Nigerian businessman, Wale Jana has said he made some bad business decisions that caused major setbacks to his business.
The CEO of Sapphire Scents made this known via a statement on Thursday, 28th 2020.
Gagish learnt that Wale’s business was already facing challenges before the lockdown caused by the Covid19 pandemic but got worse over the period.
Wale also said aggressive campaigns that cost the business a lot of money and as a result the business could not meet the short turn-around time for investors.
The statement in part reads:
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 onfolding 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 out investors which we now sttuggle to fulfil owing to downtums 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 successfulty 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 out 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 at 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.