FLUTTERWAVE: IrokoTV boss, Njoku, calls for ’checks & balances’ on funds raised by Nigerian startups

Founder of movie streamer, IrokoTV, Jason Nkoku, has said funds raised by Nigerian tech startups need to be scrutinised following the allegations made against Flutterwave co-founder, Olugbenga Agboola.

Ripples Nigeria had earlier reported that Agboola was accused of using his position in Access Bank to favour Flutterwave during investor calls, by acting as the lender’s representative, without the approval of his employer.

This has raised questions regarding the capital secured by Flutterwave since its establishment in 2016. The payment processing company has obtained over $474.5 million Venture Capital funds.

In reaction to the allegations against Agboola on Wednesday, Njoku wrote on his Twitter page, that such report is important to tame the exaggeration surrounding capital inflow in Nigeria, which is one of the top two beneficiaries of VC investment in Africa.

He said it was shocking to read the allegations, and if the report was true, then what Flutterwave did was wrong, and both Agboola and the firm must remedy the situation.

“Telling these stories are actually important in how we grow our ecosystem into self sustainability. In the long term thats all that matters. What we have now is hypebole to an extreme. Been saying it for years. Hot emerging market money poured into Nigeria with zero checks & balances.

“There is so much wrong doing happening right now across Nigeria. We need to heal. We fortunate enough to have the (money) & chance need to hold ourselves to a higher standard. Nigeria Inc has been in the mud for a while now. We were supposed to be different. Time to show difference.

“Its actually great we report on our own. After-all it is we who are on ground. Whats better? That all these things emerge later on Bloomberg? I left a Tech Whatsapp group I was in yesterday because the echo chamber was sickening. Now is NOT the time to close ranks. F&(k your ROI

“My heart broke yesterday as I truly, with my soul believed (Nigeria) tech was different. It still can be. What FW did (if proven) was wrong. @TechProd_Arch (Agboola) & team must remedy it. Will FW die? of course not, but penance will need to be paid. Again thats a good thing. FW will be stronger.

“But right now its a mad money rush & its too early as we haven’t built the foundation. Its good for the ecosystem. Let investors pause & let us find our own pace to operate. Nigeria as a country has failed. As our fathers die its left to us to pull us out of our current malaise.

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“Independent media is vital. VITAL to that. VITAL. You may dislike @DavidHundeyin bombastic style. But don’t miss the intent. The receipts are there to see. Former employees were ready & willing to turn the spot light. Now its left to FW. But we must defend independent media

“Yesterday was an important pause, reflect understand day. We need to collectively do better. I am 100% sure founders everywhere are checking internally & adjusting themselves accordingly so they don’t end up on the stake. Again thats a great thing. Its we we after-all.” Njoku wrote.

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