Flutterwave taps former Nigeria central bank director to chair board
TLDR
- Flutterwave appoints Dipo Fatokun, former CBN director, as new board chairman, showcasing commitment to higher regulatory standards
- Fatokun's extensive experience includes leadership on multiple boards, currently chairing United Capital's audit and governance board
- Fatokun's notable contributions at CBN include spearheading the Cashless Nigeria Initiative, BVN project, and automating foreign currency payments
Flutterwave, Africa's largest startup, has appointed Dipo Fatokun, a former director at the Central Bank of Nigeria (CBN), as its new board chairman. This move reflects the company's commitment to upholding higher regulatory, compliance, and governance standards.
Fatokun brings a wealth of experience to the role, having served on more than five boards over the past decade. He currently chairs United Capital's audit and governance board.
During his tenure at the CBN, Fatokun spearheaded key initiatives such as the Cashless Nigeria Initiative, the Bank Verification Number (BVN) project, and the Treasury Single Account (TSA) for the Federal Government. He also played a pivotal role in automating foreign currency payments for both internal and external customers of the Central Bank.
Key Takeaways
Flutterwave, a prominent player in the fintech sector, has faced a tumultuous year marked by a string of controversies that have raised serious concerns in both the financial and tech realms. The company has grappled with various challenges, including recent clashes with Kenyan authorities. Additionally, its CEO, Gbenga Agboola, has been embroiled in allegations of fraud, impersonation, and insider trading. These accusations surfaced in a Medium post by former employee Clara Wanjiku and were further detailed in an article by Rest of World. The revelations have prompted scrutiny of Flutterwave's corporate culture, ethical standards, and leadership practices, casting a shadow over the once-promising fintech firm.
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