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An investigation published this week by West Africa Weekly accused Olugbenga Agboola, the CEO of Flutterwave, one of Africa’s largest tech unicorns, of serial financial misconduct, including allegations of insider trading, fraud and perjury during the startup’s operating period.
The allegations, which were published by David Hundeyin, journalist and founder of West Africa Weekly, accused Agboola (known by his initials GB) of impersonation, insider trading and inappropriate workplace behavior.
Agboola and Flutterwave have yet to respond to or deny the allegations made by the Nigerian investigative journalist.
The report comes nearly a week after Clara Wanjiku, the CEO of the Softbank-backed Kenyan fintech Credrails and a former employee of Flutterwave, published a Medium post on April 4 accusing Agboola of years of constant harassment and corporate oppression.
Hundeyin, as confirmed in his controversial report, gathered evidence from former workers of the leading tech company Flutterwave, with whom the writer said he had extensive discussions for his story in an effort to uncover issues relating to corporate ethics and inappropriate behavior at the company.
According to the investigative report, the company is now under public scrutiny for a variety of issues, including a rumored ethics investigation by the U.S. Securities and Exchange Commission (SEC) in 2018.
He accused Agboola of “insider trading” by offering to buy “stock options” from employees at a lower price than the market price, claiming it was a violation of U.S. SEC regulations that could result in jail time.
Hundeyin went on to say that GB used his contact as a staff member of Nigeria’s leading financial services group, Access Bank, to give Flutterwave deals to unsuspecting clients and that Access Bank also engaged in “fraudulent” activities with Arik Air, facilitating transactions with the aviation company without proper documentation.
Flutterwave raised $250 million in a Series-D fundraising round nearly two months ago, making the fintech unicorn Africa’s most valuable company with a valuation of more than $3 billion.
