Monday, April 19, 2021
TechMoran
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Classifieds
No Result
View All Result
TechMoran
">
Home People

Cellulant’s co-CEO Bolaji Akinboro resigns as the firm suspends Agrikore

Sam Wakoba by Sam Wakoba
7 months ago
in People, Startups
10 min read
0

Bolaji Akinboro, the Co-Founder and Co-CEO of Cellulant Corp, and the CEO of Cellulant Nigeria Limited has resigned from his position, TechMoran can authoritatively report.

Bolaji voluntarily resigned after the integrity of Agrikore, which comes under his docket, was questioned and after an audit, several things were’nt adding up.

“While conducting a compliance review on the Agrikore platform, we identified certain aspects of the compliance infrastructure and control framework of the platform that have not kept up with the platform’s rapid growth. An investigation revealed that 14 Agrikore employees had inappropriately received funds from Agrikore wallets. There is no indication that customer funds were compromised,” the firm announced in an internal statement.

“As soon as we understood the issue, we moved quickly to temporarily shut down the Agrikore marketplace, inform our customers and regulators, and terminate the employees involved. The integrity of the Agrikore platform is our top priority. We have engaged an independent “Big 4” accounting firm to conduct a complete forensic review of marketplace wallets and a well-respected Nigerian law firm to lead a full, independent investigation of the platform,” Cellulant announced.

Conceptualized in 2001 and founded in 2004 by Akinboro and Ken Njoroge, Cellulant is a payment platform infrastructure service provider with operations in Kenya, Nigeria, Zambia, Ghana, Zimbabwe, Tanzania, Uganda, Botswana, Mozambique, Malawi and Rwanda.

The firm’s various digital platforms connect buyers, sellers and other stakeholders in the entire value chain. where he runs the Mobile and Digital Payments aspect of the business. After raising $47.5m, Cellulant, aimed to use the funds to scale its blockchain-based platform Agrikore, a mobile blockchain-based platform serving more than 7 million farmers across the continent.

READ  Rocket Internet's Oliver Samwer & Fabian Siegel Launch A €150M Global Venture Fund

“With this new capital and as part of our scaling up strategy, we are leveraging on the growing mobile penetration trend in Africa to broaden our reach and extend our payments ecosystem across the continent. We are scaling up our existing payments products in the agriculture sector, digital banking and internet payments; as well as introducing consumer-focused products to complement the enterprise products we already have. This will allow us to increase access to payments for the millions of Africans who are still unbanked, despite the financial inclusion revolution,” added Bolaji Akinboro, Cellulant co-founder and CEO of Cellulant Nigeria, at the time.

Related posts

Andela eyes global engineering teams with its launch in Latin & South America

April 19, 2021
0

Grindstone opens call for applications for the next 20 South African startups

April 15, 2021
0

Autochek accepted into Endeavor to enhance auto trade & auto finance across Africa

April 15, 2021
0

Luno’s trading volumes in Africa hit $7bn as the continent’s investors turn to crypto

April 15, 2021
0

Solar firm REDAVIA closes over $898,000 in debt financing from Trine for expansion

April 15, 2021
0

Scale is a new digital platform connecting SMEs to tender opportunities in Kenya

April 14, 2021
0

Agrikore, also known as eWallet system provides a comprehensive system consisting of the technology, business processes, and a systematic organization for players in Agriculture in Africa to help them de-risk and increase investor participation on a large scale.

“With Agrikore, the financier is insulated from the intricate system consisting of farmers, aggregators, offtakers, agro-dealers, insurers, and commodity buyers that create value in the form of produce etc from agricultural inputs because the technology provides the transparency , integrity & immutability that grows the confidence of remote actors in the system,” the firm announced.

READ  Msanga.com wants to be the food panda of Zambia

A farmers produce therefore serves as its own collateral, and a set system of insurance and inspection ensures that the flow of inputs and its conversion to produce is seriously de-risked compared to farmers without such a platform. Agrikore blockchain platform facilitating transparency of all transactions, safety of records and confidentiality of all transactions and traders over smart contracts.

Though now suspended, Agrikore facilitates loan disbursement, administration, and repayment, produce delivery, storage contracts, and ware-housing, and grants and subsidy distribution among others.

Akinboro became the Co-CEO of Cellulant in 2017, and because of his experience in the agriculture sector and as the CEO of Cellulant Nigeria, he was the defacto head of Agrikore, a blockchain-powered smart contract-system for the agriculture value chain which was launched in September 2019.

“The Agrikore platform is a distinct product line of Cellulant’s broader diversified payments business. The payments business, which operates in multiple countries across Africa, and represents the substantial majority of Cellulant, remains unaffected by this decision and is fully operational, the company added.

As the executive in charge, Akinboro took responsibility for the governance issues and resigned from all his management positions within the Cellulant group in late August.

Agrikore will not be operational for 6 to 8 weeks.

According to Dr. Sam Kiruthu, Chairman of Cellulant’s Board of Directors, ” The integrity of the platform is our top priority and we trust that we can count on your patience as we address these issues over the coming weeks. 

“The payment business in Nigeria therefore remains operational while we conduct the review of Agrikore. Our other markets are also fully operational, and we remain committed to providing innovative solutions that support the business objectives of all our business partners and customers,” Kiruthu added.

Readers 5,430

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Sam Wakoba

Sam Wakoba

Taking you on tour through Africa's tech ecosystem, one startup at a time! [email protected]

Related Posts

Startups

Andela eyes global engineering teams with its launch in Latin & South America

April 19, 2021
0
Startups

Grindstone opens call for applications for the next 20 South African startups

April 15, 2021
0
Startups

Autochek accepted into Endeavor to enhance auto trade & auto finance across Africa

April 15, 2021
0
cryptocurrencies

Luno’s trading volumes in Africa hit $7bn as the continent’s investors turn to crypto

April 15, 2021
0
Startups

Solar firm REDAVIA closes over $898,000 in debt financing from Trine for expansion

April 15, 2021
0
Startups

Scale is a new digital platform connecting SMEs to tender opportunities in Kenya

April 14, 2021
0
Startups

Startupbootcamp AfriTech Accelerator Opens for Applications from Africa’s Most Disruptive Startups

April 14, 2021
0
Startups

FarmDrive provides Kenyan farmers with alternative credit scoring.

April 13, 2021
0
Startups

AZA is a platform for your currency trading solutions.

April 13, 2021
0

ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Andela eyes global engineering teams with its launch in Latin & South America

April 19, 2021

Apple launches $200m Restore Fund, partners Kenya’s Komaza to accelerate natural solutions to climate change

April 19, 2021
WhatsApp-desktop

WhatsApp Has Rolled Out Two Major Features For iPhone Users

April 19, 2021

Why You Shouldn’t Click On This Link That’s Been Shared On WhatsApp Groups

April 19, 2021

Telegram Messaging App Has Launched Not One But Two Web Apps

April 19, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Classifieds

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: