NewStats: 3,261,308 , 8,173,651 topics. Date: Wednesday, 28 May 2025 at 07:38 PM 4d5y3b

David Hundeyin's article on Flutterwave

High Court has frozen more than Sh6.2 billion spread in 62 bank s belonging to Nigerian start-up Flutterwave and four Kenyans on fears they are proceeds of card fraud and money laundering.

The billions in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative Bank s were frozen after the Assets Recovery Agency (ARA) applied to block the transfer or withdrawal, pending the filing of a petition to have the money forfeited to the government.

The agency said in court filings that their investigations revealed the cash was wired in the guise of payments for goods and services.

“That the 1st Respondent’s bank s received billions in a suspected scheme of money laundering and the same deposited in different bank s in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds,” said ARA.

“The transactions were done using cards issued by the same bank, at the same point, on the same day, raising suspicion of card fraud.”

According to the investigators, Flutterwave s had Sh5.17 billion in 29 s at GTB, Equity and Eco Bank in Kenya shillings, US dollars, Euros and Sterling pounds.

Flutterwave says on its website that it provides payment technology for merchants, and processes payments on the Web, mobiles, ATM, and point of sale worldwide.

The High Court has also frozen Sh467.1 million belonging to Boxtrip Travels and Tours and Sh436 million in Bagtrip Travels Ltd s.

The other s include Elivalat Fintech Ltd (Sh1.16 million), Hupesi Solutions (Sh1.6 million), Cruz Ride Auto Ltd (Sh2.4 million).

An under Simon Karanja Ngige, who is listed as a director of Cruz Ride Auto Ltd, has Sh14 million.

ARA reckons that funds were wired to local bank s owned by Flutterwave from multiple countries then wired to the six companies. The agency is questioning the source of cash sent to Flutterwave.

Court filings show that Flutterwave Payments Technology ltd is owned by Nigerians Olugbenga Agboola, Adeleke Christopher, Iynoluwa Samuel and Flutterwave Inc which is ed in the United States with an office on 1323 Columbus Avenue, San Francisco.

A Kenyan-- David Mouko Elizaphan Omaanya-- is also a director but has zero shares. The Nigerian firm was founded in 2018 by Olugbenga Agboola and Iyinoluwa Aboyeji.

The court heard that Flutterwave received Sh12.4 billion between November 2020 and this year in a single at Equity Bank, reflecting the outsized billions handled by the start-up.

The funds from the Equity were later transferred to Rem X Ltd, which is owned by Nehikhare Eghosasere and Demuren Olufemi Olukunmi.

Rem X Ltd is at the centre of a separate money-laundering suit, which saw the court freeze Sh5.6 billion in s in April.

ARA says Boxtrip Travel and Tours, ed by Enyioma Olufemi Madubuike, a Nigerian, received Sh467.1 million in dollars from Flutterwave Payments technology ltd in two days on April 27, and 28 this year.

ARA said there was no explanation or ing documents provided to the transactions and, therefore, believes the s were used as conduits for moving illicit cash.

“Further investigations established that there are reasonable grounds to believe that the funds are proceeds of crime obtained from illegitimate sources by the respondent which require to be preserved pending the filing and hearing of an intended forfeiture application,” the agency submitted.

Bagtrip Travels ltd owned by Tofunmi Taiwo Soyemi received Sh436 million from Flutterwave and Rainbow technology Solutions between April 28 and May 6.

The agency says Elivalat Fintech Ltd whose directors are Jackson Mwangi Kamenju, a Kenyan, Palliser ltd and Tiwari Simon Adrian received Sh320.8 million in dollars between November 4, 2020, and April 14, this year. At the time of the freezing order, the had a balance Sh1.16 million.

Edguru Technology Ltd received Sh14.1 billion from Flutterwave Payments but only Sh99.8 million has been frozen. Its directors, according to ARA, are Adeze Chinenye, a Nigerian and Caroline Wanjiku Muchina, a Kenyan.

An online payment solutions company identified as Hupesi Solutions owned by Kenyan Festus Mumo Mutuku received a total of Sh143.3 million.

From the amount, Sh54.4 million was transferred to Flutterwave Payments, while Sh45.6 million was transferred to GC Natural PL.

The only has Sh1.6 million and the State agency says transactions were made in tranches of below Sh1 million to beat the CBK reporting threshold.

Cruz Ride Auto Ltd, ed as a car dealer, received Sh2.4 million on June 6 from Flutterwave Payments Technology Ltd and no explanation was given for the transaction which was later transferred to Mr Ngige.

David Hundeyin's article on Flutterwave

WOW
I bet they can't try this if we have a working government,vote a young vibrant leader, it's your only chance

Nigerians never fail to disappoint. Wherever we go, we go still find a way to carry fraud gum bodi.

1 Sh = 3.60 Nigerian Naira

($59 million)

This is why Iyin is trending;

Iyinoluwa Aboyeji, the former MD of Flutterwave on Thursday morning deactivated his Twitter amidst a report of alleged money laundering and corruption charges to the tune of $56.7Milliion in Kenya.

These guys should leave Flutterwave alone na... They've really helped my business a lot...

People that sends money to other African countries using Get Barter will understand what I'm talking about

even Kenya too Dey freeze una money. Wow. The level of See finish.

blaquemyc:
Nigerians never fail to disappoint. Wherever we go, we go still find a way to carry fraud gum bodi.

Omo

The way flutterwave became a top fintech ehn, o never had any idea they could be trailed with this type of controversy.

Ole people

The case gets hotter and hotter and hotter.

Shey sega and agbado urchins call david hundeyin a noise maker

Anyone who does not lick their agbado druggies foot is a fraud. What do they have to say now?
When david called out this firm. Sega the belle activist said he was a noisemaker looking for attention

They use their kenyan s to launder dirty yahoo money

Why

That money plenty. Dem for move am to Naija before the freezing. Mtn dey move their own on per seconds billing.

Hmmm

Vote Peter Obi to end fraud in Nigeria.

Omoh flutterwave just dey collect upandan, from toxic workplace scandal, to sex scandal to even fraudulent transactions and now money laundering.... Daamn

E don happen! Flutterwave was the plug for Yahoo boys in Kenya, most who claim to be students.

Let's wait for the Company's response

blaquemyc:
Nigerians never fail to disappoint. Wherever we go, we go still find a way to carry fraud gum bodi.

When Yorubas commit crime abroad, they will be tagged Nigerians in this forum but when Igbos do the same, they are tagged Igbos. The hypocrisy is real.

Okay . David Hundeyin scores Big in my eyes again as a top Investigative Journalist

One of BBn sponsors that year

[color=#550000][/color]Why is it difficult for Nigerians to maintain a clean sheet? Why?. We always soil our name in the mud making it difficult for young minds like us to make wave easily at the international stage without being label a fraudster

blaquemyc:
Nigerians never fail to disappoint. Wherever we go, we go still find a way to carry fraud gum bodi.

What fraud was carried out

Can you explain

David Hundeyin don expose them.

Awon Tech Bros!

Money Launderers

S

it has red
.
meanwhile at a cheap price DM me for your logo and flyer design

Scammers often use the to carryout their nefarious activities.

That was the one scammer used here to swindle some of us to the tune of almost a thousand dollars.

InterSwitch still remain the first and the best!

ok

blaquemyc:
Nigerians never fail to disappoint. Wherever we go, we go still find a way to carry fraud gum body.

STFU if you don't have anything to say. Why disparage your country this way when you can sense a racial undertone? Are you that dumb?