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How a clash of visions Allegedly led to Olu Akanmu’s exit from Opay

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Olu Akanmu, OPay’s former president and co-CEO, exit underscores the potential tensions between financial goals and brand perception in fintech companies.

On July 31, 2023, Olu Akanmu, former co-CEO of Opay, stepped down after almost two years at the Chinese-owned fintech; his exit surprised many, given Opay’s impressive growth under his leadership.

A clash of vision between the former banker and the rest of the company’s leadership led to Akanmu’s departure, one person with knowledge of Opay’s business told TechCabal.

“The Chinese cared about numbers much more than the brand’s perception,” that person told TechCabal.

Several of Akanmu’s proposed initiatives, such as a payment gateway and a “payme” account for one-time payments, were reportedly shelved. Additionally, his commitment to social responsibility projects like financial inclusion for women and partnerships with internally displaced persons (IDPs) seemed at odds with the Chinese investors’ laser focus on numbers. Akanmu’s exit underscores the potential tensions between financial goals and brand perception in fintech companies.

Opay operates a co-CEO structure, giving Olu Akanmu and a second CEO internal sources identified as Steven dual leadership. According to those people, Steven was generally in charge of the policy at the fintech. Akanmu’s background in retail banking at FCMB, a Nigerian bank with a market capitalisation of ₦217 billion, positioned him to develop Opay’s merchant business, including POS, agency banking, and wallets. Despite this focus, internal sources said his co-CEO, Steven, had greater control over Opay’s direction.

Opay did not answer any of TechCabal’s questions at the time of this report.

During Akanmu’s time at Opay, the fintech grew exponentially, reaching over 30 million users, 500,000 agents, and 100,000 merchants, according to publicly released figures.

The fintech previously offered a super app model, offering food delivery, ride-hailing, logistics, and payment services, before solely focusing on financial services in 2020. It also proved a formidable alternative to legacy banks during Nigeria’s botched currency redesign, which led to a cash crunch. The fintech’s robust infrastructure and effective distribution strategies were deeply attributed to this win.

New Leadership and regulatory hurdles
Following Akanmu’s departure, Daudu Gotring, a former director at the Central Bank of Nigeria (CBN), became CEO. This appointment signaled Opay’s attempt to navigate increased regulatory scrutiny surrounding its Know Your Customer (KYC) measures.

Opay faced increasing regulatory scrutiny over its Know Your Customer (KYC) processes last year after allegations that it opened accounts for users without consent. The fintech, alongside other neobanks, had simplified user registration to attract unbanked customers, sometimes omitting strict identity verification for basic accounts account types with limited features. Bad actors have exploited this lax KYC approach to perpetrate fraud.

TechCabal reported in October that Fidelity Bank, a Nigerian commercial bank, blocked transfers to OPay and other neobanks over concerns that their lax KYC processes are leading to increased fraud cases.

* Tech Cabal

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Hon. Musawa, Governor Mba Declare Enugu Christmas Village Open

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The Honorable Minister of Arts, Tourism, Culture, and the Creative Economy, Hanatu Musawa assisted by Governor Peter Mba of Enugu State recently commissioned the Enugu Christmas Village.

 

The epoch-making event which is a part of the programmes lined up for the Enugu Christmas Festival, a 25-day Christmas extraveganza which kicked off on Saturday, December 7th and will run till December 31st, 2024, has been the talk of town for days.

 

Boasting of an array of attractions, including a waterpark, roller skating, archery, amusement rides, and much more, the Christmas Village’s showstopper is the stunning display of 500,000 Christmas lights, which is sure to leave visitors mesmerized.

 

Facilitated by Omu Resort, a prominent organization known for promoting tourism initiatives in Africa, the Christmas Festival promises to be an unforgettable experience.

 

Beyond a celebration of the holiday season, the Enugu Christmas Festival which offers exciting events such as the “Afrobeat Concert”, “Praise Night”, Highlife Concert”, a “Street Carnival”, a “Cultural Parade”, and a grand “Fireworks Show” is a testament to Enugu State’s rich cultural heritage and its potential as a top tourist destination, while providing a perfect opportunity to unwind with family and friends.

 

The offerings of the festival also include the highly anticipated “Santa Street Storm”‘ where over 100 Santa Claus figures on tricycles will parade through the state, bearing gifts for orphanages and the less privileged among others.

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5th Bodex Social Media Hangout: Exploring the power influence and impact of digital platforms

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The 5th edition of the Bodex Social Media Hangout (BSMH) unfolded in grand style, spotlighting the transformative power of social media in shaping narratives, fostering collaboration, and addressing societal challenges. With the theme “Social Media: The Influence, Power, and Impact,” the event attracted dignitaries, influencers, and stakeholders from across various sectors.

 

The event was moderated by the visionary Bodex Florence Hungbo, who guided the discussions with her signature poise and depth. Representing Governor Babajide Sanwo-Olu, Dr. OreOluwa Finnih, S.A. on SDG who delivered a keynote address on behalf of the governor, who was on an official trip.

Dr. Oreoluwa Finnih

The presence of Dr. OreOluwa Finnih highlighted the Lagos State Government’s commitment to leveraging social media as a tool for growth and societal well-being.

 

The Bodex Social Media Hangout is a distinguished media talk-shop fostering collaboration among social media users, professionals, and stakeholders. Focused on promoting responsible digital citizenship, BSMH aligns with the United Nations Sustainable Development Goals (SDG 3) to enhance the well-being of users and encourage cultural and societal advancements through social media.

The event emphasized the urgent need for Nigeria to address challenges such as fake news, cyberbullying, and online harassment.

 

A recent survey by The Guardian Nigeria revealed that 86% of Nigerians have encountered fake news, reflecting the pervasive influence of misinformation on social stability. Additionally, issues like mental health threats, cybercrime, and privacy concerns were discussed as critical challenges requiring immediate attention.

 

 

Through its sessions, the event showcased how social media has become a powerful tool for fostering awareness, driving economic growth, and promoting cultural exchange. Speakers and panelists also examined the darker side of digital platforms, including the rise of cyberbullying, mental health issues, and the spread of divisive content.

 

The event featured an impressive lineup of speakers and panelists who provided unique perspectives on the influence, power, and impact of social media:

Dotun Babatunde – The Impact of AI on Social Media

 

Dotun Babatunde explored the transformative role of Artificial Intelligence in the social media landscape, emphasizing its impact on the “attention economy.” He remarked, “We live in an attention economy, where human attention is a scarce commodity.” Babatunde explained how AI-driven algorithms prioritize engagement, often amplifying sensational content, but also creating opportunities for personalized and meaningful interactions. He encouraged users and creators to approach AI with a balanced perspective, recognizing both its potential and pitfalls.

 

 

A/Prof Tayo Popoola Ph.D. – Social Media: The Influence, Power, and Impact

 

Associate Professor Tayo Popoola from the Department of Mass Communication, University of Lagos, provided a thought-provoking analysis of social media’s role in society. He stated, “Social media is a double-edged sword: it empowers the voiceless but also creates spaces for misinformation and toxicity. The challenge lies in managing its influence responsibly.” Prof. Popoola underscored the importance of digital literacy in enabling users to harness the benefits of social media while mitigating its negative impacts.

 

 

Akin Olaniyan – Navigating the Social Media Age: Clout, Influence, and the Ethics of the Attention Economy

 

Akin Olaniyan delivered a compelling critique of clout-chasing in the social media era. He commented, “Give any moron a smartphone, and anything and everything becomes content. To such a fellow, clout-chasing is an end in itself, and the smartphone just makes it super-easy.” Reflecting on the quality of content creation, he added, “I am tempted to believe that their choice of subjects reflects their intellect, with the more empty-headed being the most daring.” Olaniyan called for ethical standards in digital content creation and urged society to value substance over virality.

 

 

ACP Olumuyiwa Adejobi – The Digital Detective: Solving Crimes in the Social Media Age

 

The Force Public Relations Officer, ACP Olumuyiwa Adejobi, showcased how social media has revolutionized law enforcement. He stated, “Social media is not just a platform for entertainment; it’s a valuable tool for law enforcement. By leveraging the power in the mass number of social media active users, we can solve more crimes and make our communities safer.” Adejobi shared examples of cases solved through digital platforms and emphasized the need for digital-savvy officers to maximize this potential.

 

In addition to the keynote speakers, the panelists brought fresh insights and diverse expertise to the event. Notable contributors included:

Olufemi Oguntamu, CEO of Penzaarville Africa.

Tomiwa Talabi, Founder/CEO of Lagos Life Influencer.

Dayo Oketola, Author, PR Consultant, and Former Editor at The Punch.

Iyabo Ojo, Actress, Filmmaker, and Influencer.

 

Hosted by celebrated media personality Frank Edoho, the event featured workshops, live sessions, and networking opportunities, creating an interactive atmosphere for attendees. Discussions covered a range of topics, from personal branding and content creation to the role of digital platforms in fostering community and enhancing security.

 

The panelists emphasized the power of social media in amplifying voices, holding leaders accountable, and fostering a sense of global connection. However, they also called attention to the darker aspects of the digital world, advocating for measures to combat negativity and promote a safer online environment.

 

Dr. OreOluwa Finnih reaffirmed the Lagos State Government’s vision of creating a digital ecosystem that promotes economic growth, cultural exchange, and societal well-being. The event’s mission remains clear: to foster collaboration, combat negativity, and shape Nigeria’s digital landscape for the better.

 

The Bodex Social Media Hangout remains a leading force in shaping Nigeria’s digital landscape.

 

 

In the words of Bodex Florence Hungbo: “Social media is the new oil well, Let us go fetch it.”

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Tragedy in govt house: Taraba gov’s sister Allegedly shot by escort dies

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Taraba State Governor, Dr. Agbu Kefas, is in mourning following the tragic death of his younger sister, Atsi Kefas.

 

A close family source confirmed that she died at night in Abuja, days after she sustained a gunshot wound during a gunmen attack on her vehicle along the Wukari-Kente road in the Wukari Local Government Area of Taraba State.

 

A police escort, reportedly reacting to the attack, accidentally discharged a firearm, fatally wounding her in the stomach.

 

“It’s sad that we lost her last night. We are devastated by this sad event,” the family source said.

 

The late Atsi Kefas was widely admired for her humility and kindness. Tributes have been pouring in from friends, family, and well-wishers who took the social media to mourn her.

 

 

A social media user, Kelvin Kuffi, posted on the WhatsApp group — Agbu Kefas Progress Info to mourn her demise saying, “Atsi Kefas has been a close friend for over two decades. Our friendship blossomed during our diploma days at Taraba State Polytechnic, Wukari. She was humble, sacrificial, and a joy to be around.”

 

Murtala Atumba also expressed his condolences, stating, “It’s sad indeed. My sincere condolences to His Excellency, the Governor, the First Family, and all mourners. May the Lord comfort everyone during this trying moment.”

 

Joseph Agbu and Sintali, among other social media users, also shared heartfelt messages of support for Governor Kefas and his family.

 

“May the Lord comfort H.E. Dr. Agbu Kefas and the entire family over this irreparable loss,” Joseph Agbu wrote.

 

 

The tragic incident has sent shockwaves across the state, with many calling for prayers for the governor and his family during this challenging time.

 

Atsi Kefas is remembered as a compassionate and gentle soul who touched the lives of many. Her passing is a significant loss to her family and the people of Taraba State at large.

 

When contacted, the Special Adviser to the Governor on Media and Digital Communication, Mr. Emmanuel Bello, declined comment on the matter saying, “I think family sources are in the best position to talk about the passing of the governor’s sister.”

 

There has not been an official statement from the state government or the family about the demise and burial arrangements.

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