Nigerians who invested in the sports betting platform 86 Football Technology or 86FB have petitioned Kenya courts to release the $11.8 million (NGN5 billion) in some accounts it froze over the Flutterwave scam saga.
The investors, about 2,468 of them, claimed that the platform had scammed them through its Flutterwave payment.
You will recall that 86FB accused the troubled Nigerian fintech of ‘maliciously’ freezing its accounts in April 2022, making it impossible to pay investors. We had heard many narratives then, including the possibility that the betting investment company was under investigation, hence why its funds were seized.
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However, with more clarity at our disposal, it appears that the entire reputation of the fintech is at stake. The 86FB funds are part of the millions of dollars that the Kenyan Assets Recovery Agency (ARA) froze in more than 62 bank accounts. The funds are alleged to be proceeds of theft, fraud, and money laundering.
The Nigerian investors request that the court release the funds in accounts owned by 86 Football Technology to settle the investors.
As quoted by Tech Point Africa, one of the investors, Morris Ebitimi Joseph, claimed that they had filed a lawsuit in Nigeria that will help them recover their funds once the Kenyan authorities release it.
The 86FB platform used third-party lines to collect the funds under scrutiny, such as; Marakwe and Sons Ltd, Marasoft Digital Technologies Ltd (also known as Marasoftpay), Hadsol Global Investment Service Ltd, Monotechnologies Nig. Ltd, and Wildcat Global.
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