Flutterwave: Allegations Of Insider Trading, Fraud, Sexual Harassment Hit Africa’s Tech Unicorn

The scandals rocking the Nigerian tech ecosystem appears to be far from over as Africa’s largest tech startup, Flutterwave has been hit with fresh allegations including stock-option trading, insider trading, perjury, and sexual harassment.

With a valuation of over $3 billion, Flutterwave is Africa’s largest tech startup raising at least $475 million in funding since 2016, making it the continent’s foremost unicorn ahead of Chipper Cash, Andela, Interswitch and Jumia

However, a report published by the West Africa Weekly on Tuesday detailed how the company’s founder and CEO, Olugbenga Agboola, allegedly abused his position as Access Bank’s head of digital factory and innovation to profit Flutterwave while hiding his concurrent involvement in both entities from investors and regulators.

The exposé which has been the subject of various Twitter Spaces debates has also garnered more than 70,000 tweets according to Trendinalia Nigeria.

Notable among the allegations was how the tech unicorn cheated a shareholding employee by forcing them to sell their shares at 82.5% less than market value to an investment vehicle allegedly controlled by Agboola, a phenomenon that has been described as insider trading according to the United States Securities and Exchange Commission.

Agboola was also accused of using his position as CEO to sexually harass female employees in the company. In a leaked audio clip of Agboola allegedly addressing an internal meeting on the issue, the Flutterwave founder said it was not against the company’s policy for staff to enter romantic relationships as long as it was consensual.

According to the CEO of Branch, Matt Flannery, the Flutterwave scandal could cast a large shadow over Nigerian tech and valuations.

“The #flutterwave scandal is just beginning.  There’s more to come.  This could cast a large shadow over Nigerian tech and valuations,” he tweeted.

Last week, an ex-employee of Flutterwave, Clara Wanjiku, published an article where she alleged that she had been bullied by Agboola following her resignation from the fintech startup.

Flutterwave, however, denied the allegations saying it wants the (tech) ecosystem to have a healthy and productive work culture and is committed to doing its part.

THE WHISTLER had also earlier reported the outrage that trailed an investigation into the workplace culture of toxicity at tech startups resulting in the #HorribleBosses campaign on social media which forced the CEO of Bento Africa, Ebun Okubanjo, to relinquish his position.