Flutterwave Scandal: The Company & Its CEO Under Fire for Alleged Suspicious Practices

Flutterwave Scandal
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Flutterwave is a Nigerian fintech company. It provides a payment infrastructure for global retailers, and payment service provides across the continent. Olugbenga Agboola is the CEO of this company. He was born in Nigeria. In 2010, he came up with the idea for Flutterwave, a company aiming to process African consumers’ payments to tech companies. Later, he worked for different African banks and Google for six years. 

In 2016, a company named Flutterwave was founded by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya. The headquarters of this company are in San Francisco, but operations are run in Nigeria, Kenya, Uganda, Ghana, South Africa, and seven other African countries. Flutterwave has processed $23 billion worth of dealings across 35 African countries for organizations including Microsoft, Twitter, and Uber.

In February 2022, a year it started with a funding round that valued the company at $3 billion, making Flutterwave Africa’s most helpful startup. Later that year, in April, former employees accused Agboola of wrongdoing, including fraud and sexual harassment. In this article, we will discuss the impact of allegations on the company and its CEO. 

Flutterwave: Digital Platform

During the COVID-19 pandemic, Flutterwave introduced a platform that helps small-scale businesses affected by the worldwide lockdown. Using this platform, they display their products online and sell them. The digital store became a tremendous success among these businesses. Over 20,000 businesses register to this store for free through a campaign named “keeping the lights on.”

More to the Allegations In Flutterwave Scandal

According to the report published by David, the CEO of Flutterwave is accused of working for Flutterwave and other organizations, i.e., Access Bank, without informing them. According to him, Agboola had misused his powers to access bank assets. Not only that, he was also accused of having sexual relations with the subordinate female staff at Flutterwave.

Outage of the Flutterwave Scandal

A former employee of Flutterwave, Clara Wanjiku Odero, posted an article on Medium. In that article, she accused the company’s CEO of harassing her, and she also stated that she had to fight for her dues to be cleared after she left the company. She also said that the Kenyan police had investigated her because of the company’s negligence.

Odero has further shared her allegations with the Rest of World, which further spoke with other former employees of Flutterwave to investigate whether she is telling the truth or not. They also said that there’s an atmosphere of bullying and indecent relationships between the managers and subordinates. There are salary issues from the company side and legal problems for the leaving employees. Employees feared speaking the truth because of facing some serious repercussions of losing their jobs. 

Later, a spokesperson of Flutterwave emailed Rest of World; in the email, he denied all the allegations made by former employees. He said all the allegations are lies, recycled issues, or things the company has already addressed. He also states that the company cares for its employees and has policies that serve all employees and staff justice. 

Image of Flutterwave and Agboola Before Scandal

Flutterwave is Nigeria’s first online payments industry, with an unrivaled valuation of nearly $3 billion. This makes the CEO Agboola one of the most famous businessmen in Africa.

Agboola is considered a very reserved personality with limited media attraction; he still manages to be in the central business listings, including Quartz Africa’s 2019 Innovators, 2020 by Fortune, and those of TIMES 2021. He was also awarded ‘Tech Investor of the Year’ at the Business Insider just before his scandal came out.

Scandal’s Impact on Flutterwave’s Growth & Reputation

Odero’s allegations and David’s article caused severe damage to the status of Flutterwave and Agboola. Although the company has denied all the allegations, this does not stop former employees from backing off or quitting. 

Flutterwave might have won a fight against Odero if she was alone, but the rise of other employees against the company has opened multiple cases and put the company and CEO’s status in danger. Because of these allegations, the company faces public inquiry and also gets investigated by the US Securities and Exchange Commission.

With things going out of control for Flutterwave and Agboola, the company’s reputation is at stake. Other Nigerian startups are also facing the repercussions of this scandal. It seems many foreign investors are rethinking of their investment plans in Nigeria. 

Conclusion:

Flutterwave is Nigeria’s first online payments company that has quickly gained popularity among investors and retailers. Agboola is the CEO of this company. In 2022, things got complicated for the company and CEO. Agboola was accused of misusing his powers and having sexual relations within the company with female employees. Although he denied all the allegations, it didn’t stop ex-employees from criticizing him and the company for their wrongdoings. Former Employees also said that senior staff members have bullied them and have faced legal problems for leaving employees. These allegations have seriously damaged Flutterwave’s status and other Nigerian startup companies. 

Scott Ben

Scott Ben

Passionate writer with a deep understanding of anime, gaming, business and tech. Skilled at creating engaging content, including articles, reviews, and features. Stay up-to-date with the latest trends and developments in both anime and gaming.

Scott Ben

Scott Ben

Passionate writer with a deep understanding of anime, gaming, business and tech. Skilled at creating engaging content, including articles, reviews, and features. Stay up-to-date with the latest trends and developments in both anime and gaming.
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