News - March 29, 2023

Nigerian Techpreneur Shola Akinlade Acquires European Football Club

Lois Agada March 29, 2023

3 min read

The co-founder and CEO of Paystack, Shola Akinlade has acquired Aarhus Fremad, a Danish second-division club. His latest acquisition comes a year after he established Sporting Lagos Football Club in Nigeria’s capital city, Lagos. It also signifies his entry into the European football industry.

A closer look at the terms of the transaction revealed that the Nigerian fintech founder acquired a 55 per cent stake in the club which makes him the majority owner of Aarhus Fremad, as he aims to revitalise it. The Aarhus Fremad football club currently occupies the top spot in the Danish second division with a six-point lead, which could place them in the first division by the end of the season.

Why is Shola investing in football?

The CEO of Paystack noted that the formation of the Sporting Lagos Football Club is an attempt to establish a modern football club that will nurture the next generation of Nigerian sporting talent. He also added that the establishment of the club aligns with the movement to harness football’s transformative power to bring together people from all walks of life and create economic opportunities on a large scale.

Shola and Paystack

The Paystack CEO has been instrumental in engineering the technological disruption that has revolutionised the African financial services industry. His startup, Paystack remains at the forefront of the push for payments and business growth throughout the continent.

The platform has been critical to the expansion of Africa’s top companies. It has also facilitated the launch of new business models and the cultivation of stronger customer relationships. Reports say it currently processes close to 50 per cent of all online payments in Nigeria.

While Shola continues to manage Paystack, a prominent payment platform in Nigeria, he provides most of the financial investment to run his football club. His recent acquisition will not only boost his net worth but will further open his startup to foreign investments.