Nigerian Fintech Leaders React to Flutterwave Allegations

by Cryptospacey

One in all Africa’s largest unicorns, Flutterwave, has been underneath fireplace on social media since allegations of insider buying and selling, sexual harassment and perjury hit the Nigerian cost infrastructure supplier.

The reactions observe the allegations contained in an investigative report printed on Tuesday by David Hundeyin, the Editor of West Africa Weekly.

The report accused Flutterwave’s Co-Founder and Chief Government Officer, Olugbena Ayoola, of holding onto the inventory choices supplied to a former worker, including that others have been made to promote their inventory choices under their values to an funding car managed by him.

Moreover, the report mentioned Agboola and Flutterwave’s Chief Industrial Officer, Mr Ife Orioke, abused their place of energy to have inappropriate sexual relationships with the corporate’s feminine staff.

As well as, the report alleged that Agboola created a phantom Flutterwave Chief Expertise Officer, Greg Agboola, who wanted to be given 10% of Flutterwave’s shareholdings from Co-Founders, Iyinoluwa Aboyeji and Adeleke Adekoya’s shareholdings.

Furthermore, the CEO was mentioned to have constructed Flutterwave whereas he was nonetheless the Head of Digital Manufacturing unit & Innovation at Entry Financial institution PLC, a Nigerian native lender.

Within the report, Hundeyin alleged that the US Securities and Trade Fee (SEC) in 2018 obtained wind of the mentioned insider buying and selling follow and summoned Agboola, Aboyeji and the CEO of Entry Financial institution, Herbert Wigwe, to a listening to.

In line with the media report, the SEC didn’t affirm or deny the alleged insider buying and selling however rejected a US Freedom Of Data Act (FOIA) request submitted by the journalist, citing privateness considerations.

Hundeyin wrote within the report: “In early 2018, information about this unholy association obtained to the US Securities and Trade Fee (SEC), which has jurisdiction over the Delaware-registered company. Beneath US regulation, a conviction for insider buying and selling carries a legal sentence of as much as 20 years in jail.

“In line with a number of sources, GB [Agboola], Iyin [Aboyeji] and—for some motive—Herbert Wigwe flew to the Washington DC for an SEC listening to the place they allegedly testified underneath oath that GB by no means labored concurrently at Flutterwave and Entry Financial institution.”

The report mentioned Agboola for “not less than two years had free reign” to make use of the lender’s property to “profit Flutterwave with out the data of Entry Financial institution or most exterior Flutterwave stakeholders.”

Finance Magnates reached out to Flutterwave for a touch upon these allegations however is but to get a response as of press time. Nevertheless, Aboyeji, who resigned from the  start-up  in 2018, has made a number of tweets to clear his identify.

The Co-Founding father of Andela, who attacked the journalist for not reaching out to him for a remark, mentioned Entry Financial institution’s management have been knowledgeable about Flutterwave.

The ex-CEO of Flutterwave additionally mentioned the corporate maintained the “highest moral requirements” whereas he led the  fintech  firm.

Aboyeji’s tweet 1: https://twitter.com/iaboyeji/standing/1514126664107708417

Aboyeji’s tweet 2: https://twitter.com/iaboyeji/standing/1514092832197386240

Aboyeji’s tweet 3: https://twitter.com/iaboyeji/standing/1514127134238912512

Tech Leaders React

Leaders within the rising Nigerian tech ecosystem have began reacting to the report. In a Twitter thread, Jason Njoku, the Founding father of Iroko TV, an on-demand internet TV platform, mentioned: “mad cash rush” was coming into the business. Njoku restated the significance of the media in serving to to maintain the Nigerian tech ecosystem.

Njoku’s tweet: https://twitter.com/JasonNjoku/standing/1514157953066184705

On his half, Ikpeme Neto, the Founding father of health-tech start-up, Effectively Well being, described journalists are “ verify and steadiness mechanism” for the business.

Neto’s tweet: https://twitter.com/docneto/standing/1514175893337423873

Matt Flannery, the Co-Founder and CEO of Department.co, mentioned there may be extra to return.

Flannery’s tweet: https://twitter.com/mattflannery/standing/1513933866070806530

The Case of Bento Africa

The most recent report comes lower than a month after a Nigerian tech publication, TechCabal, printed a report alleging a vile office tradition at Bento Africa, a Nigerian payroll startup.

The report, based mostly on the testimonies of former staff of Bento Africa, accused Ebun Okubanjo, the Co-Founder and Chief Government Officer, amongst different issues, of operating the start-up with an iron fist whereas verbally abusing his staff.

The corporate’s Board of Administrators, in its response, requested Okubanjo to step again from folks operations within the firm.

“We’re reviewing the HR and other people follow and tips at Bento and can work with HR consultants and the corporate’s in-house group to be sure that it’s reflective of human values that drive sustainable efficiency,” the board had mentioned in an electronic mail seen by the outlet.

One in all Africa’s largest unicorns, Flutterwave, has been underneath fireplace on social media since allegations of insider buying and selling, sexual harassment and perjury hit the Nigerian cost infrastructure supplier.

The reactions observe the allegations contained in an investigative report printed on Tuesday by David Hundeyin, the Editor of West Africa Weekly.

The report accused Flutterwave’s Co-Founder and Chief Government Officer, Olugbena Ayoola, of holding onto the inventory choices supplied to a former worker, including that others have been made to promote their inventory choices under their values to an funding car managed by him.

Moreover, the report mentioned Agboola and Flutterwave’s Chief Industrial Officer, Mr Ife Orioke, abused their place of energy to have inappropriate sexual relationships with the corporate’s feminine staff.

As well as, the report alleged that Agboola created a phantom Flutterwave Chief Expertise Officer, Greg Agboola, who wanted to be given 10% of Flutterwave’s shareholdings from Co-Founders, Iyinoluwa Aboyeji and Adeleke Adekoya’s shareholdings.

Furthermore, the CEO was mentioned to have constructed Flutterwave whereas he was nonetheless the Head of Digital Manufacturing unit & Innovation at Entry Financial institution PLC, a Nigerian native lender.

Within the report, Hundeyin alleged that the US Securities and Trade Fee (SEC) in 2018 obtained wind of the mentioned insider buying and selling follow and summoned Agboola, Aboyeji and the CEO of Entry Financial institution, Herbert Wigwe, to a listening to.

In line with the media report, the SEC didn’t affirm or deny the alleged insider buying and selling however rejected a US Freedom Of Data Act (FOIA) request submitted by the journalist, citing privateness considerations.

Hundeyin wrote within the report: “In early 2018, information about this unholy association obtained to the US Securities and Trade Fee (SEC), which has jurisdiction over the Delaware-registered company. Beneath US regulation, a conviction for insider buying and selling carries a legal sentence of as much as 20 years in jail.

“In line with a number of sources, GB [Agboola], Iyin [Aboyeji] and—for some motive—Herbert Wigwe flew to the Washington DC for an SEC listening to the place they allegedly testified underneath oath that GB by no means labored concurrently at Flutterwave and Entry Financial institution.”

The report mentioned Agboola for “not less than two years had free reign” to make use of the lender’s property to “profit Flutterwave with out the data of Entry Financial institution or most exterior Flutterwave stakeholders.”

Finance Magnates reached out to Flutterwave for a touch upon these allegations however is but to get a response as of press time. Nevertheless, Aboyeji, who resigned from the  start-up  in 2018, has made a number of tweets to clear his identify.

The Co-Founding father of Andela, who attacked the journalist for not reaching out to him for a remark, mentioned Entry Financial institution’s management have been knowledgeable about Flutterwave.

The ex-CEO of Flutterwave additionally mentioned the corporate maintained the “highest moral requirements” whereas he led the  fintech  firm.

Aboyeji’s tweet 1: https://twitter.com/iaboyeji/standing/1514126664107708417

Aboyeji’s tweet 2: https://twitter.com/iaboyeji/standing/1514092832197386240

Aboyeji’s tweet 3: https://twitter.com/iaboyeji/standing/1514127134238912512

Tech Leaders React

Leaders within the rising Nigerian tech ecosystem have began reacting to the report. In a Twitter thread, Jason Njoku, the Founding father of Iroko TV, an on-demand internet TV platform, mentioned: “mad cash rush” was coming into the business. Njoku restated the significance of the media in serving to to maintain the Nigerian tech ecosystem.

Njoku’s tweet: https://twitter.com/JasonNjoku/standing/1514157953066184705

On his half, Ikpeme Neto, the Founding father of health-tech start-up, Effectively Well being, described journalists are “ verify and steadiness mechanism” for the business.

Neto’s tweet: https://twitter.com/docneto/standing/1514175893337423873

Matt Flannery, the Co-Founder and CEO of Department.co, mentioned there may be extra to return.

Flannery’s tweet: https://twitter.com/mattflannery/standing/1513933866070806530

The Case of Bento Africa

The most recent report comes lower than a month after a Nigerian tech publication, TechCabal, printed a report alleging a vile office tradition at Bento Africa, a Nigerian payroll startup.

The report, based mostly on the testimonies of former staff of Bento Africa, accused Ebun Okubanjo, the Co-Founder and Chief Government Officer, amongst different issues, of operating the start-up with an iron fist whereas verbally abusing his staff.

The corporate’s Board of Administrators, in its response, requested Okubanjo to step again from folks operations within the firm.

“We’re reviewing the HR and other people follow and tips at Bento and can work with HR consultants and the corporate’s in-house group to be sure that it’s reflective of human values that drive sustainable efficiency,” the board had mentioned in an electronic mail seen by the outlet.



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