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Flutterwave: 4 Big Revelations in David Hundeyin’s Investigative Report

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One of the Nigeria’s foremost Investigative reporters, David Hundeyin is out with another jaw-dropping investigative report after some six (6) months of serious work.

This time around, it is about Flutterwave, Africa’s largest Fintech company designed to aid business payments and financial transactions across the continents.

If you have and or are missing out on the 4 big revelations in this exclusive report, you have no option but to read this article to the end.

Credit: West Africa Weekly

4 Big Revelations in David’s Hundeyin’s Report on the Flutterwave Scandal

In the shocking Investigative Report, Hundeyin indicted the Flutterwave CEO, Olugbenga Agboola also called GB as well as Access Bank Plc and some other individuals.

Note that these allegations are backed up with clear evidence that are crucifying enough.

Now let’s get into it.

1. Compromise

One of the several can of worms that David Hundeyin, in his Investigative report on Flutterwave, opened is the breach of trust and agreements as well as compromise.

In indicting the African Fintech system, David tells the story of a staffer in the tech space, Jennifer.

According to the report, Jennifer had after a serious plea and fat promises resigned from her previous job as a consultant at a Big 4 Consultancy to take on her new job as a Flutterwave, Senior Manager, Technology Implementation.

Reeling from her experience in the tech space, Jennifer “had no problem with performance on the job.” In fact, she often received commendations from her boss GB-Olugbenga Agboola.

She, however, began to have problems with Flutterwave when the company refused to redeem their promises as contained in her employment letter– 40,000 Shares, which is currently worth roughly $2 million at market valuation.

Meanwhile, GB continued to sign off on stock options offers for his favourite staffers while shutting all doors of attention against Jennifer despite her persistent prompting and constant reminder.

Though Jennifer no longer works at Flutterwave, she is locked in a legal battle with the African unicorn at the National Industrial Court where she is demanding justice.

2. Unhealthy Working Space

As portrayed in the report with glaring evidence, the CEO of Flutterwave is a wolf in sheep’s clothing. He in fact translates the popular maxim “men are not judged by their appearance or looks but by the works of their hands.”

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Agboola Olugbenga, Flutterwave CEO
Olugbenga Agboola, GB. CEO of Flutterwave

Flutterwave is a really toxic and unhealthy workspace, especially for the female gender. It is the hotspot for bullying, sexual abuse and harassment.

One of the victims who haven’t found her voice yet is Sheyi, an ex-employee at Flutterwave whom every source contacted fingers as the most vulnerable.

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Temi, a principal source says:

“She was GB’s plaything, and GB has plenty of playthings but hers was the worst. Even after leaving Flutterwave, she is not still free of him because he made sure Flutterwave got a financial interest in the new place she works. Part of the reason some of us are doing this is to try to free our sister from bondage. She can do so much more with her life than this. This is Slavery.”

Yes, the condition was that bad. In the report, David further revealed how Olugbengba Agboola had threatened physical assault on his staff and his co-founder, Iyin Aboyeji at some point in the Nigerian tech space.

The CEO makes sure that anyone who tries to break from his grip smells no peace, even after they managed to break loose.

3. Conspiracy/Betrayal

Most shocking among the revelations that Hundeyin made in his exclusive report is conspiracy, falsehood and betrayal of the highest order.

Before the release of this big story, many have wondered, why would someone bow out of an empire that they executed with their resources when nobody else can?

Flutterwave: Why Iyin Aboyeji left Flutterwave.
Iyin Aboyeji, former CEO of Flutterwave 2016-2018

In this interview with Chude, Iyin Aboyeji, the original founder and executionist of the Flutterwave project explains the reason for walking out of the Unicorn empire.

Hundeyin explains better:

“In reality, as I found out to my mounting amazement, Iyin Aboyeji was never anything more than a corporate front for GB who in fact never resigned from his job at Acess Bank…while building Flutterwave concurrently for at least 2 years while using a tech figure as the convenient face of his business.”

In a more crispy sum, GB wasn’t the original CEO of Flutterwave but a Co-founder. Rather he hijacked the Unicorn system from Iyin Aboyeji through the instrument of conspiracy such as deceit, lies, con artistry and politricks.

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Iyin explains why he left Flutterwave here.

4. Fraud

To achieve his self-interests and mission as a fraud, Olugbenga Agboola operated under a mask. Using different hacks and tricks.

For one, he operated under different names and coined several email accounts to perpetrate illegal transactions. If he is not GB, he is bears the name Greg or some other names.

Recall that he concurrently ran two offices at Access Bank Plc and Flutterwave for 2 years, GB craftily uses this opportunity to milk the Bank so he could expand his empire.

All of these shady activities are done without the knowledge of other co-founders and the entire staff of Flutterwave. In fact, he alongside Iyin and Herbert Wigwe flew to Washington DC for an SEC hearing where they testified under oath that GB never worked simultaneously at Flutterwave and Access Bank.

Furthering on, Olugbenga Agboola played on the intelligence of Iyin and Adeleke Adekoya another co-founder of flutterwave to pocket the lion’s share of the company’s stake options.

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Among other illegal dealings, GB has over time used Flutterwave to transact tens of thousands of operations which he used brilliance, power and money to hide from the public eyes.

As Hundeyin puts it, Flutterwave is “Africa’s most sophisticated fraud operation led by a Yahoo Boy wearing a suit.”

And can it be?

Following the release of this investigative report by David Hundeyin, mixed reactions have trailed the story. In fact, Twitter won’t stop buzzing till everyone has their say.

Chief among those who have reacted to this story is Iyin Aboyeji, the former CEO of Flutterwave. He, in a series of tweets, explained the need to separate the wheat from the chaff.

Though he tried to explain in short simple terms, most people are demanding that Iyin address the situation formally through a better medium.

The thing is, people respect how Iyin bowed out honourably from the Unicorn he built by his hands to focus on other BIG things, however, there is need for explanation to clear him off the mess on ground.

The bubble is busted. He can not keep things to himself any longer.

To read the full investigative report, click HERE.

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