Mahmoud Noah, who was the co-founder of Capiter and was fired from his role as CEO of the firm, issued an official statement to his firing in which he called the news that was spreading regarding his firing from his position as CEO of the company “fake propaganda.”
Through the official account he maintains on Facebook, Noah communicated the following statement:
Given the recent rumours that we were fired for being absent from work for a week, this business document is conclusive evidence to destroy the claims that we were never CEOs and that the statements made concerning us were untrue.
Noah, who had previously shared a photo from Capiter’s business registry, further remarked: “It’s clear that everyone who lied and slandered against us did so with the intention of winning a personal war against us, and there are many other factors at play here that are intended to exert pressure on us; we’ll get into the specifics as time goes on. Why have we made it this far if we are so inept?”
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The board of directors of Capiter’s holding company recently made the decision to remove CEO Mahmoud Noah and his brother, COO Ahmed Noah, effective September 6th, and to assign Kapiter’s CFO, Majed Al-Ghazouli, to the position of temporary CEO.
According to a statement released by the board of directors, this decision was made because Mahmoud and Ahmed Noah, the company’s founding partners, had failed to carry out their responsibilities as executives and appear before representatives of the board, shareholders, and investors during multiple visits to the company’s headquarters last week to complete the due diligence procedures for a potential acquisition.
Mahmoud Noah Capiter Mahmoud Noah Capiter
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert