What Is Flutterwave Scandal?

The Flutterwave scandal is an important thing that happened in the money-handling business world. Flutterwave is one of Africa’s most valuable startup businesses that is currently in the headlines because of the founder and CEO or Chief Executive Officer Olugbenga Agboola. The company and he are accused of doing dubious business and personal practices.

It is a simple matter that just relates to one single company but instead of that, this significant matter has the capacity to influence many factors in the world of money handling. Here in this article, we are going to find out about what exactly happened in this company so to know more about this you have to continue reading.

What Is Flutterwave?

It is absolutely common for you to want to know about the famous Flutterwave scandal but before that, it is important for you to have at least some knowledge about this company and what this company actually does.

A boy named Olugbenga Agboola born in Nigeria came up with a great idea and decided to found a company based on that idea. He decided in 2010 to a company called Flutterwave. The main work of this company is to process the payments made by African”s consumers to tech companies.

If you want to know about the Flutterwave scandal then first you have to find out a little more about this company. The idea came in 2010 but he did not immediately start the company but spite of that he worked on his plan for more than six years.

He works at many African banks and then he also works for Google after spending six years trying to understand this field, in 2016 he made this idea an official company and established a startup.

Flutterwave has a great history after that. The company processed around 23 billion dollars worth of transactions in around 35 countries in Africa. They work for international companies like Uber, Twitter, Microsoft, and others but the Flutterwave scandal creates troubles for the company.

As per the reports by the start of the year 2022 the company reached the mark of 3 billion dollars of worth transactions and that makes this company the most valuable start-up in Africa. It has its headquarters in San Fransisco but all the important operations happen in the largest city of Nigeria, Lagos because the company is based in Nigeria. In nigeria you can also play online casino for fun.

What Is The Flutterwave CEO Scandal?

We already talked a lot about what this company does so in short a financial technology company Flutterwave that helps both businesses and people to handle all their money transactions with the help of technology.

If you want to know about the Flutterwave scandal then you should know that the founder of the company Flutterwave basically found a super smart way to help people so that they can move money around and pay bills with it and even they can be able to buy things online with the help of that money.

But the noe the question still remains if the company is so good and it makes a huge amount of money within this small amount of time while becoming famous among African consumers and getting loved by everyone then what actually happened in that company that caused this Flutterwave CEO scandal.

So this company started in 2016 and it wanted to make money transactions of consumer become easier their plan worked since people loved this idea and many business tycoons joined hands with this company but then after some time something went really wrong and people started to take this company in a wrong way and accused this company and the founder for doing something wrong.

So the story of the Nigerian journalist David Hundeyin published in 2022 says that Olugbenga Agboola has created a phantom identity just to get more shares from the company. Apart from this, he is also accused of that he offered share prices that were below the valuation of the company to the employees who tried to cash on the vested options.

And all the shares of these employees are eventually controlled by Olugbenga Agboola. Another accusation says that he did not disclose the Access Bank and took advantage of his CEO position in order to take more shares from the company.

The situation got so out of hand that the wrong search inquiries like the Flutterwave scandal even got searched on the internet.

Actions By Flutterwave

After the Flutterwave scandal, the company and the CEO tried hard to fix all the problems that caused this scandal. Since consumers are afraid to use Flutterwave after this scandal because they think that their money is not safe anymore the company tries to resolve the internal issues in the company by talking.

Although this scandal really piss off consumers from Nigeria and now they demanded a complete and detailed report before resuming the use of Flutterwave. Now let’s see what happens in the future.

Conclusion

Here in this article, we talked about the question that asks what is Flutterwave scandal and we also give you every piece of information that you need or would like to know including her net worth.

To wrap it up it can be said that this scandal really got the attention of a lot of people. Hope you find this article worth your time and if you have any questions regarding this blog then you can ask us in our comment box.

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