Flutterwave CEO responds to misconduct allegations

Abu Mubarik April 23, 2022
Olugbenga Agboola is the Co-founder and CEO of San Francisco and Lagos-based Flutterwave. Photo credit: Shoppe Black

Flutterwave CEO Olugbenga Agboola has reacted to financial impropriety and personal misconduct claims leveled against him and the company.

In an email to staff obtained by Tech Crunch, Agboola said the allegations of financial impropriety, conflict of interest and sexual harassment are false and without merit. He added that the company has “no tolerance for sexual harassment.”

“I’m writing today because I want you to know how concerned I am about the impact that reading the false allegations against our company has had on you all,” Agboola noted in the email. 

“The fact that the allegations of financial impropriety, conflict of interest and sexual harassment have been proved false or have already been reported, investigated and addressed by management matters less to me than the reality that these claims may have shaken your confidence in the company. As founder and CEO, it is my responsibility to address the concerns you may have, and this will be a priority for me moving forward.”

The email to staff comes after a report by West Africa Weekly, a Substack newsletter written by journalist David Hundeyin, made damning allegations against the startup and Agboola. Some of the allegations leveled against Agboola in the article include insider trading, perjury and sexual harassment. How he founded the company was also questioned in the investigative piece.

The report by Hundeyin said Agboola retained his employment at Access Bank while building his startup Flutterwave. But in the email to staff, Agboola told workers that “the allegations about how I started the company are untrue. I shared with you during the retreat that a former boss helped us close one of our enterprise clients. I am thankful for the learning and mentorship I received at the numerous employers I worked at before starting Flutterwave.”

On insider trading, he said he and Flutterwave have not engaged in insider trading, adding that ex-employees sold shares they owned to outside parties at some points.

“We followed all legal processes and procedures, including obtaining board approval when needed, when approving the sale of shares,” he wrote. “In addition, we work closely with our outside law firms to comply with all applicable regulations.”

Addressing claims of sexual harassment, he noted such claims have been proven false or have been reported, investigated and addressed by management.

The report by Hundeyin comes on the heels of an allegation of bullying against Flutterwave and Agboola by an ex-employee who is the current CEO of Credrails.

Last Edited by:Mildred Europa Taylor Updated: April 23, 2022


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