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Fintech Leaders React to Flutterwave Allegations

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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.

Fintech Leaders React to Flutterwave Allegations

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.

 


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ALX Broadens AI Training in Africa

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Pan-African talent accelerator ALX is expanding its footprint and shifting to a fully self-paced learning model to train and integrate young Africans into the workforce, as the global economy reorganises around artificial intelligence (AI).

Partnering with the MasterCard Foundation, the technology training provider and career accelerator designed to equip African talent, says it enables learners to access tech training for $5 a month.

It emphasises a shift in demographics saying that by 2035, more young Africans will enter the workforce annually.

ALX notes that its model has graduated 347,100 learners, with 63% finding employment within six months. Women represent over half of all graduates. To increase flexibility, the organisation emphasises that learning is now entirely self-paced.

“Learners progress through modular blocks, earning credentials as they go, ensuring that the training fits around their existing responsibilities,” says Shana-Michelle Rabonda, Chief Operating Officer of ALX.

Rabonda adds that global employers are taking notice: “We are building a direct pipeline to the global digital economy. When companies look for elite tech talent, they are looking at Africa.”

Due to this demand, firms such as Absa, Stanbic Bank, MTN, and KPMG now employ between 50 and 180 ALX graduates each. Meanwhile, community entrepreneurs have created over 60,100 jobs through AI startups like Signvrse and Edulga.

With Africa’s AI market projected to grow to $16.5 billion by 2030, ALX operates alongside competitors like Moringa School and GoMyCode to secure mindshare.

“With the right skills and networks, young Africans can seize these opportunities,” Rabonda emphasises. “Africa’s youth should not just be consumers of AI; they should be creators shaping innovations that will define the global economy.”


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Swift Network Faces Winding-up Battle over Alleged N115m Debt

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A Federal High Court sitting in Lagos has ordered the advertisement of a winding-up petition filed against telecommunications service provider, Swift Network Plc, over its alleged inability to settle a debt exceeding N115 million.

The order followed an application filed by Optics and Wireless Limited through its counsel, Bimbo Adebayo-Ogunlaja, urging the court to permit the publication of the winding-up petition instituted against the company.

In the petition, Optics and Wireless Limited alleged that Swift Network Plc is indebted to it in the sum of N115,482,302.88, being the outstanding payment for network devices supplied to the telecommunications firm since April 2024.

The petitioner is also seeking the payment of N70,530,062 as accrued interest arising from a loan facility allegedly obtained to finance the transaction between both parties, as well as general damages for breach of contract.

According to court documents, the dispute arose from a series of transactions carried out between April 2024 and February 2025, during which Swift Network Plc, through its procurement officer, allegedly requested the petitioner to manufacture and supply various network devices based on purchase orders issued by the company.

The petitioner stated that payment for the supplied items was expected either immediately after delivery or within 30 days of supply, but alleged that Swift Network repeatedly failed to honour the agreement despite receiving the products.

Optics and Wireless Limited further claimed that it became apparent after the final order for servers in April 2025 that the respondent was either unwilling or unable to settle the accumulated debt.

The petitioner also informed the court that its solicitors, Messrs Zionla Legal Practitioners & Solicitors, subsequently issued a statutory notice of demand dated December 11, 2025, demanding payment of the outstanding sum and accrued interest.

According to the petitioner, all efforts to recover the debt proved unsuccessful, adding that the situation has exposed the company to serious financial challenges and possible legal action from the bank that allegedly granted it the loan facility used to execute the supply contracts.

Optics and Wireless Limited argued that Swift Network Plc is insolvent and unable to meet its financial obligations, urging the court to wind up the company in line with the provisions of the Companies and Allied Matters Act and the Winding-Up Rules.

Among the reliefs sought, the petitioner asked the court to order that Swift Network Plc be wound up by the court and that any voluntary winding-up process involving the company should continue under the supervision of the court.

Justice Lewis Allagoa subsequently adjourned the matter till July 10 for further hearing.

 


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Simba Infrastructure, Galaxy Backbone Partner to Deliver Hosted Unified Communications and Call Centre Solutions Across Nigeria

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Aminu Usman, Profit Centre Head, SIMBA, Dr. Abdul-Malik Suleiman, GM Strategic Partnerships & Regions, Galaxy Backbone Ravi Bajaj, GM Sales SIMBA and Ramatu Buhari, GM Sales, Galaxy Backbone Limited
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Simba Infrastructure Limited, a leading provider of customer experience and communications technology, has entered into a strategic partnership with Galaxy Backbone Limited (GBB), the Federal Government of Nigeria’s ICT infrastructure and shared services provider, to deliver Hosted Unified Communications (UC) and Hosted Call Centre Solutions to organisations across both the public and private sectors.

This collaboration brings together Simba Infrastructure’s deep expertise in converged communication technologies, systems integration, and private-sector engagement with Galaxy Backbone’s trusted government relationships, world-class Tier III and Tier IV data centre infrastructure, and an extensive fibre-optic network spanning 30 states and the Federal Capital Territory.

Together, both organisations will deliver secure, scalable, and cost-effective communication solutions designed to transform how businesses and government institutions engage with customers and citizens.

Under this this partnership, Simba Infrastructure will lead business development efforts within the private sector, delivering tailored Unified Communications and Call Centre solutions aligned with the unique needs of enterprises. Galaxy Backbone, on the other hand, will drive adoption within the public sector, providing secure, locally hosted data centre services that ensure compliance, reliability, and operational efficiency.

Commenting on the partnership, Sanjay Vaswani, Director at Simba Infrastructure said: ”Simba is pleased to mark this first phase of collaboration, with a long-term vision of deploying fully localized, AI-driven technologies that enable developers to build and scale using Naira-based solutions.

“While Aminu Usman, Profit Centre Head at Simba Infrastructure tressed on the fact that partnering with Galaxy Backbone will marks a significant milestone in our mission to deliver innovative, cloud-based communication solutions to Nigerian organizations.

“By combining Galaxy Backbone’s robust infrastructure and strong public sector presence with Simba’s customer-centric approach and technological expertise, we are creating a powerful platform to drive digital transformation and business growth.”

Also speaking, the GM Strategic Partnerships & Regional Business, Galaxy Backbone Limited,  Abdul-Malik Suleiman noted; “Galaxy Backbone remains committed to advancing digital inclusion, secure communication, and reliable ICT services across Nigeria. Our partnership with Simba Infrastructure strengthens our ability to deliver innovative, locally hosted Unified Communications and Call Centre solutions that will benefit both public and private sector organisations.”

This partnership underscores a shared commitment to advancing Nigeria’s digital transformation agenda by equipping organisations with the tools to enhance collaboration, streamline communication, and improve customer experience—while ensuring that critical data remains securely hosted within Nigeria.

 


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