Economy
Court Freezes Bank Accounts of Flutterwave, Others in Kenya
By Adedapo Adesanya
A fresh storm seems to be brewing for Nigerian startup, Flutterwave, as a report from Kenya alleged that the payment company was among seven companies that had their bank account frozen over accusations of irregularities.
Kenyan newspaper, The Star, on Wednesday night reported that the country’s high court has frozen 56 bank accounts holding more than Sh6 billion (Kenya Shillings) with Flutterwave owning more than 50 of these accounts.
The directive was given 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 US Dollar, British Pound Sterling, Euro and Kenya shillings.
According to the court documents, Flutterwave 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 media platform.
Citing an investigator, it was disclosed that at the time they got the orders (April 4, 2022), the company’s accounts at Guaranty Trust Bank 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.
It further claimed 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.
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.
The High Court has also frozen Sh467.1 million belonging to Boxtrip Travels and Tours and Sh436 million in Bagtrip Travels Ltd accounts.
The other accounts include Elivalat Fintech Ltd (Sh1.16 million), Hupesi Solutions (Sh1.6 million), Cruz Ride Auto Ltd (Sh2.4 million).
An account under a Mr Simon Karanja Ngige, who is listed as a director of Cruz Ride Auto Ltd, has Sh14 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.
Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.
InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.
The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.
However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.
NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.
As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.
By Dipo Olowookere
The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.
This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.
Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.
On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.
During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.
The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.
When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.
By Adedapo Adesanya
The Naira opened the week stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N7.93 or 0.54 per cent on Monday, December 22, trading at N1,456.56/$1 compared with last Friday’s value of N1,464.49/$1.
The local currency also appreciated against the Euro in the same market window yesterday by N4.04 to close at N1,710.59/€1 versus the preceding session’s N1,714.63/€1, but depreciated against the Pound Sterling by 3 Kobo to finish at N1,957.33/£1 compared with the previous session’s N1,957.30/£1.
At the GTBank FX counter, the Nigerian Naira lost N3 against the greenback during the session to end at N1,470/$1 versus N1,467/$1 and remained unchanged in the parallel market at N1,485/$1.
Despite the market facing seasonal pressure, the Central Bank of Nigeria (CBN) conducted FX intervention sales, which have significantly reduced but not remove pressure from the Naira. The lender sold $150 million to authorised dealers and banks to absorb pressures from increasing demand for Dollar.
Meanwhile, Nigeria’s foreign exchange (FX) reserves have recorded the first decline in 25 weeks, falling by $263.151 million to $45.21 billion as of December 17, 2025, according to new data from the apex bank.
This marks a reversal of a long-running accumulation trend that pushed reserves to their highest level in six years. The contraction ended a sustained build-up that had peaked at $45.472 billion on December 12.
As for the cryptocurrency market, the bears dominated, with traders remaining cautious about a significant recovery with the market facing exhaustion.
While the total crypto market capitalization has surpassed $3 trillion, analysts warn that the market outcomes in the next few weeks may be driven by exhaustion rather than renewed confidence.
Ripple (XRP) depreciated by 1.9 per cent to $1.88, Ethereum (ETH) slid by 1.8 per cent to $2,971.28, Bitcoin (BTC) went down by 1.4 per cent to sell at $87,599.57, and Solana (SOL) slumped by 1.1 per cent to $124.89.
Further, Litecoin (LTC) declined by 0.9 per cent to close at $76.84, Dogecoin (DOGE) shrank by 0.7 per cent to $0.1310, Binance Coin (BNB) lost 0.6 per cent to sell for $852.09, and Cardano (ADA) fell by 0.1 per cent to $0.3655, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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