Access Bank’s ex-staff Olugbenga Agboola puts Herbert Wigwe in spotlight over alleged insider trading

Access Bank’s CEO and GMD, Herbert Wigwe, is currently in the spotlight over the alleged unethical conduct of Olugbenga Agboola, an ex-staff of the bank.

Wigwe’s name came up in an exclusive expose by David Hundeyin’s West Africa Weekly into the unethical activities that indicted Agboola and his multi-billion Dollar fintech company, Flutterwave.

Olugbenga Agboola: Access Bank’s ex-topshot turned Flutterwave CEO

An investigation into the activities of Olugbenga Agboola aka GB as the Chief Executive Officer of Flutterwave has revealed several allegations that are traced back to his days in the bank under the watch of Herbert Wigwe.

The report alleged that Agboola founded Flutterwave in the far away United States of America while under the employ of Access bank as the bank’s Head of Digital Factory and innovation.

With the largest share of 59%, Agboola ran the company in the background while leading the Access Bank’s Digital Factory and innovation department.

Olugbenga Agboola
Olugbenga Agboola

It was further alleged that Agboola hid the fact of his concurrent involvement in both entities – Access Bank and Flutterwave – from investors, regulators, and even his colleagues at the bank – except for Adeleke Adekoya.

This, it was reported, Agboola did for at least two years while using Iyin Aboyeji as the face of his business.

How Agboola, Adekoya used Access Bank to profit Flutterwave

As Agboola ran his concurrent involvement as CEO of Flutterwave and top staff of Access Bank, he had Adekoya, a colleague at Access Bank and a partner with 24% ownership of Flutterwave to cover his tracks.

According to the investigative report, Agboola and Adekoya ‘acted as Access Bank’ to effectively represent the bank they both work for while using the bank’s resources to drive their personal interest at Flutterwave – a move widely known as Insider Trading.

For 24 months, Agboola and Adekoya had free reign to use Access Bank assets to benefit Flutterwave without the knowledge of Access Bank, which was under the watchful eyes of Herbert Wigwe.

With Olugbenga Agboola currently in the eye of the storm over alleged criminal and unethical activities as the Chief Executive Officer of Flutterwave, his ex-boss, Herbert Wigwe, has been stained with the allegations.

A stain on Wigwe’s stainless years in Access Bank

According to the detailed report released on April 12, 2022, Wigwe was alleged to have flown to the United States of America with Agboola and ex-CEO of Flutterwave, Aboyeji, to allegedly testify under oath that Agboola never worked simultaneously at Flutterwave and Access Bank.

The report claimed that in early 2018, the news of allegations over Agboola’s Insider Trading moves got to the United States Securities and Exchange Commission (SEC), which has jurisdiction over the corporation registered in Delaware.

Under US law, a conviction for insider trading carries a criminal sentence of up to 20 years in prison.

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