Flutterwave Scandal: The Company And Its CEO Under Fire for Alleged Dubious Practices

Flutterwave, Africa’s most undisputed marketplace leader for online payment and payments, is being accused of shady practices. Chief executive and co-founder, Olugbenga Agboola, seems to be in the spotlight for allegedly creating a fake co-founder’s name to obtain more shares of the company. The company also claims that it has made offers of shares that are far below the actual value of the company for employees who would like to take advantage of their accrued options.

Although the publication of a well-known Nigeria reporter, David Hundeyin, only contained the allegations above, however, his tweet has added a completely new and more powerful dimension to this Flutterwave scandal. His claim that he has the best documents and records at the ready makes this investigation more intriguing, and it appears that there’s plenty of drama in the pipeline for Nigeria’s top-rated businessman, Agboola.

What’s More to the Allegations In Flutterwave Scandal?

The above allegations will surely rile Agboola and his $3 billion valuation of Flutterwave Scandal however, there’s a lot else to this story. Flutterwave’s CEO has also believed that he was working with Flutterwave and full-time at his previous employer i.e., Access Bank but without any proof. The CEO was accused of stealing his position as well as assets accessible from the bank, according to the story written by David. In addition, the report also indicates that the man was involved in sexual relations with subordinate female staff members at Flutterwave.

What Led to the Outage of the Flutterwave Scandal?

Flutterwave’s former director of the implementation department at Flutterwave, Clara Wanjiku Odero published an enthralling article on Medium that led to the whole Flutterwave scandal. She claimed she was targeted by the CEO of the company and had to fight for her dues paid after she left the company. She added that the company’s incompetence resulted in her being probed through the Kenyan police.

Her claims provided multiple avenues to the investigation, opening numerous doubtful instances of the policies and the culture of Flutterwave. Odero has expanded her allegations to her friends at the Rest of World who further interviewed 12 ex-workers of Flutterwave to verify the allegations she shared. According to former employees, the allegations of Odero are mostly based on the company’s ongoing problems.

They also spoke about their experience with the firm, which revealed that it has had an environment of bullying and insensitive relationships between employees and managers, as well as underpaying all employees who part with their stock options. They also revealed that there were many intentional administrative mistakes made in the company’s documentation, making legal problems for employees who have left. In addition, the former employees sought anonymity as they feared the consequences of speaking the truth publicly. It was an example of the stress and negativity that these employees had to endure in their previous and current during their time at the company.

Following the publication of these allegations and accusations of former employees after the allegations were made, the Flutterwave spokesperson wrote an email to Rest of World and expressed disdain for everything that has been reported concerning the firm. The company claims that the majority of allegations are false, fabricated concerns, or issues that the company has already dealt with. The spokesperson further states that the company has strict HR policies that evolve and ensure justice at all levels of staff and employees.

What Was Known About Flutterwave and Agboola Until the Scandal Came Out?

As one of the pioneers in the industry of online payments in Nigeria with an unbeatable valuation of nearly three billion dollars, Flutterwave scandal stands on top and makes Agboola among the top and most famous businessmen in Africa.

A well-known for his quiet personality, with only a few press appearances Agboola was able to get his name included in all of the most prestigious business lists which include The Quartz African 2019 Innovators’ List the 2020 list by Fortune as well as TIMES 2021.

In addition to the recognition he has earned for his leadership of one of the most prestigious technology startups in Nigeria His reputation also gained significantly tarnished by his investments in growing African startups. He also took home a huge “Tech Investor of the Year award at Business Insider just a few minutes following the Flutterwave scandal broke.

In addition to corporate investments, Flutterwave Scandal has recently co-led the $3.4 million round of funding for a fintech company based in the UK called Dapio. The majority of the money the company has collected ($250 million) is set to be put towards more investments and relentless marketing.

What Comes Next? – How Is the Scandal Expected to Impact Flutterwave’s Growth & Reputation?

The allegations of Odero, which were which was followed by David’s tale, Flutterwave, and Agboola have been under fire. Although they have denied everything claims made in an announcement, the former employee doesn’t seem to be able to resign from her statements about the CEO or the company.

Although Flutterwave could have been able to rebut her claims even if they were the only ones however, they’ve given numerous ex-employees a chance to share their own stories. Numerous cases are coming to light and exposing the lapses of Flutterwave and the questionable practices of the infamous and highly acclaimed CEO.

In the end, the company is now under public scrutiny for various issues which include an investigation into the ethical requirements to be carried out through authorities such as the US Securities and Exchange Commission.

Things get extremely complex for both Flutterwave as well as Agboola and the company’s value and reputation in danger and the reputation of other Nigerian companies are in danger. Foreign investors have an insight into the dangerous Nigerian working environment, causing them to reconsider their investment strategies within the country.

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