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Flutterwave Co-Founder Resigns for Family Reasons

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By Modupe Gbadeyanka

One of the founders of foremost payments technology company, Flutterwave, Mr Iyinoluwa Aboyeji, has resigned from his position as chief executive officer.

With his exit from the firm, co-founder of Flutterwave, Mr Olugbenga Agboola, will replace him as the new CEO of the company.

In his farewell message, Mr Aboyeji explained that he was leaving the firm based on family reasons.

He specifically said his decision to quit as CEO of Flutterwave was mainly to pursue his family goals, thanking the team at Flutterwave for the cooperation given to him while he led the firm.

“Today will be my last day at Flutterwave. After much thought and prayer I decided to step down from my role as CEO and focus on giving back to the startup community I owe so much of my success to.

“Just a little over 2 years ago in May of 2016, myself and my co-founders at Flutterwave started on this unlikely and amazing journey to build payments technology and infrastructure that could connect Africa to the global economy and usher in a new wave of prosperity across Africa. We knew it would be an incredibly difficult and intriguing mission but we never imagined we would have the kind of impact we did so quickly.

“Two years later, the team at Flutterwave has built one of the world fastest growing payments business of all time from Africa, processing over N700 billion in payments across over 50 million transactions generating revenues in the billions of naira.

“Beyond its scale, its human impact has been profound, from connecting thousands of riders and drivers to daily enabling thousands of families in diaspora share prosperity with their love ones at home. It has been an incredible privilege to lead the team through an era of incredible growth and impact. I wouldn’t trade this experience for the world.

“This would have been impossible without the hard work and genius of the talented team of young people who are Flutterwave, the incredible support of our investors and advisors and the good will of so many who have been our biggest champions and advocates.

”Over the next few months, as I figure out what is next, I’ll be catching up on sleep, spending time with my family and supporting and advising start-ups in our community (more to come on that).

“Everyone who knows me well knows what matters most to me is my lifelong commitment to building the future of our country and our continent. As I take some time to rest and reflect on the incredible experiences I have had building two world class African success stories at Andela and Flutterwave – I am excited about the opportunities the future of our continent holds and I remain dedicated to supporting the next generation of entrepreneurs who will go on to build the next Andela’s and Flutterwave’s.

“Thank you for your love and support on this journey,” a statement issued by Mr Aboyeji said.

Reacting, the new CEO of Flutterwave, Mr Olugbenga Agboola, said, “On behalf of the entire Flutterwave team, we wish Iyin (Aboyeji) luck in his future endeavours.

“Moving forward, the entire Flutterwave team and I are excited for Flutterwave’s future and look forward to growing the company.”

Flutterwave is building modern payments technology and infrastructure for Africa with its solutions enabling banks and merchants to replace multiple payment integrations with one simple API, which enables processing of any form of payment anywhere in Africa.

Since its founding in May 2016, Flutterwave has processed over $2.3 billion in payments across 60 million transactions and partnered with Standard Bank, First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, and Ecobank.

Flutterwave clients include Transferwise, Flywire, Booking.com, JumiaPay, and Uber, amongst others.

Few days ago, the firm announced that it had completed its Series A Extension round of financing, which included investments from MasterCard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others.

This made the total amount it has raised till date to over $20 million.

As part of the financing, current Green Visor Capital Chairman & General Partner and former Chairman and CEO of Visa, Mr Joe Saunders, joined the Flutterwave Board of Directors.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Jobs/Appointments

NMDPRA Denies Fake Employment Alert, Warns Unsuspecting Job Seekers

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NMDPRA fee regulations

By Adedapo Adesanya

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that the viral report suggesting that it is currently employing new staff is the “handiwork of fake recruitment syndicates established to mastermind fraudulent activities.”

In a Monday statement posted on its official X handle, NMDPRA expressed that it was compelled to publish the disclaimer to alert the public against such activities due to what it described as “exploiting young economically vulnerable and unsuspecting Nigerians perhaps into parting with huge sums of money for purported employment opportunities into the authority.”

“They do this by issuing bogus “Letters of Employment” and empty promises, as well as offering non-existent positions. These may well be the handiwork of fake recruitment syndicates established to mastermind these fraudulent activities.

“We wish to use this opportunity to state categorically that the NMDPRA is NOT conducting any recruitment exercise currently. Neither is the Agency undertaking any kind of employment in its services at any level. For the avoidance of doubt, any future recruitment exercise would be undertaken in accordance with extant rules guiding such exercises in the Nigerian Public Service,” the organisation emphasised.

The agency further advised the public to disregard these fake employment advertisements and urged them to visit its official website and social media pages to verify any recruitment claims.

The statement added, “In this regard therefore, we would like to advise the public and all Nigerians to ignore these spurious claims by unscrupulous people whose only objective is to defraud Nigerians and cast aspersion on the authority.

“We further advise that for current and up to date information regarding all our activities, kindly refer to our official corporate website: www.nmdpra.gov.ng as well as all our verified online social media outlets (i.e. Facebook, Linkedln and Instagram) for authentic information.”

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Aradel Appoints Nnoli Akpedeye as Independent Non-Executive Director

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Nnoli Akpedeye

By Adedapo Adesanya

Aradel Holdings Plc has appointed Ms Nnoli Akpedeye as an Independent Non-Executive Director, effective February 2, 2026, following a resolution passed at the company’s board meeting held on January 28, 2026.

In a notice to shareholders, Nigerian Exchange (NGX) Limited, and the investing public, the company disclosed that the appointment is subject to ratification by shareholders at its next Annual General Meeting (AGM). The board also authorised the Company Secretary, Mrs Titiola Omisore, to notify relevant regulators and take all necessary steps to give effect to the decision.

Ms Akpedeye brings more than 36 years of multi-disciplinary experience spanning oil and gas, engineering, legal and arbitration services, and management consulting. Her career reflects a strong blend of technical expertise and strategic leadership, with competencies in management and strategy, business process engineering, organisational development and change management, as well as entrepreneurship development.

Until 2014, she served as Technical Planning Manager for Shell Exploration and Production Companies in Nigeria, where she led the execution of high-impact, mission-critical projects. Over the course of her career at Shell, she held roles across civil engineering design, planning and construction, project management, facility management, technical audit, and business planning and strategy, gaining extensive local and international exposure.

Beyond her corporate career, Ms Akpedeye is an entrepreneur and advocate for capacity building in engineering and energy. She runs Contego Servo Limited and Perfectus Laundi Limited, and in 2013, she launched the “Introduce a Girl to Engineering” programme aimed at encouraging secondary school girls in Nigeria to pursue careers in engineering and related STEM fields.

She is a Council for the Regulation of Engineering in Nigeria (COREN)-registered engineer, a Fellow of the Nigerian Society of Engineers (FNSE), and a past President of the Association of Professional Women Engineers of Nigeria (APWEN). She is also a founding member of the Women in Energy Network (WIEN) and serves as a passionate ambassador for science, technology, engineering and mathematics education.

In addition, Ms Akpedeye is the Chief Operating Officer (COO) of Compos Mentis Legal Practitioners and the Chairman of the Board of Trustees of the Compos Mentis Foundation.

Her appointment further strengthens Aradel Holdings’ board with deep industry knowledge, governance experience, and a strong track record in leadership and institutional development, as the company continues to pursue its strategic objectives within Nigeria’s energy landscape.

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Geregu Power Chooses Sean Manley as Interim CEO

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Geregu Power

By Aduragbemi Omiyale

An interim chief executive has been appointed by Geregu Power Plc and he is Mr Sean Manley, with his appointment to take effect from Monday, February 2, 2026.

A statement from the power generating firm disclosed that his appointment is subject to the approval of the Nigerian Electricity Regulatory Commission (NERC) and the shareholders of the company at the next general meeting.

In the notice, the organisation expressed confidence that the appointee would use his wealth of experience and leadership to “add significant value to the company.”

Mr Manley is said to be “a seasoned power-sector professional with a proven track record in delivering complex energy projects in developing markets.”

He is armed with more than 30 years’ experience spanning sales, business development, project implementation, supply-chain management, and OEM-led delivery within the power sector.

Over the course of his career with Siemens, Mr Manley has developed deep technical and operational expertise in thermal power generation, covering plant construction, commissioning, major overhauls, and long-term operational support.

He is widely regarded as a practical problem-solver, with a demonstrated ability to close projects in challenging operating environments and brings extensive international experience and strong intercultural skills acquired across multi-jurisdictional engagements.

His areas of expertise include the delivery of large, complex infrastructure projects, management of multi-million-dollar business units, client and stakeholder relationship management, business and market development, as well as logistics and procurement analysis critical to successful project execution.

The appointment of Mr Manley comes after Mr Femi Otedola divested his stake in the energy firm last month to support the recapitalisation of First Bank of Nigeria, a subsidiary of FBN Holdings Plc, which he chairs.

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