Paystack Founder, Shola Akinlade Buys 55% Stake in Danish Football Club, Aarhus Fremad

Paystack Founder, Shola Akinlade Buys 55% Stake in Danish Football Club, Aarhus Fremad

  • Shola Akinlade, the co-founder of Nigerian payment platform Paystack, has purchased 55 percent stake in Danish football club Aarhus Fremad.
  • Akinlade's acquisition is his second big sports investment, having also owned a football club in Lagos
  • He will be hoping that the two sports clubs based in Lagos and Denmark will work closely to produce talent

Shola Akinlade, the 38-year-old co-founder of Nigerian online payment platform Paystack, has added Danish soccer club Aarhus Fremad into his number of assets.

On Tuesday, March 28, 2023, the club announced that Akinlade bought a 55% stake to become the largest single shareholder of the second-division club.

The investment marks Akinlade's second foray into sports ownership, having owned Sporting Lagos.

Nigerian buys Danish club
Shola Akinlade acquires Danish club Aarhus Fremad Photo credit: @paystack, @Aarhus Fremad
Source: Facebook

Announcing Akinlade investment Lars Kruse, CEO of Aarhus Fremad said:

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"It's no secret that it has probably cost a bit of my otherwise positive energy that I have had to transfer this money continuously to keep the club going."
"This is one of the worst things you can experience in a company when liquidity is at its limit. It's terrible."
"He sees football a bit like we do in Fremad as a platform for experiences where you can do something for the society around you."

Akinlade profile

Akinlade holds a Bachelor's degree in Computer Engineering from Obafemi Awolowo University and a Master's degree in Computer Science from Stanford University, co-founded Paystack in 2015 alongside Ezra Olubi.

Paystack offers a secure and easy way for businesses to accept payments online, was acquired by American financial services company Stripe in 2020 for $200 million.

Rabiu brothers make over N110bn in 8 hours, as company's market value soars

Meanwhile, in another report, Abdul Samad Rabiu and his brother Kabiru Rabiu, who co-own BUA Foods Plc, saw their fortune grow as the market value of their firm boomed.

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The market value of BUA Foods, which is part of the BUA Group, increased by N119 billion due to a significant rise in the company's share price.

The Rabiu brothers are the largest shareholders of BUA foods, hence the increase in the firm's market value made them over N110 billion in 8 hours of trading.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.