News
Court Freezes Accounts Belonging To Flutterwave And Others Over Alleged Money Laundering
A Kenyan High Court has seized Sh7 Billion ($59 million), from 56 accounts belonging to fintechs including Nigeria’s Flutterwave, stating they were used as conduits for money laundering in the guise of providing merchant services.
This was disclosed in a report by Kenya’s The Star on Wednesday evening.
The affected fintechs are Flutterwave Payment Technology Limited, Boxtrip Travel and Tours Limited, Bagtrip Travel Limited, Elivalat Fintech Limited, Adguru Technology Limited, Hupesi Solutions, Cruz Ride Auto Limited and one Simon Ngige.
The report revealed that the currencies frozen in accounts are in USD, British Pound Sterling, EURO and Kenya shillings.
The court documents revealed that Flutterwave was registered on February 23, 2017, with directors listed as Olugbenga Agboola, David Mouko (Kenyan) and Flutterwave Inc, and operated 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and 6 with Ecobank.
Kenya’s Asset Recovery Agency (ARA) told the court that the company’s account received billions of shillings and the same was deposited in different bank accounts in an attempt to conceal the nature, source or movement of the funds.
“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,” it said.
Isaac Nakitare, an investigator with the agency says they obtained orders on April 4 this year to search and inspect the accounts.
Nakitare says by the time he obtained the orders, the accounts at Guaranty Trust bank belonging to Flutterwave had a balance of Sh5.3 billion, Sh1.4 billion at Equity bank and other millions at Ecobank.
The agency further stated that Flutterwave was concealing the nature of its business by allegedly providing a payment service platform without authorization from the central bank of Kenya as required by section 12 of the national payment system act.
The accounts he said were used as conduits for money laundering in the guise of providing merchant services.
“If indeed the Flutterwave was providing merchant services, there was no evidence of retail transactions from customers paying for goods and services. Further, there is no evidence of settlements to the alleged merchants,” he said.
Kenya’s ARA added that the Flutterwave equity USD Bank account was opened in November 2020, with funds received were mainly from Flutterwave Inc, however, between 2020 and 2022, the account received approximately Sh12 billion and the funds were either transferred to Remix Ltd while the rest were invested in a fixed deposit account.
News
NSIB locates wreckage of crashed helicopter in Port Harcourt
The Nigerian Safety Investigation Bureau (NSIB) says its search and recovery teams have successfully located the wreckage of the Sikorsky SK76 helicopter that crash-landed in Port Harcourt, Rivers.
In a statement on Thursday, Bimbo Olawumi Oladeji, NSIB’s director of public affairs and family assistance, said the wreckage was identified during recovery dives conducted on Wednesday night.
The helicopter, operated by Eastwind Aviation and carrying eight individuals, had crash-landed off the coast of Bonny Finima in the Atlantic Ocean on October 24.
The ministry of aviation and aerospace development confirmed that three bodies were recovered, while search and rescue operations continued in a bid to locate the remaining passengers.
The Nigerian National Petroleum Company (NNPC) Limited had said it hired the helicopter to its floating, production, storage, and offloading (FPSO) facility from the Nigerian Air Force (NAF) base in Port Harcourt.
Reacting to the accident on October 25, President Bola Tinubu directed military officers involved in various operations in Port Harcourt to join the search for passengers of the ill-fated aircraft.
Tinubu asked the military officers to provide the necessary support needed by the NSIB, the Nigerian Civil Aviation Authority (NCAA), and other relevant agencies.
In a statement yesterday, the NSIB said a fifth body was recovered from the site of the crash in Rivers, adding that the body recovered required specialised handling due to its decomposed state.
Giving updates on the search mission, Oladeji said preparations are ongoing for the helicopter’s recovery to support further investigation.
“The Nigerian Safety Investigation Bureau (NSIB) announces that the allied team and partners leading the charge for the search and recovery efforts of the ditched Sikorsky SK76 helicopter, registration 5N BQG, have located its wreckage,” the statement reads.
“The wreckage was identified during last night’s recovery dives, approximately 0.775 nautical miles from the FPSO Adoon. It was located at a depth of 42 meters, with coordinates registered at Latitude 04° 13.634′ N and Longitude 008° 19.442′ E.
“Preparations are currently underway for the helicopter’s recovery to support further investigation.”
Alex Badeh, the director-general of NSIB, commended the allied team and partners leading the search and recovery efforts.
“Locating the wreckage is a critical milestone in our efforts to understand the circumstances surrounding this tragic accident,” Badeh said.
“The dedication and cooperation shown by all involved parties have been exceptional, and we are determined to conduct a thorough investigation to provide clarity and closure to the families of those affected.”
Badeh reaffirmed the bureau’s commitment to working closely with national and international partners to carry out the recovery and investigative process, in line with its mandate to enhance transportation safety in Nigeria.
News
Sanwo-Olu to receive democracy award in Tanzania
The Association of Political Consultants Africa (APCA) has nominated Babajide Sanwo-Olu, governor of Lagos, for the 2023 Democracy Award.
In a statement on Thursday, the organisation said the award recognises political leaders who have made significant strides in democratic leadership, development, and governance.
Temitope Lakisokun, APCA chairperson in Nigeria, said Sanwo-Olu has “demonstrated exceptional leadership by building the capacity of state secretaries and improving governance structures within Lagos state”.
She added that his efforts have set a benchmark for effective governance and democratic practices in Nigeria.
The award will be presented at the 7th Africa political summit & diamond awards billed for December 11-14 at Lux Marijani, Zanzibar in Tanzania.
Past recipients of the award include President Bola Tinubu, President William Ruto of Kenya and Abiy Ahmed, prime minister of Ethiopia.
Political leaders, consultants, and stakeholders from across the continent and beyond are expected at the event.
News
Pride Cometh Before A Fall, “Do You Know Who I Am?”, By Emeka Monye
Last week, a video surfaced on various social media platforms, showing how a supposed member of the House of Representatives, Hon. Alex Ikwechegh, emotionally, psychologically and physically assaulted a bolt driver, Stephen Abuwatseya, who had come to deliver a parcel of snail to him, from a client.
In the said video, “Honourable” Alex Ikwechegh, representing Abia North and South at the House of Representative, was seen harassing, threatening and intimidating the less privileged driver, who despite all the shootings and threats to his life, remained calm.
Irked by what he described as the driver’s rude behaviour towards him, the federal lawmaker boasted that he could make the bolt driver dispear without trace and nothing would happen; he even went ahead to ask the driver to call the Inspector General of Police.
What was the driver’s offence? Simply because the lawmaker perceived him to be rude, hence his outburst to a fellow citizen whose social and economic status is at disparity with his. That is the system that we operate and run with, a dysfunctional one for that matter, where every political office holder and “very important personalities”, and the elites see themselves above the law and the law will not hold them accountable for their misdemeanours.
This is not the Nigeria we all yearn for, where intimidation, impunity reign above all other considerations, including constitutionAl provision which guarantees the right to human dignity. The country we all aspire to live as one nation-state and entity is where equity, justice, supersede all other considerations.
The driver’s encounter with the honourable is not a new phenomenon in the Nigerian socio-economic and political space. It cut across all spares of our national life, including private and public sectors. The phrase, “Do you know who I am” is a national lingo crept into the DNAs of most, if not all, Nigerians.
From the usual traffic jams in major cities and towns across the nation, to the shopping mall, down to the streets and filling stations, the spate of attacks on the less privileged Nigerians by these so-called influential elites clearly postulates the arrogance of personality among us, even when it is not needed, a typical Nigerian would want to show off and make the ordinary man feel intimidated.
Honourable Ikwechegh’s case only got to national prominence because of two major factors – his person and office he is occupying and the very fact that the bolt driver recorded the whole unpleasant event and posted it on social media, leading it to go viral.
Alex Ikwechegh has gone down into history as one of those Nigerians who has etched their names as one of the Intimidators, harassers and abusers of human rights and dignity. Sadly, what makes his actions and behaviour quite despicable is that he is of the youthful generation, a generation that has been clamouring for youths empowerment and inclusion in public governance.
The “Do you know who I am” croner has been ducked before a magistrate court in Abuja, for assault, leaving him to lick his wound of pride in disgrace and shame. At least, the bolt driver has shown that calmness and reasoning far outweighs the emotional outburst displayed by Alex Ikwechegh.
There are lessons – he has parted with a large sum of 500,000 Naira as bail funds, two sureties in like sum and I am certain, he will be asked to compensate the victim, Stephen Abuwatseya in financial terms. That is a learning curve for all those who think they can assault the less privileged and get away from it.
All these embarrassments were avoidable if the honourable had been honourable enough to control his emotional outburst, by just simply paying the gentle man bolt driver his professional fee
Emeka Monye Is A Journalist, Works With ARISE NEWS.
-
Celebrities7 days ago
God will continue to expose them, Angela Okorie tells Apostle Suleman after Halima’s apology
-
Business5 days ago
“OceanGate Oil & Gas Engineering Company, a Nigerian Indigenous company Partners with Global Petroleum Group to Unveil the Largest Oil and Gas Project in Caribbean History – Grenada Set to Become a Major Energy Hub”
-
Special Features2 days ago
Bodex Social Media Hangout Hits a Milestone to celebrate 5th edition in grand-style
-
News6 days ago
Lagos state government announces traffic diversion for installation of truck barriers at Ojuelegba Bridge
-
Celebrities1 week ago
Alibaba, AY, Basketmouth have no reason to compete with me, says Seyi Law
-
News6 days ago
Tinubu is destined to fix Nigeria, says Kennedy-Ohanenye
-
Entertainment3 days ago
I’ll never offer free service to my state… they abandoned me during illness, says Ngozi Nwosu
-
Business7 days ago
Air Peace to increase fares on local routes by November 1