The former Chief Executive Officer of Flutterwave, Iyinoluwa Aboyeji, has addressed allegations trailing the current CEO and co-founder of the African unicorn, Olugbenga Agboola.
Aboyeji responded via his Twitter account, to a series of allegations contained in an investigative story by an online publication.
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On Agboola’s abuse of power allegations
Agboola had been accused of abusing his position in Access Bank to favour Flutterwave during meetings with investors; while also advising another co-founder, Adeleke Adekoya, to front as Access Bank representative in another meeting.
According to the report, the bank wasn’t aware of Agboola’s dealings in Flutterwave, and this led to his exit upon discovery; while investors in Flutterwave didn’t know he had an official position with Access Bank.
Aboyeji said the bosses at Access Bank actually did know about Agboola’s involvement in Flutterwave; just like he was also still working as CEO at Andela during the early years of Flutterwave.
He said the knowledge about Flutterwave’s dealings even cut across the banking industry. The co-founders tried to secure deals with financial institutions, but the BOAFIA Act made it impossible.
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While admitting a “special relationship with Access Bank” existed, he said, “The ethical questions are: did the leadership of Access Bank know GB and Leke were working on Flutterwave, and I can confirm yes.
“Was their phased exit from Access Bank disclosed to investors, and the answer is yes. Even I incorporated Flutterwave while being at Andela.” Aboyeji said.
Controversy surrounding Flutterwave’s ownership stake
Aboyeji said there wasn’t any complications in the ownership structure as claimed by the report; stating that, “I negotiated and received 15% of the company’s equity on a vested schedule; and I worked hard to build that business. So let’s not add salt to injury here.”
Aboyeji had announced his resignation in October 2018; but the report claimed he was sacked by Agboola. Also, that he was locked out of the company’s email and slack. While he seemingly admitted the latter, he denied the former.
“Let’s assume this is true (locked out of company property), since when did being locked out of email and slack constitute ‘firing’ for a $50m company with investors, a board and corporate governance. David (name of reporter) needs to go to business school if he wants to keep doing business reporting.”
Aboyeji further stated, “By my hand I incorporated Flutterwave May 2, 2016 (while I was still at Andela by the way); and by my hand I resigned with a letter dated Oct 12, 2018. Every single necessary evidence has been preserved because I conducted myself with the highest integrity.”
According to Aboyeji, who also founded Future Africa, he said international investors are alarmed by the allegations against Agboola; which implicated him, as he was CEO during the timeframe mentioned in the report.
He stated that he has actual records to defend his activities during his time at Flutterwave, as his operation was ethical, and he didn’t hide information from investors and partners.
Aboyeji advised that the actions of Agboola should be separated from the actions of Flutterwave, “Again I am painstakingly separating the actions of any individual from the corporate actions of a company I co-founded and built.
“While I was at the helm of Flutterwave we had the highest ethical standards. This is important for my stakeholders to know.” Aboyeji wrote, while saying he would take legal steps against the publication and its reporter.
Photo Credit: Getty