A former executive of Nigerian fintech unicorn Moniepoint has filed a lawsuit at the National Industrial Court, seeking legal redress over what he describes as the wrongful denial of vested stock options valued at $889,600 in the secondary market.
The suit also includes a demand for ₦50 million in general damages.
Damilola Ajiboye, a former senior engineer and enterprise architect at Moniepoint, alleges that the company engaged in deliberate and malicious actions to deprive him of 27,800 vested share options under the company’s Executive Stock Option Scheme (ESOS).
According to Ajiboye, the ESOS was offered to him as part of his employment package in 2016, and he was required to complete five years of service to qualify.
Ajiboye joined Moniepoint (formerly TeamApt) on October 12, 2016, and formally resigned after five years of service, with his exit taking effect on January 9, 2022.
In his court filing, Ajiboye claims that his request to exercise the remaining 27,800 stock options after his resignation was intentionally frustrated by the company through delays, poor communication and shifting administrative processes.
Court documents seen by Condia reveal that the dispute centers on the exercise window communicated to Ajiboye via Carta, the stock management platform used by Moniepoint.
Ajiboye received login details to Carta on April 4, 2022—just five days before the alleged expiration date of his stock options.
He accepted the grant on April 6, 2022, but later discovered that his right to exercise had expired, despite assurances from a company executive that the window would be extended to two years.
Moniepoint’s legal counsel maintains that Ajiboye had a sufficient five-day period to act and that the company fulfilled its obligations under the updated stock option agreement.
The company argues that the former employee accepted the terms of the grant and failed to act within the specified window, absolving the company of further liability.
Ajiboye, however, contends that he was misled by internal communications and relied in good faith on promises made by Moniepoint executives regarding the extended timeline.
He claims that he had already successfully exercised and sold 4,200 options in April 2021 under the original ESOS framework and expected the remaining 27,800 to be honoured under the same terms.
The former executive is now asking the court to issue a declaration affirming his rights to the remaining stock options, reinstate those rights under the original ESOP rules and award ₦50 million in damages for alleged oppressive conduct and breach of fiduciary duty.
Ajiboye’s legal team is also challenging the application of a revised 2021 Delaware-based stock option agreement introduced by Moniepoint post-restructuring, arguing that it should not retroactively override the terms of the initial ESOP that governed his employment during his tenure.
The suit, filed in April 2025, marks the latest legal challenge facing Nigeria’s fintech sector, raising broader questions about employee equity treatment and post-exit compensation governance in high-growth startups.
When contacted, Moniepoint declined to comment on the matter, citing the 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 said in an official statement.
The outcome of the litigation could set a significant precedent for how equity compensation agreements are interpreted and enforced in Nigeria’s evolving technology and startup ecosystem.
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