Cellulant Corporation, an Africa-focused fintech company, said it has settled a disagreement with its former CEO and co-founder, Bolaji Akinboro, bringing an end to nearly two years of litigation.
Akinboro who founded the company alongside Ken Njoroge was forced to resign in August 2020 following allegations of misconduct that led to the immediate sack of 14 members of staff and later 34 others.
The company had claimed in a statement that the members of staff were relieved of their jobs over their involvement in sharp practices and illegally receiving funds from Agrikore wallets, a subsidiary conceived and championed by Akinboro.
The former CEO and many of the affected staff denied the allegations and thereafter proceeded to file lawsuits against the company for unlawful dismissal and false allegations.
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The development led to the shutdown of the subsidiary Agrikore and the exit of Mastercard an investor in the business.
However, Cellulant said on Tuesday that it has now come to a mediated settlement that puts an end to all litigation and claims between the parties.
“By promptly stepping aside from his co-CEO role, Bolaji allowed Cellulant’s forensic review and internal investigation to proceed unimpeded. We are pleased to announce that neither of these has resulted in any findings of financial misconduct or personal impropriety on the part of Bolaji. We welcome this development as it cleared the way for an amicable end to the disputes between the parties,” Cellulant noted in its statement.