15/01/2025
A Letter from My Heart to Our Beloved Investors
Dear Beloved Investors,
As I write this letter, I am filled with a deep sense of humility, gratitude, and determination. This is not just a letter; it is my heart poured out to every one of you who believed in the vision of transforming agriculture in Africa through Eat Rich Farms.
When we began this journey, we were driven by the passion to change the face of African agriculture—to empower farmers, create jobs, and build a legacy of sustainable growth. Many of you invested your hard-earned money because you believed in this dream, and for that, I will forever remain grateful.
Unfortunately, despite all the progress we made and the impact we created, we faced an unexpected storm. Sudden and severe government policies devastated the entire agri-tech sector, and EatRich Farms, like many others, could not survive. The company collapsed under the weight of its obligations, leaving us unable to continue operations. It was the hardest and most painful experience of my entrepreneurial life.
We invested everything we had into building infrastructure, empowering farmers, and creating opportunities. Yet, the policies brought the industry to its knees. In the midst of this crisis, many of you reached out, seeking answers, seeking hope. And though we sold major assets and made distressing sacrifices, it was not enough to repay all our investors.
One thing we did ensure, however, was that every single farmer we facilitated loans for, the loan has now been fully paid by us.
Through our partnership with Mastercard and Sterling Bank, we facilitated loans for farmers, and when our business collapsed, EatRich Farms stepped in and bore the burden of paying those loans back in full. This decision was not easy, but it was one we made to uphold our values and to stand by the people who depended on us. Today, the loans have been fully paid by us.
I know that many of you may feel that I have moved on or abandoned my commitment to you. Nothing could be further from the truth. The collapse of Eat Rich Farms has been a burden I carry every single day, and it remains at the forefront of my mind.
In the wake of this tragedy, I had to make a choice: wait endlessly for external funding or take proactive steps to create a pathway for repayment. This led to the birth of MG Constructions, a real estate and construction company that represents our best opportunity to generate the revenue needed to honor our commitments to you.
With MG Constructions, we are focused on two key areas:
1. Service-based projects, where we help individuals and organizations build houses and real estate developments.
2. Our flagship project: MG Hills Estate, a groundbreaking real estate development that taps into Africa’s massive housing deficit to deliver innovative, high-quality homes.
Real estate is a sector with immense potential, offering strong profit margins that can help us settle our outstanding debts quickly and sustainably. MG Constructions is not a distraction; it is the vehicle through which we will rebuild and repay.
We are currently raising $150 million in equity funds for MG Hills Estate in phases. These funds will enable us to develop and sell properties, generate significant returns, and fulfill the promises we made to you. This is my unwavering commitment: to honor your trust, no matter how long it takes.
To my investors, I know the delays in starting repayments have been frustrating. I am deeply sorry. But I ask for your continued patience and understanding. The repayment plan is already in motion, and we are closer than ever to fulfilling it.
As I reflect on this journey of over 18 years, I think of the sacrifices, the struggles, and the lessons learned. Growing up in a farming family, I saw the challenges farmers faced—poor funding, bad seeds, unpredictable weather, and hostile government policies. These experiences shaped my vision and my drive to build solutions.
The fall of EatRich Farms broke my heart, but it did not break my spirit. I remain steadfast in my belief in agriculture, in Africa, and in the power of collective effort to create change. MG Constructions is not the end of the story; it is the bridge to a new beginning.
Thank you for believing in me, for standing by us, and for your patience through these turbulent times. I remain committed to rebuilding trust, repaying every investor, and continuing the work of transforming lives.
With profound gratitude and renewed determination,
Dr. Sam Afolabi
CEO - EatRich Farms
MG Constructions
