A High Court in Nairobi, Kenya, has frozen 45 bank accounts and 10 mobile money wallets belonging to a Nigerian-owned financial technology firm, Flutterwave
Justice Alfred Mabeya issued the orders on June 7, 2023, freezing the accounts of Flutterwave Payments Technology Ltd after a group of 2,468 Nigerians claimed the firm was used to defraud them of $12.04 million (Sh1.6 billion).
The Nigerian nationals have sued Flutterwave and named six financial institutions that hold the company’s funds as interested parties.
The institutions include five banks—United Bank of Africa, Access Bank, Guaranty Trust Bank, Equity Bank and Ecobank; and Safaricom, where Flutterwave operates 10 paybill numbers.
“The application is certified as urgent… The application will be served for directions on June 21. In the meantime, prayers two to nine (seeking freezing of bank accounts, bank keys and mobile money wallets) are granted for 14 days only,” Justice Mabeya ruled.
Justice Mabeya ordered the 2,468 Ponzi scheme victims to serve Flutterwave Payment Solutions and the six institutions holding their funds with the court papers.
The parties will appear before him on June 21 for further directions. The judge will also decide whether to extend the freezing orders.
While the court papers do not specify how much money is in the bank accounts and mobile money wallets, the Nigerians, who are seeking Sh1.6 billion, are confident they have billions
Flutterwave has appointed Mahmoud Gitau Jillo Advocates to represent it in the case. Aina Ojonugwa, THEWILL
