Nigerian Payment Company, Flutterwave Has Its Kenyan Account Shut For Money Laundering

Date: 07-07-2022 7:08 am (1 month ago) | Author: Daniel Bosai
- at 7-07-2022 07:08 AM (1 month ago)
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Kenyan authorities have frozen financial assets of Flutterwave after filing criminal charges against the pan-African payment solutions firm

The firm was accused of conducting suspicious transactions and failing to comply with financial regulations in Kenya, The Star in Nairobi reported, adding that Flutterwave was one of about seven firms ensnared in an indictment that came down on Wednesday.

Amongst the businesses caught in the probe, Flutterwave appeared the largest and it alone had its accounts frozen to the tune of $56.7 million (6.7 billion Kenyan shillings) by the country’s Asset Recovery Agency, The Star said.

“Investigations established that the bank accounts operations had suspicious activities where funds could be received from specific foreign entities which raised suspicion. The funds were then transferred to related accounts as opposed to settlement to merchants,” prosecutors alleged in filings.
Investigations into Flutterwave began several months ago, and authorities obtained warrants to seize the firm’s accounts in April. The provisional seizure permit was granted for 90 days, and the matter will be heard on November 7, per The Star.

The seizure order appears to coincide with a report published by journalist David Hundeyin, which exposed alleged financial, criminal and ethical lapses against Flutterwave and its chief executive Gbenga Agboola in April 2022.

GTBank and Ecobank, amongst other financial services in Kenya, were also said to have provided their platforms to Flutterwave.

In a text message to Peoples Gazette, Mr Agboola suggested the charges were politically motivated. “Why are Nigerian companies in Kenya being targeted by Kenya ARA?” Mr Agboola said. “This is happening near their election time.”
He also said Flutterwave was not the first Nigerian firm to be targeted in Kenya.

Posted: at 7-07-2022 07:08 AM (1 month ago) | Addicted Hero
- gogoman at 7-07-2022 11:56 AM (1 month ago)
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Posted: at 7-07-2022 11:56 AM (1 month ago) | Addicted Hero