New Scathing Report Puts Africa’s Biggest Fintech Company, Flutterwave on Edge
- Olugbenga Agboola, the CEO of Flutterwave, Africa's biggest start-up is in the storm for alleged insider trading and workplace misdemeanour
- A new report by David Hundeyin, an investigative journalist, paints the picture of Flutterwave as being built on a bubble
- According to the story, Agboola never quit his job at Access bank when he started Flutterwave and allegedly used fronts to represent himself in meetings with investors
Insider trading, workplace bullying and a story of cheating former and maybe current employees of Africa’s biggest Fintech, Flutterwave, seek to put the burgeoning payment company on edge.
An investigative report by David Hundehin, an independent investigative journalist, details what has transpired underground since the inception of the company in 2016.
Source: UGC
Agboola in the eye of the storm
According to the scathing report now making the rounds on micro-blogging platform Twitter, the CEO and founder of Flutterwave, Olugbenga Agboola or GB, was still employed at Access Bank when he started Flutterwave and reportedly used the bank’s resources to advance Flutterwave’s interests.
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Flutterwave is Africa’s biggest start-up valued at over $3 billion and has ramped up other start-ups on the continent.
Former employees of the company have either taken the company to court or are planning to do so after they accused the company of cheating them of their exit benefits, namely stock shares.
Agboola is accused of being a bully CEO and keeping a toxic work environment with employees.
Impersonation, insider trading dog the CEO's path
The report also accused him of impersonation, often disguising himself in meetings with investors. One of such was when he allegedly forgot that he still worked for Access Bank when he appeared in virtual meetings with investors leaving them doubting if it was the same Agboola who worked for the bank.
The CEO was accused of inappropriate work behaviours with staff at Flutterwave bordering perjury, and alleged fraud which spanned over a four year period.
The report painted the company in a bubble that casts dark clouds over Africa’s revered startup.
Flutterwave has not responded to an email from Legit.ng seeking to either corroborate or deny the claims of the report.
The Arik Air connection
The story which has since gone viral on social media builds on three employees of the company who Hudenyin said he had interviewed.
Agboola, who seems to form the fulcrum of the report also allegedly got involved in underhand dealings involving an Arik staff who began a payment processing company using Flutterwave, where Agboola allegedly got kickbacks from every transaction.
Flutterwave now Africa's most valuable startup as it breaks the N1trn valuation mark after N103bn fundraising
Legit.ng has reported that African fintech company, Flutterwave has raised $250 million in a Series D round that tripled the company's valuation to over $3 billion in just twelve months, the company announced in a blog post on its website.
The latest round of investment has pushed the company's worth to more than $3 billion, as it wants to change the way Africans transact on the continent and throughout the world.
Source: Legit.ng
