EXCLUSIVE: Ex-Moniepoint executive sues unicorn over stock options worth nearly $1M

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. 

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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.

Exchange rate: $1/₦1,580