A Nairobi court in Kenya has frozen 45 bank accounts and 10 mobile money wallets belonging to a Nigerian-owned financial technology firm battling multiple money laundering allegations, as scorned individuals and companies begin to queue up for billions the firm has stashed away in local banks. High Court judge Alfred Mabeya last week issued orders freezing the accounts of Flutterwave Payments Technology after a group of 2,468 Nigerian nationals claimed the firm was used to defraud them of $12.04 million (Sh1.6 billion), Business Daily Africa reports.
June 14, 2023
The Nigerian nationals have sued Flutterwave, naming six local lenders that hold the company’s funds as interested parties. The latest case mounts pressure on the tech firm which has been pushing for a Central Bank of Kenya license amid mounting court fights and regulatory hurdles. In 2022, the Assets Recovery Agency successfully sought freezing orders against Flutterwave and eight other Nigerian companies whose bank accounts held Sh6.2 billion.
However, in February 2023, the ARA withdrew its case against the companies, giving them access to the billions.It is registered in California as a payment technology and infrastructure provider. But its main operations are in at least 10 African countries, including Kenya and Nigeria. According to court documents, the petitioners pumped money into a sports betting platform, registered as 86 Football Technology Ltd, in an attempt to profit from their country's vibrant gambling industry.The company is accused of duping gullible punters into believing that it used complex scientific formulae to calculate potential football outcomes.
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