Is Teks Global value chain company another investment scam?

Investors lament overdue payment

By Wilson Musa

Some of the investors who spoke to Cameroon News Agency expressed their bitterness over the non-payment of their benefits for several months.

In 2021, the Buea-based agricultural value chain company, Teks Global, was allegedly plunged into financial mismanagement that led to the arrest of one accountant who is said to have later reimbursed the money she allegedly embezzled from the company. But the management of Teks Global kept it lowkey, our findings revealed.

What could not be hidden was that investors hoping to spend a sumptuous Christmas were told that they could not cash out due to a technical problem. The company’s founder, Samuel Teke, is said to have told them that their dues will be paid from March 15, 2022.   

During this period, CNA gathered from some investors that there has been a legal battle between the founder, Teke Samuel, and his former country manager, Dorothy Atabong, who resigned from her position. No side has been able to recount this legal fight to CNA.

By 15 March 2022, the day investors were expected to receive their cashouts, the company reportedly told them that things were not ready, an investor said. “Since October 2021, they haven’t said a single truth to investors, and many investors have written several complaints about Teks Global for not paying people’s money. I took money from a Social group, hopefully knowing that I was to pay back the money last November 2021, am about to go to jail,” EHU Francisca Osoh lamented.

Another investor, Bona Eya, who lives in Dubai, UAE, said they were all expecting that by March 15, their accounts will be credited for the withdrawal but, “Money hasn’t been given but after the technical issues he released into the system a token out of 4million in my account which is FCFA 50 000 which later he blocked after the complaints from all investors,” Bona said.

The company makes bafia dance over non-payment of due

According to some of the company’s communication to investors, which CNA obtained, there has never been a financial problem with Teks Global. On March 14, 2022, just one day to payday, the company released a statement thanking investors for their patience. The release also noted that the board has a meeting on March 10, 2022, and decided to open a progressive withdrawal system, “From 15th of March 2022 as from 12:00 noon the system would be open for the withdrawals to all those whose accounts have been cleaned and their KYC done or in the progressive. Investors would be able to withdraw their withdrawable balances any time of the month provided it complies with financial regulations set aside by the central bank and implemented by our various financial partners,” part of the statement read.

Investor Ayuk Culbert Orock, a Dubai based Cameroonian, who pumped in FCFA 1000, 000 and FCFA 75 000 for registration, said the above statement was never fulfilled, “This is when he still deceived us of paying our money, but nothing till date…all lies lies lies to buy time and run away with our monies. Even FCFA 1, I haven’t gotten from this sham company. Mine is the smallest. My friend in Dubai invested FCFA 4.5 million, another in the US, FCFA 7 million, the list is long, “ Ayuk said.

Following the non-fulfillment of the March 15, 2022 promise, investors raised an alarm that the company is a scam. On March 26, 2022, there was another official statement from Teks Global and Value Chain LTD, debunking such rumors.

“It has come to our knowledge that a group of persons are propagating a false story of our company facing bankruptcy and is at the verge of winding up and defrauding you of your sweat and sweet. We categorically refute such allegations…We admit to the fact that we are having some technical difficulties because of a change in our technical system. This happens as a result of us aiming at protecting your investments with us. Be rest assured that the issues shall be resolved soonest as our IT team is working tirelessly to ensure a newer, more efficient, and convenient system.” The statement partially read.

“I am a very disappointed investor and I wish I never come across such a business in my life. They promised to pay us in March 2022, and nothing has been done. All fake promises. All the investors haven’t written a general complaint because as Smart as Teke Samuel is, he goes behind and settles some investors closer to him and those he thinks could bring him down easily.” Ayuk lamented.

After saying that there was no issue to pay investors but a technical error, on April 4, 2022, the company allegedly sent out an email to investors confessing that there is no money in the accounts to pay them. The email was also a means to retain them by asking for more investments, though this email screenshot cannot be independently verified by our news team.

“Now that you are very much aware of the truth that the company does not have enough money to pay all investors, the atmosphere is full of bitterness, anger, and disappointment. We understand how difficult it is for you to be faced with such a situation…Trust has been broken but can be reinstated with Time, communication, and honesty. The best apology we owe you is that with a changed behavior…TEGVACS has failed but it doesn’t mean the end of the road for us. Time is the most valuable request we are begging from you to make things right for a lifetime. We are ready to build a healthier and stronger relationship with you based on honesty”

An investor rubbished the email, “The Company’s head Teke Samuel without shame sends an email telling us there’s no money without giving an account or a balance sheet of where our monies are. And from this, he is instead trying to convince investors to put more money claiming the survival of the business is in the hands of investors. What a shame”

So why has Teks Global not been able to pay investors after receiving millions of FCFA to invest in agriculture and pay their dues accordingly? Cameroon News Agency spoke briefly with the CEO and founder of Teks Global Teke Samuel, he told the reporter that he was going to respond to the questions ‘within the week’, that is beginning April 25, a day after the interview was requested. One week gone, this reporter reminded him again of his promise but got no response.

CNA is still waiting for an official response from the company concerning alleged mismanagement and nonpayment of dues to investors.