Meet Gbenga Agboola “GB”, The Nigerian CEO of Africa’s Payment Giant, Flutterwave, Brushing Off Controversies
- Olugbenga Agboola “GB” the Nigeria entrepreneur has made a name for himself and his country
- The Chief Executive Officer of Flutterwave has ridden many waves to steady the ship of the company which is valued at over $3 billion
- GB has been involved in a number of controversies which he has successfully navigated
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When the story of fintech in Africa is written, Flutterwave, the continent’s payment behemoth will feature copiously and when the story of Flutterwave is written, Gbenga Agboola's name would be emblazoned in gold.
In March 2021, the story of Flutterwave broke the internet as the first African fintech company to hit the $1 billion valuation mark, known as a unicorn.
Source: UGC
How GB founded Flutterwave
Flutterwave is now valued at over $3 billion ahead of other startups in Africa such as Jumia and the Egyptian payment company, Fawry, among others.
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But the story of Flutterwave has its roots in the creative imagination of GB who is successfully riding the waves of controversies to build a reputation for himself and Flutterwave.
The tech-savvy GB founded Flutterwave in 2016 alongside Iyin Aboyeji, another tech-smart Nigerian currently leading Andela, Nigeria and Africa’s Github.
Born in Lagos, GB is a graduate of the MBA programme at MIT Sloan School of Management before he founded Flutterwave with Aboyeji.
GB worked at PayPal, the global payment giant and Access Bank before founding Flutterwave.
On his LinkedIn profile, GB said;
“I contributed to the development of fintech solutions at several tech companies and financial institutions such as PayPal, and Standard Bank, among others. Serial entrepreneur with a software engineering background & MBA”
While it not clear how much stakes GB has in Flutterwave, many have described him as a silent African billionaire who only wants to build institutions and not himself.
The 37-year-old is a decorated Nigerian with National Honour Medal conferred on him by President Muhammadu Buhari, recognising his contributions to the growth of tech innovations and economic development of Nigeria.
Controversies and accusations
But Agboola has not had smooth sailing since he has been at the helm of affairs of Flutterwave.
He was accused of insider trading at the company by an ex-staff of the company. He was also accused of fraud and sexual harassment.
An investigative journalist, David Hundeyin published a damaging report on GB using screenshots of emails, Slack messages, WhatsApp conversations and documents.
He was also accused of starting Flutterwave while he worked at Access Bank and allegedly used the resources of the bank to his and Flutterwave’s advantage.
GB dismissed the allegations as a figment of the imagination of his accusers and the writer.
Flutterwave in hot waters
Just as it wasn’t an easy ride for GB, Flutterwave was also in a number of controversies.
The company was accused of money laundering in Kenya where it was gaining roots.
The Kenyan authorities froze bank accounts linked to the company and said it is operating illegally.
The company said that it has filed for registration but was not granted.
The country’s central bank went ahead to block the accounts of the company’s associates when Flutterwave sought to partner with other firms to provide payment services to its clients in the country.
Humble beginning
Investor Relations and Business Manager, Kanyinsola Ajibade narrated how the billion-dollar journey of the company started by a team of ex-bankers, entrepreneurs and engineers led by Agboola.
She said:
“We started with Uber, which was our major customer, and is still one of our major markets. From Uber, we have grown to become one of the major payment service providers across all of Africa, which is really awesome and has shown the growth in which we have been able to build our business and the trust that mobile companies have placed in our business for us to deliver excellent services.”
Nigerian Prince Arthur Eze: His net worth, business, private jet
Recall that Legit.ng reported that on Monday, July 25, 2022, the news was rife that one of Nigeria’s billionaires, Prince Arthur Eze had acquired a private jet, which adds him to the pool of jet owners in Nigeria.
The billionaire businessman joins the likes of Dangote, Oyakhilome, Oyedepo and myriads of Nigerians who fly private jets in the country.
The acquisition of the jet by the billionaire further threw him up into the limelight with important questions about the man who hitherto was known but had for a long time relatively escaped public scrutiny.
Source: Legit.ng
