Economy
Kenya court freezes 56 bank accounts, several Nigerians, banks named in the money laundering saga
A Kenya court has frozen the account of 56 banks in which 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 accounts are domiciled. In the court order some of the directors in the said companies are listed as Olugbenga Agboola, David Mouko (Kenyan) and Flutterwave Inc. The company is reported to have operated 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and 6 with Ecobank.
According to Kenya media report, The court orders were issued after the Asset Recovery Agency (ARA) told the court that the accounts for seven targeted companies were used as conduits for money laundering in the guise of providing merchant services. The accounts that have been frozen are in USD, British Pound Sterling, EURO and Kenya shillings. The High court has froz 56 bank accounts holding a whopping Sh7 billion suspected to have been laundered by foreign nationals some of who are Nigerians. The orders were issued after the Asset Recovery Agency (ARA) told the court that the accounts for seven targeted companies were used as conduits for money laundering in the guise of providing merchant services. The accounts that have been frozen are in USD, British Pound Sterling, EURO and Kenya shillings.
According to the report the companies listed 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. According to the court documents, Flutterwave was registered on February 23, 2017. Its directors are listed as Olugbenga Agboola, David Mouko (Kenyan) and Flutterwave Inc. The company operated 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and 6 with Ecobank. The Agency says 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,” said the Agency. In an affidavit, 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. Some of the funds he said were transferred into fixed deposit accounts.
The Agency further established that Flutterwave was concealing the nature of its business by allegedly providing a payment service platform without authorisation 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. The company’s Equity account number revealed that at some point in May 2021, it received 185 online card payments all sharing the same bank identification number. The transactions were done using cards issued by the same bank at the same point on the same day raising suspicion of card fraud. For instance, ARA says the Flutterwave equity USD Bank account was opened in November 2020.The funds received were mainly from Flutterwave Inc. 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.
Justice Maina further issued orders stopping Boxtrip travels and tours limited from transferring or withdrawing 3.9 million dollars (Sh460 million) held in his Eco bank account. The Director of Boxtrip travels and tours the director is listed as Enyioma Olufemi a Nigerian national. “It received the money from Flutterwave ltd in two days. That is 27 to 28 April this year.” No explanation nor supporting documents were provided to justify the transactions therefore reasonable grounds to believe that the accounts were used as conduits for money laundering,” said ARA. For Bagtrip travels, the court froze its account holding Sh425 million shillings. The director of the company is listed as Taiwo Soyemi, a Nigerian National. It received the monies from Flutterwave ltd and rainbow solution technology on 28 April and 6 May 2022. A further Sh1.2 million belonging to Elivalat Fintech Limited was frozen.
Some of the monies were transferred to Tiware Adrian Simon who is one of the directors at Elivalat ltd and to Muoko David who is one of the directors of Flutterwave ltd. For Aduru technology limited, the court froze Sh100 million held in its Equity account. The directors of the company are listed as Adaeze Okonkwo, and Caroline Muchina, wife to David Muoko who is a director of Flutterwave. For Hupesi solutions, the court preserved the Sh1.6 million held in its Equity account. The proprietor of the company is listed as Festus Mutuku. The documents indicate that the company’s equity account received a total of Sh143m of which 54 million was transferred to Flutterwave payments, 45 million transferred to GC Natural PL and internal transfers of Sh26 million. The transactions were done in tranches of below Sh1 million to avoid reporting threshold. But by the time the agency obtained orders to freeze, only 1.6 million was left in the account. The court preserved another Sh2.4 million held in the account of Crus ride, a motor vehicle dealer.
The company is said to have received the monies from Flutterwave on June 6. The funds were later transferred to Simon Ngige. “The account had been dormant and had not received any funds from September 2021 to May 2022. However, in June 2022, the account received 269,000 US dollars (31.7 million shillings),” said ARA. The documents indicate that Ngige received 452000 US dollars (Sh53.3 million) in his KCB account from Flutterwave, Cavin solutions and Cruz ride auto. On 24 June, Ngige transferred 200,000 US dollars (SHS 23.6 million) to his KCB account. The court stopped him from transferring Sh14 million left in his account “An analysis of the statements of accounts established that the accounts received suspicious deposits that indicate smurfing activities hoping to evade detection,” said ARA. The orders granted by the court will be in force for a period of 90 days.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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