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, IgbereTV reports
Responding on Wednesday, via his Twitter account, to a series of allegations contained in an investigative story by an online publication against Agboola – who was also accused by a former employee, Wanjiku Clara, of harassing her for five years – Aboyeji made the following comments.
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, as the co-founders tried to secure deals with financial institutions, but the BOAFIA Act made it impossible.
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.
However, he didn’t address the usage of Access Bank resource, which is, standing as a representative for the lender during investor meeting of Flutterwave, and trying to mask his voice during investor call.
Controversy surrounding Flutterwave’s ownership stake
Aboyeji also responded to the claim that Agboola compelled both him and Adekoya, to part with 10% stake for another co-founder, Greg Agboola, who the report said doesn’t exit according to official documents of the ownership structure.
It was alleged that Agboola created the identity of Greg Agboola in order to gain more shares, adding to the 37.5% ownership he owns, while the 10% was to be taken out of Aboyeji and Adekoya’s combined 62.5% ownership.
