Flutterwave, a prominent African payment firm with ambitious plans for an Initial Public Offering (IPO), has witnessed the departure of its Chief Financial Officer (CFO), Oneal Bhambani. Bhambani, who had joined the company in May 2022, recently announced his resignation on LinkedIn, leaving the industry speculating about its implications for the company's future.
Oneal Bhambani's appointment at Flutterwave had initially garnered attention as a strategic move to stabilize the company, which had been grappling with allegations of financial improprieties and employee mistreatment.
His extensive background, including previous roles at financial giants like American Express and Kabbage, had instilled confidence in the company's ability to navigate challenging times, especially following legal troubles in Kenya and the need to obtain necessary licensing.
However, Bhambani's departure, along with the resignations of two other finance executives, Rebecca Mendel and Oscar Lan, who also joined Flutterwave from Kabbage, raises uncertainty surrounding the company's future. These departures, collectively, could disrupt Flutterwave's plans for a public listing, as the company may need to reevaluate its financial strategies and leadership structure.
The departure of these executives could also impact investor confidence in the company, particularly given the crucial role the finance team plays in the due diligence process for an IPO.
As of now, Israel Koledowo, Head of Finance for Africa, will lead the finance department on an interim basis as the company searches for a new CFO. The appointment of a new CFO will be closely watched as it could shed light on Flutterwave's ability to maintain its growth trajectory and carry out its IPO plans successfully.
By: Nana Appiah Acquaye
