The Kenyan High Court on Tuesday ordered the seizure of $3.3 million belonging to Nigerian financial technology company, Flutterwave.
Justice Grace Nzioka gave the order while ruling on an application filed by Kenya’s Assets Recovery Agency (ARA) against the Nigerian fintech company.
ARA had approached the court to prevent Flutterwave from transferring or withdrawing the funds in the accounts until the conclusion of an investigation into the company’s operation.
The money is kept in 22 accounts – two in United Bank for Africa (UBA), one in Access Bank, and 19 in Safaricom M-Pesa paybill numbers.
The breakdown of the money revealed the following: two UBA accounts have Sh110 million ($916,136.99) and Sh66.7 million ($556,622) while Access Bank has Sh29.1 million ($242,405.54).
The M-Pesa contains Sh14.5 million ($120,784.34), Sh112 million ($932,870.58), and Sh68 million ($566,308.03) respectively.
In her ruling, Justice Nzioka said: “A preservation order be, and is hereby issued prohibiting 1st respondent or his agents or representative from transacting, withdrawing, transferring, using any other dealings in respect to the money held in the account.”
Flutterwave is also involved in another case with some companies, leading to blocking of 62 bank accounts consisting of Sh6.2 billion ($59.2 million) by a separate court in the East African country.
The Central Bank of Kenya had recently declared that Flutterwave lacked the license to operate in the country.
The Kenyan apex bank described Flutterwave’s operation as illegal after some transactions involving the company’s accounts were linked to credit card frauds and other financial infractions.
Flutterwave had since denied the allegations.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...
INVESTIGATION: How N70m road construction created more hardship for Sokoto residents
“To address recurrent accidents on Gagi to Gidan Dilo road and Fakon Idi roads, in Sokoto State, the Federal Government,...
INVESTIGATION: Inside Kwara school where students are used as labour on teachers’ private farms
In this report, SHEREEFDEEN AHMAD uncovered how young students in Kwara State, Nigeria, are being used for labour work on...
INVESTIGATION: How Kano SUBEB awarded contracts to inactive contractors, non-existent schools
In an effort to address issues hindering quality education, the Kano State Government in 2020 awarded N88,406,667.10 for the construction...