₦airaland Forum

An ex-Moniepoint staff, claims that the fintech unicorn engaged in malicious actions to deny him of stock options estimated to be worth $889,600 in the secondary market.

A former executive at Moniepoint, a Nigerian fintech unicorn, has filed a lawsuit at the Nigerian Industrial Court, alleging that he was denied stock options in violation of terms promised to him during his five-year tenure at the company.

Damilola Ajiboye, once a prominent software engineer and enterprise architect at Moniepoint, claims in court documents seen by Condia that Moniepoint engaged in malicious actions to wrongfully deny him of his Executive Stock Option Scheme (ESOS) of 27,800 share options estimated to be worth $889,600 in the secondary market.

The allegations raise serious questions about the gap between Moniepoint’s public image and its internal realities. In 2023, the Visa-backed company actively promoted itself as an employer of choice, highlighting generous compensation and a progressive work culture as key to its global talent strategy.

Yet the lawsuit, filed on April 1, 2025, tells a different story. It alleges a workplace culture marked by systemic efforts to undermine employees. The contrast suggests a disconnect that warrants closer examination.

An unkept promise

When Ajiboye joined Moniepoint on October 12, 2016, he was tasked with designing the fintech’s key product, the Point of Sale application.

He was offered stock options if he stayed for five years, after which he could vest.

“It was a good incentive to stay that long. However, I had to complete five years to gain the stock option,” Ajiboye told Condia on a call.

The promise was formalised in 2019 with an offer of 3.2 million TeamApt Executive Stock Option Scheme (ESOS) units, equivalent to 32,000 Executive Stock Options, managed by Stanbic IBTC Trustees. Ajiboye signed the document, and all seemed to be well—he even successfully exercised and sold 4,200 units during an exit opportunity in April 2021.

The relationship began to fray after Ajiboye, having completed five years at the company, submitted his resignation in December 2021, with his exit taking effect on January 9, 2022.

“I think the CEO was unhappy when I resigned,” Ajiboye said. “I had planned to leave in 2020 after four years, but he persuaded me to stay an extra year, highlighting the share options as an incentive. I stayed. Still, there was no clear explanation of how the vesting process would work if we exercised our options.”

A three-year battle

What followed was a frustrating three-year saga. Ajiboye emailed Moniepoint about his vested shares on January 8, 2022, one day before his final day at work. But there was no response over the next three months.

Then, on April 4, 2022 — 85 days after his effective resignation — an email from Carta landed: his grant had arrived.

According to a support email from Carta, the new stock option management platform adopted by Moniepoint following a corporate restructuring, Ajiboye was granted a three-month window, from January 9, 2022, to April 9, 2022, to exercise his options. However, Ajiboye only received the login details on April 4, 2022.

Concerned about the short window required to exercise the stock option, Ajiboye reached out to a company executive, who assured him that official correspondence would follow regarding the exercise of his vested share options, adding that the window will be revised to a two-year option to finalise the process.

Trusting the words of the executive, Ajiboye accepted the grant on Carta on April 6. A few months later, when he checked, he saw that his right to exercise his stock options had expired. He followed up with Ike, who claimed it must have been an oversight.

“This must be a mistake. I don’t think Carta has been updated with the new clause,” the executive’s WhatsApp message read, according to evidence seen by Condia.

A critical issue in the court filing is the timeframe Ajiboye had to exercise his options. Ajiboye’s argument is twofold: first, that the five-day timeline was unreasonably short; and second, that a company representative had assured him in writing that it would be extended.

“It’s heartbreaking after all I did at Moniepoint. Are they saying I didn’t earn the stock options? Why has this issue dragged on for three years?” Ajiboye said, reflecting on the ordeal.

Moniepoint’s legal counsel explained in email exchanges with Ajiboye’s legal representative that the delay between January 9, 2022, and April 4, 2022, was attributed to an ongoing documentation process for the stock option, a reason that they claim was communicated to Ajiboye. Ajiboye has denied receiving such communication. They also maintain that the five-day window is sufficient time to exercise the stock option.

In another email exchange in May 2024, Moniepoint’s legal counsel maintained that Ajiboye “read and accepted” the terms of his stock option agreement, which clearly outlined the timeframe within which he was expected to exercise his rights. That he was fully aware that he had a five (5) day window to do so—ample time to initiate the process. However, Ajiboye failed to take any action within this period.

Consequently, the company cannot be held responsible for its inaction or failure to exercise the stock option under the agreed terms.

Next line of action

In a new application filed in April 2025 at the National Industrial Court—a specialised court with exclusive jurisdiction over labour disputes, employment matters, trade unions, and industrial relations—Damilola Ajiboye, through his attorney Kehinde Yusuf, is seeking specific orders from the court.

Firstly, he is requesting a declaration confirming that he had indeed successfully exercised 4,200 of his originally allotted 32,000 shares in 2021. Secondly, and centrally to the dispute, he seeks the restoration of his remaining 27,800 vested stock options.

Furthermore, Ajiboye’s counsel has urged the court to apply the terms of the original Employee Stock Option Scheme (ESOP) rules under which he was granted the options. They argue that the later 2021 stock option plan, introduced by Team Apt Delaware, should not be considered, as it was not in effect when Ajiboye made his initial, successful share sale.

Finally, citing Moniepoint’s alleged “oppressive behaviour” throughout the handling of his stock option claims, Ajiboye is also seeking ₦50 million ($31,645)* in damages.

When asked for comments, Moniepoint declined to answer specific questions, citing ongoing legal proceedings.

“Please be advised that we are unable to provide specific responses to your questions at this time, as the information requested could be prejudicial to the proceedings and is therefore sub judice”, the company’s statement read.

Mikeraj:
I am really surprised Moneypoint executive get this kind money for real

Mikeraj:
I am really surprised Moneypoint executive get this kind money for real

Day169:
We all need to learn to be straightforward in our financial dealings.

WhizdomXX:
I am glad he is going to court to resolve the case and not suffering in silence.
In other news, Mr. CEO @Seun what is this?

nlfpmod:
https://thecondia.com/ex-moniepoint-staff-sues-over-1m-stock-options/

WhizdomXX:
I am glad he is going to court to resolve the case and not suffering in silence.
In other news, Mr. CEO @Seun what is this?

carzeem1:
Why wait again when he had 5 days to accept the stock?
Can someone in the industry elaborate more?

AntiWailer:
He needed to pay the company the value of the stock in cash to own the stock.

No way he would be able to raise that in 5 days.

So this is a summary.

They give u 30,000 stocks at a price say 100 dollars so even when the company is worth 1000 dollars per share u wil still pay 100

So to accept and exercise ur stock, u need to give the company 30,000 * 100 in payment.

That is about 300,000 dollars going by my example.

ClearFlair:
Are you kidding me? These guys are solving real problems in society. Not like the ones supporting politicians up and down

AntiWailer:
He needed to pay the company the value of the stock in cash to own the stock.

No way he would be able to raise that in 5 days.

So this is a summary.

They give u 30,000 stocks at a price say 100 dollars so even when the company is worth 1000 dollars per share u wil still pay 100

So to accept and exercise ur stock, u need to give the company 30,000 * 100 in payment.

That is about 300,000 dollars going by my example.

SarkinYarki:
What , I know someone that made 8 million dollars when he exercised his own stock option , all the early staff made money , the lowest I know is 500k dollars

GreenCovering:
Companies have a way of stealing from engineers IP during their startup phase.
It happens all the time.

LaughingJackass:
What they're sharing is the new cash that was injected by new investors

SamuraiXXX:
The dispute in this instance has nothing whatsoever to do with Intellectual Property

axglide:
Oh wow, that makes sense; hence the delay. Thanks for clarifying; I never knew such obstacles existed.