Undisputed African internet payment giant Flutterwave is accused of unethical tactics. Olugbenga Agboola, the co-founder and CEO, may have created a phantom co-founder persona to get more business shares. He also reportedly gave workers who wanted to cash in their vested options share prices substantially below the company’s worth.

    The newsletter by prominent Nigerian writer David Hundeyin simply mentioned the following charges, but his tweet has given the Flutterwave issue a new and furious depth. His claim to have the best documentation and recordings makes this case more intriguing, and Nigeria’s top entrepreneur, Agboola, may face further drama.

    More to Flutterwave Scandal Allegations? 

    The foregoing charges are enough to scandalize Agboola and his $3b Flutterwave value, but there’s more. Flutterwave and his former employer, Access Bank, are also accused of employing the CEO without information. David reported that he abused his position and bank assets. The narrative also implies he had sexual connections with Flutterwave’s subordinate women.

    What Caused the Flutterwave Scandal Outage? 

    Clara Wanjiku Odero, Flutterwave’s former head of implementation, wrote an explosive Medium piece that started the story. She said the CEO harassed her and that she had to struggle to obtain her dues after departing. The Kenyan authorities investigated her due to the company’s incompetence, she said.

    Her charges sparked fresh questions about Flutterwave’s culture and methods. The Rest of World interviewed twelve additional former Flutterwave workers to confirm Odero’s claims. Former workers said Odero’s charges focus on the company’s chronic troubles.

    They also revealed that the company has always had a culture of bullying and inappropriate relationships between managers and subordinates, underpaid every departing employee for their stock options, and made deliberate administrative errors in company documentation, which caused legal issues for the departing employees. These former workers also requested anonymity to avoid sanctions for speaking out. It symbolized the strain and toxicity these workers must have endured at the corporation and thereafter.

    Which Flutterwave and Agboola facts were known before the scandal? 

    Flutterwave, the first Nigerian internet payments company, is worth approximately $3 billion, making Agboola one of Africa’s most famous entrepreneurs.

    Despite his reclusive attitude and minimal media appearances, Agboola made Quartz Africa’s 2019 Innovators list, Fortune’s 2020, and TIMES 2021’s.

    His investments in African businesses boosted his profile in addition to running one of Nigeria’s best digital firms. He was named Business Insider’s “Tech Investor of the Year” only hours after the Flutterwave controversy broke.