A petition has been made by more than 2,000 Nigerian investors demanding the release of Ksh 1.44 billion ($1.8million) held by Safaricom and four other banks in Kenya.
These investors claim that they were duped billions of shillings by a sports betting platform (86FB) that used Nigerian and African Fintech company Flutterwave to process payments.
Citing Kenya’s anti-money laundering laws, these investors are demanding that the sum of $12 million is split from the Ksh 6.6 B ($55 M) that was frozen in July in 62 bank accounts at Guaranty Trust Bank (GTB), Equity Bank, Ecobank, and UBA Bank, as well as in 19 Safaricom paybill numbers.
The Assets Recovery Agency (ARA) was granted permission to freeze Ksh 5.17 B (USD 49 M) in 29 GTB accounts, with the remaining funds held in accounts at Equity and Ecobank in Kenyan Shillings, US Dollars, Euros, and British Pounds.
The large sums are alleged to be the proceeds of theft, credit card fraud, and money laundering that were wired under the guise of payments for goods and services.
One of the investors who identified himself as Morris Ebitimi Joseph claimed that he and other investors had filed a new lawsuit in Nigeria to seek the return of their funds.
They argued that a portion of the money belonged to them and have opposed the attempt to forfeit it to the Kenyan government which they claimed were fraudulent proceeds.
In his words, “I believe that the issuance of an order compelling Guaranty Trust Bank, Equity Bank, and Ecobank to deposit the sums excluded in the bank account of our advocates, justice shall be served to the 2,468 interested parties who were swindled of their hard-earned money through the scheme”.
Morris claimed that the investors put money into the investment scheme on the promise of better returns from the betting business, but however, never materialized.
Before the payments stopped, according to them, everything was fine for about six months. He also shared that after conducting research, he came to the conclusion that the operation was questionable, and now wants to join the case and help the court resolve the issue.
The Nigerian contingent is requesting the Central Bank of Kenya (CBK), which declared in July that Flutterwave is not licensed in Kenya, to ask that the court issue an order directing Access Bank, Safaricom, and United Bank of Africa to deposit the excluded amount in the account of his attorneys.
“The claim made by the applicant/intended interested party represents the interest of 2,468 persons, thus occasioning monumental public interest.
Failure to expeditiously determine whether the application is in like fashion constitutes substantive and irreparable injustice,” Joseph says. He contends that there may be more people with an interest in the funds in addition to the 2,468 people who are requesting an injunction.
Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation
Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.
The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.
During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.
Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.
“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.
In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.
He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.
“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.
Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.
This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).
Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico
Mexican Investors Explore Solid Minerals Opportunities in Nigeria
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications4 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance
Naira4 weeks ago
N-Power Dismisses Fake Recruitment Reports, Highlights Ongoing Payment Resolutions
Forex4 weeks ago
Naira’s Steep Plunge: Eight Major Firms Declare N918.1bn Revaluation Loss