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.
Economy
Buying Pressure Buoys NGX All-Share Index by 0.10%

By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed continued buying interest from offshore and domestic investors on Thursday, strengthening the market further by 0.10 per cent at the close of transactions.
Data revealed that the All-Share Index (ASI) was up by 105.26 points yesterday to 105,430.15 points from the preceding day’s 105,324.89 points, and the market capitalisation expanded by N65 billion to close at N65.287 trillion compared with the previous session’s N65.222 trillion.
Business Post observed that the market participants showed interest in equities across the key sectors of the exchange because of their prospects to yield better value later.
The insurance counter gained 0.63 per cent, the consumer goods index appreciated by 0.18 per cent, the energy index improved by 0.13 per cent, the banking space jumped by 0.09 per cent, and the industrial goods industry grew by 0.04 per cent.
Eterna chalked up 9.88 per cent to trade at N33.35, Cadbury Nigeria also gained 9.88 per cent to finish at N26.70, Fidson increased its value by 9.77 per cent to N19.10, UPDC rose by 9.77 per cent to N2.36, and Deap Capital soared by 9.38 per cent to N1.05.
On the flip side, Tripple G lost 9.72 per cent to end at N2.23, Golden Breweries receded by 8.91 per cent to N7.87, Veritas Kapital slumped by 7.81 per cent to N1.18, Caverton dipped by 5.53 per cent to N2.05, and Regency Alliance slipped by 4.05 per cent to 71 Kobo.
When the bourse closed for the session, there were 33 price advancers and 23 price decliners, indicating a positive market breadth index and strong investor sentiment.
Yesterday, investors bought and sold 537.2 million shares valued at N23.0 billion in 15,450 deals versus the 1.1 billion shares worth N28.8 billion traded in 15,080 deals on Wednesday, representing a rise in the number of deals by 2.45 per cent, and a decline in the trading volume and value by 49.19 per cent and 20.14 per cent, respectively.
Access Holdings led the activity log with 61.6 million stocks valued at N1.7 billion, Sterling Holdings exchanged 50.2 million equities for N296.2 million, Zenith Bank traded 40.5 million shares worth N2.0 billion, FBN Holdings sold 38.8 million equities valued at N1.3 billion, and UPDC transacted 23.6 million stocks worth N54.4 million.
Economy
Crude Oil Market Dips as Trump Reiterates US Plans to Boost Production

By Adedapo Adesanya
The crude oil market continued its downward movement on Thursday after the US President, Mr Donald Trump, repeated a pledge to raise his country’s oil production.
Consequently, the price of Brent crude futures fell by 32 cents or 0.4 per cent to $74.29 a barrel and the US West Texas Intermediate (WTI) crude declined by 42 cents or 0.6 per cent to $70.61 per barrel.
President Trump repeated a pledge to boost US production in a bid to lower oil prices and ease consumer inflation. The US is already the biggest crude producer in the world.
This move unnerved traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.
Market analysts have questioned whether US oil producers will be willing to pump more barrels in the current market especially with Trump’s tariffs on Canadian and Mexican imports looming.
US government data from the Energy Information Administration (EIA) showed domestic crude stockpiles rose by 8.7 million barrels last week on Wednesday.
Prices also drew support from new US sanctions against individuals and entities for facilitating shipments of Iranian oil to China.
This is as President Trump reimposed a maximum pressure campaign against Iran, but also said he was open to a deal with the oil producing country.
The US said the tankers onboarded Iranian crude from storage in China as part of a scheme involving Iran’s military, which stands to profit from the sale of the oil.
The sanctions block access of the individuals and entities to any of their assets in the US and prohibit US foreign assistance.
China is also not sitting on its oars, it responded to the US blanket tariff of 10 per cent on all Chinese imports with several measured retaliatory tariffs, including a 15 per cent levy on LNG and 10 per cent on crude oil imports from the US.
US crude exports could slide to 3.6 million barrels per day this year, especially if the Trump Administration enacts the tariffs on Mexico and Canada – currently on pause until March 4.
Amid these developments, Saudi Arabia’s state oil company, Aramco has sharply raised prices for buyers in Asia.
Economy
Genesis Energy’s Cutting-edge Solutions Thrill Katsina Governor

By Modupe Gbadeyanka
The Governor of Katsina State, Mr Dikko Radda, has expressed delight at the technological advancements and operational excellence of a leading provider of integrated energy solutions, Genesis Energy.
Speaking at a tour of the company’s facilities in Lagos and Port Harcourt recently, Mr Radda said, “I am glad with what I saw, and they have really exhibited their capacity in terms of power generation in Nigeria.
“What I have seen here is the turbine system of power generation which they have built for over 10 years, and it’s still running at full capacity.
“Additionally, we have seen how Genesis Energy distributes electricity and the processes of distribution and the efficiency of the service. This visit has really indicated to us that they’re up to the task and they’re capable. I believe that they can handle any project that has to do with power generation in our country,” he stated.
The Governor first visited the organisation’s 84MW off-grid power plant at the Port Harcourt Refinery, the largest licensed facility of its kind in Nigeria.
The visit underscored Genesis Energy’s critical role in providing a stable and efficient power supply to key industrial facilities.
He later proceeded to Genesis Energy’s Lagos power plant in Banana Island, Ikoyi, which features 2×7.5MVA and 15MVA Injection Substations operating at 33/11KV. This facility ensures uninterrupted electricity to commercial and residential areas, further cementing GENESIS Energy’s position as a trusted energy solutions provider.
The visit underscores the growing collaboration between state governments and private sector players in addressing Nigeria’s energy needs, while also reinforcing Genesis Energy’s role in delivering sustainable power solutions nationwide.
“At Genesis Energy, we are driven by the belief that strategic partnerships are essential for unlocking Nigeria’s vast energy potential. As we continue to expand our footprint and innovate in the energy sector, we are proud to support industries, stimulate economic growth, and pave the way for a more sustainable energy landscape.
“We thank Governor Radda for his insightful visit and look forward to future collaborations that will help drive transformative change across Nigeria’s energy sector,” the Executive Vice President of Operations and Maintenance at Genesis Energy Group, Mr Simon Shaibu, remarked.
Over the past decade, Genesis Energy has continued to expand its footprint in the power sector, deploying cutting-edge energy solutions to drive industrialization, economic growth, and enhanced energy security across Nigeria. The company remains committed to supporting national energy objectives through strategic partnerships and long-term investments in sustainable power infrastructure.
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