of investing in one of their plans. In another part of the website, they claim that investors will earn 15% over the farming season.
Farmsponsor further claims they’ve had over 32 farming cycles, and investors will potentially keep earning as often as possible.
The company is operating out of Nigeria and was launched in 2019. It appears that the website’s visitors mostly come from Nigeria.
The platform further claims that investors’ funds are insured from all financial losses, and returns will be guaranteed.
However, in this Farm Sponsor review, we warn you against putting your money into this money pit as you will most likely lose it.
You should consider investing in these recommendations because you have a better chance of earning stable residual income over the long term.
Farm Sponsor review: Background Details
The platform introduces Bill Kenneths as the CEO and Akpa Chike as the co-founder. Bill Kenneths background does not disclose anything to do with his education or professional background.
In fact, ever since this platform appeared on the internet, Mr. Bill Kenneths has only attended one agriculture summit.
There’s not a single material on the internet that suggests Mr. Bill Kenneths of FarmSponsor has solid experience in aggrotech.
On the other hand, very little is known about the co-founder, Akpa Chike. There are one or two articles on the internet linking this guy to FarmSponsor but not disclosing details pertaining to his experience in agrotech.
There’s a possibility that this crowd-funding platform was founded by two inexperienced individuals whose goal is to collect money from investors with the pretense that it will be invested in agriculture and passive income will be paid out.
Farm Sponsor and the SEC warning
It appears that Farm Sponsor actually gained some popularity outside the Nigerian borders by also bringing US citizens on board.
These supposed crowdfunding websites are known for their aggressive marketing and their appetite for foreign investors.
Currently the platform is receiving feedback from the Nairaland forum where some investors/people affiliated with the scheme are claiming to have received their payouts.
It is not possible to verify the truthfulness of their claims because this is a public forum and people can use it for their selfish gains.
Also, according to this article, FarmSponsor has been slapped by a cease and desist warning from the SEC. They’ve been banned from operating in the US or soliciting funds from American citizens.
It’s potentially a ponzi scheme: Here’s evidence
Now, after the SEC cease and desist warning, the company is unable to return the deposits of its investors until a period of 18 to 24 months has elapsed.
If they are indeed running a legitimate crowd funding platform and investing in agribusiness as they claim, they should have no problem returning investors’ funds on time.
The reason for this wait is because FarmSponsor is potentially a ponzi scheme, and a broke one.
They are waiting for new investors to deposit funds so they can use the money to pay out investors from the US who had initially been persuaded to sign up.
At the end of the day, things are going to turn chaotic because the truth will ultimately come out.
Farm Sponsor’s insurance claims are unverifiable. Also, if they are assuring investors of returns, why are they not able to return deposits for their US members on time?
Also, considering the reputation of this West African country, one would conclude that it is not possible to trust so called crowd funding or investing platforms that operate out of this country.
There’s no insurance. The payouts may come but the collapse of Farm sponsor will be imminent as soon as new members cease to sign up.
This will mean no new funds being injected into the platform. They can’t depend on agriculture as a sure means to offer guaranteed returns in 2 weeks.
This is not practical. The truth is that this ponzi scheme is paying out investors from new member deposits.