Paystack’s Shola Akinlade Acquires Aarhus Fremad, To Serve As Cooperative Club For Sporting Lagos

The co-founder of Nigerian financial technology firm, Paystack, Shola Akinlade, has acquired Aarhus Fremad, a Danish second-division club.

In a statement released by Aarhus Fremad on Tuesday, it stated that the agreement was sealed on the same day, making it the second football club Akinlade will invest in within two years. 

Last year, Akinlade established Sporting Lagos and it currently plays in the second tier of the Nigerian league, with a goal of gaining promotion to the tier-one league of the country. 

Akinlade switched his investment focus to sport business after selling Paystack to American financial services company, Stripe, at a worth of $200 million in 2020. 

The tech startup founder acquired a 55 per cent take in Aarhus Fremad which tops the Danish second division with a six-point gap.

Commenting on the takeover, Aarhus Fremad said: “We have looked at the date correctly, and yes – it is good enough Aarhus Fremad has closed an agreement today, which means a new owner in the club. 

“We are very much looking forward to the collaboration and eagerly await what the future brings us.”

Akinlade’s successful acquisition of Aarhus Fremad followed the announcement that another Nigerian tech entrepreneur, Dozy Mmobuosi, plans to buy Sheffield United. 

Mmobuosi made a deposit to buy Sheffield United at the cost of £90 million, which will make him the only black majority club owner in England’s top two professional leagues. 

However, the businessman, who is reportedly worth £7 billion, said he has not been treated fairly in his attempt to buy Sheffield United. 

Mmobuosi said he has been over-scrutinized by the British government because he is from Africa, adding, “I am one of the most scrutinized individuals that I know.” 

But he hopes to “get approved by the EFL and you (Sheffield United fans) find me a capable partner,” he told FIVE podcast per Punch. 

He also stated that he isn’t a short-term investor and he plans to ensure his acquisition of Sheffield United benefits its community. 

“I’m a long-term, focused person. I’m not here to just take and go,” Mmobuosi said, adding, “I believe we’ll get to the Premier League and remain there. I intend to run this club not just as a business that benefits the fans and myself, but the community.” 

Mmobuosi is the founder of the tech company, Tingo Mobile and Chief Executive Officer of Tingo Group Holdings LLC.