Embattled business man and CEO of Sapphire Scents, Wale Jana has taken to social media to apologize to his investors, as he submits himself to an independent recovery plan.
Wale Jana’s business crumbled and investors’ money got tied up, leading to an outcry on social media.
Human Rights Activist, Segun Awosanya aka SegaLink, then carried out an investigation on the matter, and concluded that though Wale didn’t intend to defraud, he lacked exit plans and intentionally blocked investors after the business went South.
Segalink went on reveal a independent action and recovery plan to help investors get their funds back, a plan Wale himself has now submitted to in a recent apology letter.
Read his apology letter below;
“There have been fewer or no other moments in my life as enervating and trying as now. In recent months, I’ve been as resourceful and spirited as can be to resolve the unfolding investment concerns with my company, Sapphire Scents, and while we’ve recorded and continue to enjoy some successes in our pay-back plans, we have been lacking the benefit of faith and belief in our strategy. This is understandable given we made promises to our investors which we now struggle to fulfil owing to downturns brought on by a crisis in our business model and the economic realities of the moment.
Sapphire Scents was built on a short term investment model that worked successfully for the first 3 years but as we began to embark on long term projects between 2019 and now, the short term investments became a challenge.
In our ambitious move to take over Africa, we overstocked and embarked on aggressive campaigns that cost us a lot of money and as a result we could not meet the short turn-around time for investors. There are those moments when we made and took decisions intended to revitalize the business and reposition it to profit our investors more but ended up overwhelming our structures enough to cause a strain with rippling effects.
While I have nothing but the loftiest aspiration for my company and its investors, I must admit to having let an impatience for growth and expansion to dictate some of my business calculations, leading on to some regrettable management decisions that have brought us to this place. We, of course, had this challenge prior to the COVID-19 pandemic, but it has only worsened over time given the restraints of a lockdown that ensued nationwide.
I deeply apologise to all investors for the difficulties of the moment, delayed payments and the individual inconveniences this has caused many. Please rest assured that your funds are not lost but are tied up in stocks and other business concerns which we are constantly reorganizing and selling off to meet payments.
To demonstrate my readiness to act in good faith and meet my company’s financial responsibilities to its investors, I have received and accepted to submit myself to the independent recovery plan that has been proposed by neutral arbiters. I, therefore, by this medium indicate my readiness to fully cooperate with the recovery plan suggested by Mr. Segun Awosanya (@segalink) despite the huge personal cost (both economically and emotionally) as it is indeed for the greater good.
While I await further communication and instruction, let me state that we have built a great company over the years and I have no doubt that the resolution of these challenges will lead us to greater heights.”