Barely weeks after being accused of bullying, intimidation and sabotaging the work opportunities of one of his ex staff, a fresh accusation has been levelled against Olugbenga Agboola, the CEO and co-founder of one of Nigeria’s greatest tech unicorns, Flutterwave.
An investigative report has accused him of insider trading, fraud, and perjury” taking place over a four year period.
Agboola has been accused of the use of Flutterwave to interact in impersonation, insider buying and selling and inappropriate behaviours in the workplace.
This was contained in an investigation report by an impartial investigative journalist David Hundeyin in a piece titled, “Flutterwave: The African Unicorn Built On Quicksand.”
David accused the company of fraud, perjury, and insider buying and selling shedding a darkish cloud over one of the most respected tech startups in Africa.
The expose based on interviews with three ex-employees of Flutterwave whom the writer said he had a good sized dialogue for his story. The accusation was generally on Agboola for engaging in “insider trading” by supplying to buy “stock options” from personnel at a charge “lower” than the “market price”.
The report alleged that this was an offense in US regulation and could attract prison time. It was also alleged that Flutterwave used to be enticing by “fraudulent” activities by means of dealing Arik Air except “paperwork” hence facilitating transactions barring appropriate documentation.
“Basically someone at Arik started a payments enterprise to process payments for Arik, but he was processing thru Flutterwave. So he bought a cut of each Arik transaction – and Arik transaction volumes had been amongst the largest at Flutterwave – however there was no reseller agreement. Isn’t that essentially corruption?”
The report also point out of a legal firm Banwo and Ighodalo “ B&I by caving in to the demand of Flutterwave and advising a client to drop a case against the Tech firm after they had initially told the client otherwise,
“Suddenly and without notice, shortly after presenting a professional opinion stating that Flutterwave was in the wrong and had a case to answer, B&I quietly informed Jennifer that they had been retained by Flutterwave and they would have to drop her case. Apparently whenever Flutterwave wants anything in Nigeria – ethical or not – GB just signs a cheque and makes any problem go away.”
The report further accused investors in Flutterwave of largely ignoring some of the accusations even though they were aware of them.
“Someone sent an email detailing all these fraudulent activities to every investor on the cap table, and they are all aware and they talk about it, but they did nothing.”
