Flutterwave CEO, Olugbenga Agboola, faces allegations
Africa’s most valuable startup Flutterwave is in the spotlight for alleged dubious business and personal practices by Olugbenga Agboola, its founder and chief executive.
In a story published Apr. 12 on West Africa Weekly, a Substack newsletter by David Hundeyin, a Nigerian journalist, Agboola is alleged to have created a phantom ‘co-founder’ identity to give himself more shares in the company’s early days, and offered share prices below the company’s valuation to employees who wanted to cash in on their vested options. These employee stock sales, the story alleged, went to an investment vehicle Agboola controlled.
Other allegations include that he did not disclose to Access Bank, his last employer, that he was simultaneously working for them while building Flutterwave in the latter’s early days, thereby taking unfair advantage of his position and assets at the bank. There was also the suggestion of sexual relationships with subordinate female staff members at Flutterwave.