News
Fintech Leaders React to Flutterwave Allegations
Flutterwave, one of Africa’s largest unicorns, has been under fire on social media since allegations of insider trading, sexual harassment and perjury hit the Nigerian payment infrastructure provider.
According to Finance Magnates, the reactions follow the allegations contained in an investigative report published on Tuesday by David Hundeyin, editor of West Africa Weekly.
The report accused Olugbena Ayoola, Flutterwave’s Co-Founder and Chief Executive Officer of holding onto the stock options offered to a former employee, adding that others were made to sell their stock options below their values to an investment vehicle controlled by him.
Additionally, the report said Agboola and Mr Ife Orioke, Flutterwave’s Chief Commercial Officer, abused their positions of power to have inappropriate sexual relationships with the company’s female employees.
In addition, the report alleged that Agboola created a phantom Flutterwave Chief Technology Officer, Greg Agboola, who needed to be given 10% of Flutterwave’s shareholdings from Co-Founders, Iyinoluwa Aboyeji and Adeleke Adekoya’s shareholdings.
Moreover, the CEO was said to have built Flutterwave while he was still the Head of Digital Factory & Innovation at Access Bank PLC, a Nigerian local lender.
In the report, Hundeyin alleged that the United States Securities and Exchange Commission (SEC) in 2018 got wind of the said insider trading practice and summoned Agboola, Aboyeji and the CEO of Access Bank, Herbert Wigwe, to a hearing.
According to the media report, the SEC did not confirm or deny the alleged insider trading but rejected a US Freedom Of Information Act (FOIA) request submitted by the journalist, citing privacy concerns.
Hundeyin wrote in the report: “In early 2018, news about this unholy arrangement got to the United States Securities and Exchange Commission (SEC), which has jurisdiction over the Delaware-registered corporation. Under US law, a conviction for insider trading carries a criminal sentence of up to 20 years in prison.
“According to several sources, GB [Agboola], Iyin [Aboyeji] and—for some reason—Herbert Wigwe flew to the Washington DC for an SEC hearing where they allegedly testified under oath that GB never worked simultaneously at Flutterwave and Access Bank.”
The report said Agboola for “at least two years had free reign” to use the lender’s assets to “benefit Flutterwave without the knowledge of Access Bank or most external Flutterwave stakeholders.”
Finance Magnates reached out to Flutterwave for a comment on these allegations but is yet to get a response as of press time.
However, Aboyeji, who resigned from the start-up in 2018, has made several tweets to clear his name.
The Co-Founder of Andela, who attacked the journalist for not reaching out to him for a comment, said Access Bank’s leadership were informed about Flutterwave.
The ex-CEO of Flutterwave also said the company maintained the “highest ethical standards” while he led the fintech company.
Tech Leaders React
Leaders in the emerging Nigerian tech ecosystem have started reacting to the report.
In a Twitter thread, Jason Njoku, the Founder of Iroko TV, an on-demand web TV platform, wrote that “mad money rush” was coming into the industry. Njoku restated the importance of the media in helping to sustain the Nigerian tech ecosystem.
On his part, Ikpeme Neto, the Founder of health-tech start-up, Well Health, described journalists as “a good check and balance mechanism” for the industry.
Matt Flannery, the Co-Founder and CEO of Branch.co, said there is more to come.
News
TEDxPAU 2024: Exploring New Possibilities and Shaping Tomorrow
TEDxPAU 2024 brought together some of the brightest minds and boldest voices on November 16th at the Honeywell Auditorium, Lagos Business School. With over 500 attendees eager to explore new possibilities, the event’s theme, ‘Shaping the Future,’ set the tone for a day filled with inspiration, reflection, and transformative ideas.
The day opened with a TED talk by TED founder Chris Anderson, followed by welcome remarks from the Vice-Chancellor of Pan-Atlantic University, Prof. Enase Okonedo. She encouraged the audience to embrace the theme, saying, “The future is now, and it is up to all of us to join hands to shape tomorrow.”
The sessions featured inspiring talks from visionaries like Akose Enebeli, who emphasized sustainable urban living by “building upwards instead of outwards,” and Goodnews Igwe, who stressed that creating value is key to success.
Temitope Runsewe championed Africa’s family values as a foundation for economic recovery, describing family businesses as “the future of Nigeria.” Prof. Fabian Ajogwu, SAN, advocated for affordable education to drive literacy and digital skills, while Michael Oluwagbemi sparked intrigue with his bold statement that “CNG is the new garri,” promoting energy innovation.
Ziad Maalouf shared leadership insights, underscoring personal growth as the key to scaling success.
Adesuwa Ifedi, Senior Vice President at Heifer International, spoke about the significance of scaling innovation from the inside out, urging organizations to embrace change-driven solutions. Dr. Peter Bamkole, Deputy Vice Chancellor of PAU, described entrepreneurship as “a catalyst for systemic change,” calling for the transformation of problems into solutions with far-reaching impact.
Dr. Cosmas Maduka, who shared his journey from adversity to global success, inspired the audience to embrace their gifts and believe in limitless possibilities.
The event ended with a fireside chat between TEDxPAU organizer Bella Victor and Dr. Maduka, who spoke about the importance of legacy and purpose. He encouraged attendees to see themselves as part of Nigeria’s solution and to embrace both the challenges and triumphs of the country’s journey.
Beyond the talks, TEDxPAU 2024 captivated attendees with musical performances, a spoken word piece, and a high-energy dance performance by different talents from the university.
The event also recognized its sponsors and volunteers, thanking them for their critical role in making the day a success.
In his closing remarks, Bella Victor expressed heartfelt gratitude, stating: “TEDxPAU was founded with the goal of giving back to this incredible school and creating a 360-degree impact—supporting our students, raising awareness for our school, and giving innovators a platform to reach a global audience. It’s inspiring to see how this event has grown and how each of you have played a part in that mission today. I thank our speakers, sponsors, volunteers, and every attendee who believed in this vision. Together, we are shaping the future.”
Attendees also enjoyed networking opportunities during breaks, sponsor exhibitions, and a private lunch for VIP ticket holders, who engaged in deeper conversations with the speakers about shaping tomorrow.
TEDxPAU 2024 once again reaffirmed its commitment to “ideas worth spreading” and left attendees inspired to take action. For recordings of the event and updates on future editions, stay tuned.
News
Head of Civil Service Celebrates 100 Days in Office with the Launch of Galaxy Backbone’s “Govmail”
In a landmark moment for Nigeria’s public service, the Head of Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, OON, MINI, today marked her 100 days in office and officially launched three digital services platforms for the Civil Service.
These include, Govmail, ServiceWise GPT and the Federal Civil Service Online Portal. These platforms, underscore President Bola Ahmed Tinubu’s administration’s commitment to enhancing digital governance and driving innovation across the nation’s Federal Civil Service.
Govmail, an email platform developed and powered by Galaxy Backbone (GBB) is an innovative solution set to enhance communication, boost efficiency, and accelerate Nigeria’s digital transformation journey within the public sector.
Speaking at a meeting where the Govmail Interface was first officially presented and demonstrated to her, the Head of Civil Service expressed her excitement about the platform, stating, “GBB’s Govmail is unbelievably WOW!
This is a game-changer for our nation’s civil service, streamlining communication and creating a secure path to other government digital services. With Govmail, we are truly embracing the future of digital governance.”
Govmail is a secure, Nigeria-centric email platform designed by a team from Galaxy Backbone, exclusively for public service professionals. It ensures that all official communication are seamlessly managed while safeguarding Nigeria’s data sovereignty. The initiative emerged as a key outcome of the Digitalisation War Room, established by Mrs. Walson- Jack, to drive the implementation of cutting-edge digital solutions in government.
Commenting on this milestone, Professor Ibrahim A. Adeyanju, Managing Director/CEO of Galaxy Backbone, shared, “We are immensely proud to have developed this revolutionary platform, ensuring that every Nigerian civil servant has access to a robust and secure communication channel.
Govmail is not just about email—it’s about enabling productivity, efficiency, and sovereignty in governance. Galaxy Backbone remains committed to driving the digital transformation of Nigeria’s public sector.”
The Permanent Secretary, Federal Ministry of Communications, Innovation & Digital Economy, Engr. Faruk Yusuf Yabo emphasized the strategic importance of the Govmail for the nation’s Civil Service stating that “Govmail significantly reduces the government’s reliance on foreign email platforms, cutting costs and addressing licensing challenges. This is a commendable achievement by the Head of Service and the leadership of Galaxy Backbone.”
Through GBB’s dedicated efforts, Govmail will rapidly roll out email accounts to over 70,000 Federal civil servants across Nigeria, ensuring every government professional is equipped with a secure communication platform in record time. This initiative aligns with Nigeria’s goal of leveraging technology to build a digitally driven and globally competitive public service.
News
Senate Approves New $2.2Bn External Borrowing for Nigeria
The Senate has approved the new external borrowing plan request of $2.2 billion presented for consideration by President Bola Tinubu.
The approval followed the adoption of the report of the Senate Committee on Local and Foreign Debts at the plenary session on Thursday.
The report was presented by the Sen. Aliyu Wammako, chairman of the Committee.
President Bola Tinubu had on Tuesday, Nov 19, in separate letters to both chambers of the National Assembly, requested approval of a $2.2 billion external borrowing plan to part fund the N9.7 trillion deficit in the 2024 budget .
Senate upon receipt of the request, mandated its committee on local and foreign debts to expeditiously ensure further legislative inputs on the request and report back within 24 hours.
Presenting the committee‘s report, Wammako said the presidential request was very necessary for approval.
He said the loan request would be utilised for execution of ongoing projects and programmes in the 2024 appropriation act , saying that the projects were critical for national growth and development.
“It will contribute to the implementation of the debt management strategy, which seeks to reduce the cost of borrowing.
” It will lengthen maturity of the public debt stock, free – up space in the domestic market for other borrowers, and help increase Nigeria’s external reserves .” Wammako said Nigeria could raise all or part of the 2.2billion dollars through the issuance of Eurobonds in the International Capital Market ( ICM) .
Wammako thereafter is recommended as follows:
“That the Senate do approve the implementation of the new external borrowing of 2.2 billion dollars at the budget exchange rate of one dollars to N800 in the 2024 appropriation act and that the amount should be raised from one or more sources.
“Namely, issuance of eurobonds in the ICM, issuance of debut sovereign Sukuk in the ICM, and bridge, syndicated loans, subject to market conditions.”
The report was thereafter unanimously approved via an affirmative voice vote.
In his remarks after the approval, Senator Jibrin Barau, deputy president of the Senate, who presided plenary, commended the Wammako led committee for a job well done.
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