Nigerians have written a petition against Kenya courts due to Flutterwave’s Sh1.44 billion (#5.2 billion) frozen funds. The funds in question were money investors from Nigeria used in paying on a betting platform called 86 football technology.
According to them, they were swindled by the betting platform that used Flutterwave as a payment processor. Now Nigerians want the courts to unfreeze the accounts, so they could get their money.
The banks in which the money was stored were also not exempted as they have been dragged to court on the same basis. The banks in Gtbank, Ecobank, Safaricom, Equity bank, and Uba Bank amongst others.
The court froze the accounts, believing that the money is related to card theft, money laundering, and theft. It was now disguised as payment of goods and services.
To further get an edge on the matter, the victims have lodged another case in Nigeria to help fight the case. To them, they could not allow their hard-earned to go without a fight.
Speaking on the development of the case, Morris Ebitimi Joseph, said,
“I believe that by issuing an order compelling Guaranty Trust Bank, Equity Bank, and Ecobank to deposit the sums excluded in our advocates’ bank account, justice will be served to the 2, 468 interested parties.”
According to him, these people were “swindled of their hard-earned money through the scheme”
Flutterwave Frozen Accounts: How it Happened?
Nigerians invested in a betting platform called 86 football technology that promised to give a better Return on Investment (ROI). Unfortunately, it never came, not even after six months.
The betting platform, also known as 86FB, 86Z, and 86W was registered by the Corporate Affairs Commission of Nigeria.
To further verify the legitimacy of the platform, some researchers launched into action and discovered that, their operation is a dubious one. Hence, they decided to drag the issue to court to seek redress for the swindled victims.
Evidence submitted in court also proved that the funds were deposited through various platforms, e.g., Marakwe and Sons Ltd, Monotechnologies Nigeria Ltd, and Wildcat Global.
More people are however interested in this case, as they have petitioned to court to create an advertisement about it. These adverts will be placed in newspapers and online media.
Flutterwave has not reacted to the ongoing case. In 2019, the fintech firm was tagged as unlicensed in Kenya. However, it said, it is in constant engagement with the Central Bank of Kenya. This is to ensure that it “provides all the requirements and we look forward to receiving our license”.
“We have been in constant engagement with the Central Bank of Kenya to ensure that we provide all the requirements and we look forward to receiving our license,” the firm said in a statement.
Also reacting is one of the swindled victims, Adebayo, who said, he hope this “joinder will be fair and just in resolving the issue.” He also said he hopes it provides protection and security for the rights and interests of the interested party who are affected by the eventual issuance of forfeiture orders