Jedidiah James, a content writer, has narrated how Sam Afolabi, founder of the Eatrich Farms, connived with Sterling Bank officials to get loans of over N88 million with his former employees’ accounts without their knowledge.
James told FIJ that Afolabi mandated every employee to open a Sterling Bank account in March 2021. He said the staff members thought Afolabi wanted to pay them via the new accounts, only for them to realise that he wanted them to apply for loans.
He said Afolabi told them to apply for a Sterling Bank Sway Loan, a type of agricultural loan, to help fund one of his projects.
“The company wanted to set up a fish farm in Odogbolu. The agreement was that the company would set up a farm for us using the loan. When the fish farm boomed, they would take the fish and sell them, returning the capital to Sterling Bank with interest. They would also pay us a share of the profit,” James told FIJ.
He said shortly after they agreed to fill out the forms for the loans, Eatrich Farms crashed. He stated that all the junior staff members then realised that Afolabi was running a Ponzi scheme.
READ ALSO: Sam Afolabi’s Eatrich Farms Owes Staff and Investors N1bn but Arrests them for Protesting
“After the company crashed, we created a WhatsApp group, added the Sterling Bank staff, and told them we were no longer interested in getting loans from them. At the time, they had not disbursed the loan. Afterwards, we sent links to many reports about Afolabi’s…
