There are speculations that the resignation of the co-founder of Cellulant Nigeria, Bolaji Akinboro was born out of a crisis in the organisation.
The crisis we have also learnt has alleged led to a mass exit and terminations of the appointment of over 30 staff of the organisation, leaving questions about its corporate governance practices.
The resignation of Akinboro also appears to have laid the foundation for the annihilation of several of the projects executed while he was still active, as there are reports that Cellulant Nigeria is set to rest ‘Agrikore Marketplace’ one of its flagship platform which is known to supports millions of farmers across Nigeria and guarantees the supply of raw commodities.
‘Agrikore Marketplace’ is known to be key to manufacturers, as it also guarantees food security which is one of the biggest national challenges Nigeria has been facing for years.
www.theoctopunews.com learnt that barely weeks after the resignation of Akinboro, Cellulant Nigeria allegedly issued an official communication to its partners intimating them of plans to shut down the platform.
Until recently, Cellulant Nigeria was known as a leading player in the Agricultural, payments, and work creation industry, organising the biggest Agricultural event in the history of the country last year while managing platforms such as The Rise fund – TPG, velocity capital, and a host of very large investment funds.
The current situation has thus seen Industry Experts asking if the recent developments in the organisation came out of the new corporate direction the company is taking.
There are also questions about the future direction of Cellulant Nigeria which only recently attracted the biggest fintech investment in Africa. The possibility of the organisation struggling due to liquidity issues or boardroom politics has also been asked.
With Cellulant Nigeria being a PPISP (Payment Platform Infrastructure Service Provider) regulated by the Central Bank of Nigeria (CBN) and insured by Nigerian Deposit Insurance Corporation (NDIC), the questions about liquidity become really pertinent, especially as the moves of the organisation in recent times appears to be precise and planned.
Cellulant presently has a presence in 12 Sub-Saharan countries named Kenya, Nigeria, Ghana, Uganda, Zambia, Mozambique, Tanzania, South Africa, Zimbabwe, Botswana, and Malawi by virtue of an enviable $47m investement.
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