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
Nigeria Customs Deploys AI to Cover Revenue Leaks

The Nigeria Customs Service (NCS) has rolled out an artificial intelligence (AI) driven capacity-building programme to improve revenue generation and reconciliation across its operations.

The initiative, unveiled during a three-day training event in Abuja, aims to transition the agency toward data-driven administration as Nigeria seeks to boost non-oil revenue.
The adoption of AI will enable the service to better manage complex trade systems, detect anomalies and reduce revenue leakages, says Bashir Adewale Adeniyi, comptroller-general of the NCS.
AI-powered tools are already being integrated into risk management and cargo scanning systems to allow for real-time analysis of trade patterns.
The technology marks a transition from manual, reactive processes to predictive and automated decision-making, Adeniyi adds.
The programme also reflects a shift in the relationship between the NCS and the National Assembly toward a collaborative framework focused on transparency and efficiency.
The training is a strategic intervention to address persistent gaps in revenue management, says Kikelomo Adeola, deputy comptroller-general of the NCS.
AI applications, ranging from automated data analysis to predictive intelligence, will significantly enhance the integrity of public financial systems, she says.
The initiative aligns with broader efforts to modernise governance and improve compliance across revenue-generating agencies, says Bamidele Salam, chairman of the House Public Accounts Committee.
Lawmakers and fiscal authorities at the event underscored the urgency of adopting advanced technologies amid rising budgetary pressures.
This move comes as the federal government increases scrutiny over revenue leakages and audit discrepancies.
The partnership between the NCS and the legislature is critical to strengthening fiscal discipline and ensuring all revenue due to the federation is accurately captured, Adeniyi concludes.
News
Lagos Targets Vulnerable Residents in Expanded Social Register

Lagos State Government has intensified efforts to strengthen its social protection framework with a fresh push to update the state’s Single Social Register.

Babajide Sanwo-Olu, Governor, Lagos
This was contained in a press statement on the government’s Facebook page on Wednesday.
The initiative, led by the Lagos State Ministry of Economic Planning and Budget, formed the focus of a strategic engagement held on Monday with Community-Based Targeting teams, local government coordinators and field enumerators across the state’s 57 Local Government Areas and Local Council Development Areas.
The meeting, themed “Closing the Gap: Accelerating Lagos State Single Social Register Update,” took place at the Radio Lagos Multipurpose Hall in Agidingbi, Ikeja.
Officials said the exercise is aimed at improving the accuracy and reach of the register, which serves as a critical tool for planning and delivering targeted social interventions, including financial support, healthcare and education services.
Speaking at the session, Ope George, commissioner for Economic Planning and Budget, commended field workers for their commitment while urging them to scale up their efforts.
He called on participants to be “more intentional by intensifying their commitment,” reaffirming the government’s resolve to “continuously strengthen and refine the Register to reflect evolving realities.”
Also speaking, Olayinka Ojo, permanent secretary in the ministry, described the register as central to effective governance and service delivery.
She said “it remains a cornerstone for effective planning and delivery of social intervention programmes,” adding that the ongoing update is designed to “further enhance data reliability, coordination, and service delivery outcomes.”
Ojo noted that sensitisation efforts would be expanded across all councils to ensure wider inclusion of residents, stating that “the advocacy and sensitisation will scale throughout the 57 LGAs and LCDA to give more to Lagos residents.”
According to the government, the updated register is expected to expand access to social protection programmes and improve the targeting of interventions for the most vulnerable populations.
The engagement also provided a platform for stakeholders to strengthen collaboration, improve data quality and reinforce transparency in grassroots data collection.
The state government reiterated its commitment to leveraging accurate data and partnerships to drive inclusive development, reduce vulnerability and improve living standards across Lagos.
News
Study Shows 38% of Northern Women Lack Access to Financial Services

A new study by Bayero University, Kano, has found that 38 per cent of women in Northern Nigeria do not have access to financial services.

The study, carried out by the Aminu Kano Centre for Democratic Studies of the university, was supported by the Gates Foundation. It examined how social norms and behavioural factors influence financial inclusion across the 19 Northern states.
The report, titled “Understanding Influence and Behaviour in Northern Nigeria” and unveiled in Abuja on Wednesday, stated that while 52 per cent of women are financially served, only 45 per cent access formal financial services through deposit money banks, merchant banks, interest-free banks and microfinance institutions.
It stated that “38 per cent of women across the region lack access to financial services. “52 per cent of women are financially served, while 45 per cent access formal financial services through Deposit Money Banks, merchant banks, interest-free banks and microfinance institutions. An additional seven per cent utilise other formal non-bank financial products, including insurance services. ”
Speaking at the unveiling, the Director of Academic Planning at Bayero University, Prof. Yusuf Garba, who represented the Vice Chancellor, Prof. Haurna Musa said the research was designed to uncover why the region lags in financial access.
“This study, which started in 2024, aims to examine how social norms influence attitudes and behaviour of various groups across Northern Nigeria, particularly to find out why states in the region fall behind in access and use of financial services,” he said.
Garba explained that the research, conducted over 18 months, produced two volumes detailing how influence structures, trust hierarchies, gender norms, and religious considerations shape decisions around finance, health and education.
He added, “The report is structured into volumes to provide a unified explanation of how social norms, authority structure, and trust shape financial behaviour across Northern Nigeria.”
On the findings, the Principal Investigator, Prof. Ismael Zango, said the data aligns with figures from the National Bureau of Statistics, particularly on poverty and unemployment.
According to him, “unemployment in the region stands at about 37 per cent,” while “poverty levels average about 80 per cent across Northern Nigeria, with Sokoto State recording the highest rate at over 80 per cent.”
Zango stressed that addressing financial exclusion requires more than temporary interventions.
“Economic empowerment must go beyond token financial support,” he said, adding that “sustainable development requires equipping women and youths with relevant, market-driven skills.”
He cited women-led initiatives such as groundnut processing groups in Kebbi State and the Women in Agriculture programme in Kano State as practical models.
“These initiatives should be scaled up to bring more people into productive economic activities and reduce poverty,” he said.
In her remarks, the Chief Executive Officer of Enhancing Financial Inclusion and Advancement, Mrs. Foyinsolami Akinjayeju, described financial inclusion as both an ethical and economic imperative.
Akinjayeju called for stronger collaboration among stakeholders, including government, financial institutions and development partners, as well as policy reforms to address existing gaps.
“Everyone has a role to play, but commitment must come from the top,” she said.
The findings come amid growing concerns over low financial inclusion rates in Northern Nigeria, driven by poverty, unemployment, and entrenched social norms that limit women’s economic participation.
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