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Africa’s $3 Billion Startup Battles Allegations as It Plans IPO

  • CEO Agboola helped increase Flutterwave’s value to $3 billion
  • Company denies allegations including financial impropriety
Olugbenga Agboola
Olugbenga AgboolaSource: tee_magma/Flutterwave

Africa’s largest startup Flutterwave Inc. is battling allegations of financial impropriety and personnel harassment from Lagos to Nairobi, as it considers pushing ahead with plans to list the company.

The Nigerian financial-technology company recently filled key positions including a chief financial officer as it prepares for an initial public offering potentially next year, people familiar with the matter said, requesting not to be identified because it’s private. It might, however, take longer as the company deals with a reputation crisis and amid a global market downturn, they said.