Flutterwave Off Hook: Nigerian Fintech Giant Gets Back ‘Dirty’ KSh 6.6 Billion Frozen Under Uhuru Rule

• The Asset Recovery Authority (ARA) announced plans to drop its money laundering lawsuit against Nigerian fintech Flutterwave
• The High Court of Kenya froze over KSh 6.6 billion belonging to Flutterwave in Guaranty Trust Bank, Equity Bank, EcoBank, KCB and Co-operative Bank
• If Flutterwave gets the refund, it will be the sixth firm to have its case closed under President William Ruto’s administration

Nigerian fintech giant Flutterwave is keen to reclaim its KSh 6.6 billion believed to be money laundering proceeds.

This followed the recent trend of the government withdrawing corporate and individual graft cases.

The Asset Recovery Authority (ARA) announced plans to drop its case against the firm, which saw the High Court freeze Flutterwave accounts at 62 banks related to Flutterwave.

The ARA said investigations revealed the billions were deposited under the guise of paying for goods and services.

According to the Daily Nation, if Flutterwave were to claim back the “dirty” billions, it would be the sixth firm to have its case dismissed under President William Ruto’s administration.

The firms charged in an international money laundering syndicate include Korapay Technologies Ltd (KSh 31 million), Kandon Technologies Ltd (KSh15 million) and RemX Capital Ltd (KSh787 million).

Avalon Offshore Logistics Ltd (KSh43.5 million) and OIT Africa Limited (KSh4.9 billion), have also had their cases closed by the ARA.

Flutterwave is expected to get a whopping KSh 12 billion, up from the current requirement of KSh 5.8 billion.

Flutterwave CEO in Kenya

The move by the firm to reclaim the funds was led by CEO Alugbenga Agboola’s visit to Kenya in February 2023.

Agboola met the company’s staff in Nairobi as he sought to clarify the matter between him and ARA.

According to Business Daily, Agboola landed in the country and sought an audience with the Central Bank of Kenya (CBK) to unlock the ban on the business.

In July 2022, the CBK suspended the operation of the fintech, saying it lacked the license to operate in the country.

Fintech has been operating as a payment service provider for public service vehicles (PSV) across the continent.

CBK Governor Patrick Njoroge noted that along with Chipper money, the two should not be operating in Kenya.

Source: TUKO.co.ke