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Kenya freezes more Flutterwave accounts worth 1.5 billion Naira

Flutterwave in fresh trouble as Kenya freezes more accounts worth 1.5 billion Naira

Flutterwave continues to navigate troubled waters as a new set of accounts is frozen by a Kenya court ruling. According to a Tech Cabal report, the accounts held up to $3.3 million or NGN1.5 billion.

The court cited money laundering allegations and gave the country’s Asset Recovery Agency (ARA) permission to hold the accounts hostage after a request was made on August 25, 2022.

The accounts are distributed as follows; two UBA accounts containing $1.46 million or NGN617 million, one Access Bank account containing $243,000 or NGN103 million, and 19 Safaricom M-Pesa paybill numbers valued at $1.5 million or NGN634 million.

This new legal trouble is a continuation of the July account freezes that saw the fintech and its sister companies’ $59.2 million funds tied up in a lawsuit. 

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While the legal battles continue, Flutterwave is also looking down the barrel of ill reputation after its CEO Gbenga Agboola has been called out online for all sorts of improprieties. From fraud accusations to impersonation and even insider trading.

Given that he has been the face of the company for years, investors would likely be in the phase of damage control now. Although, Flutterwave has always maintained that it was not involved in breaking any law in Kenya and claims to have followed the rules to the latter.

In related news, another Nigerian startup, Risevest, just forced its founder and CEO to step down amidst allegations that may not be as serious as what Flutterwave is facing. Gbenga Agboola must have a lot of backing from his company’s board.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.