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Kenyan Court Freezes Accounts of Flutterwave, Others for Alleged Money Laundering

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A Kenyan high court has reportedly frozen the accounts of Futterwave, a Nigerian fintech, among over alleged money laundering.

Kenyan Court Freezes Accounts of Flutterwave, Others for Alleged Money Laundering

A total of 56 bank accounts holding a whopping Sh7 billion suspected to have been laundered by foreign nationals were frozen by the court.

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 Star, a Kenyan based newspaper reported.

According to the report, the accounts that have been frozen are in USD, British Pound Sterling, EURO and Kenya shillings.

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,” the agency said.

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, according to the report, ffurther established that 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.

“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.

Th 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 case will be mentioned on November 7, the report said.


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E-Business

NITDA DG Reaffirms FG Commitment to Responsible and Inclusive AI

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The Federal Government of Nigeria has reaffirmed its commitment to building a responsible, inclusive, and sovereign artificial intelligence ecosystem to enable Nigeria to transition from being a passive consumer of AI technologies to an architect and builder of indigenous AI systems.

This was said by the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi CCIE, while delivering a virtual address at the InnovateAI Conference held in Lagos.

The conference brought together policymakers, technology leaders, innovators, and stakeholders to discuss the future of artificial intelligence and its role in driving Nigeria’s digital economy and national development agenda.

Inuwa outlined Nigeria’s ambition to transition from being a consumer of artificial intelligence technologies to becoming a builder and owner of AI systems that reflect national values and priorities, in line with the National AI Strategy.

“Our goal is not just to use AI, but to architect and build our own AI systems in Nigeria,” he said, stressing that the country must take ownership of its AI future.

He noted that Nigeria’s approach to artificial intelligence extends beyond innovation to include governance, infrastructure, data sovereignty, and policy evolution.

According to him, “Responsible AI is never a finished job; it is an iterative journey. Our policies must evolve as the technology evolves, and we must avoid frozen laws by adopting living policies that adapt over time.”

He cited the implementation of the Digital Economy and E-Governance Bill as a key mechanism for generating insights that will help refine AI regulations and governance frameworks.

Inuwa also highlighted the challenge of data representation in global AI systems, noting that most models are trained on non-African datasets, which often results in bias against local dialects, cultures, and demographics.

“If a model shows bias against a local dialect or demographic, we cannot just patch it. We must reinvest in infrastructure to retrain it with inclusive and representative local datasets,” he stated.

He added that building national AI infrastructure is critical to achieving data sovereignty and ensuring that Nigeria is not merely an end user of foreign AI systems.

He further called for strategic partnerships with global technology companies and hyperscalers to build AI infrastructure in Nigeria while aligning with local values and national priorities.

“The world today is a global village. We need to work with global players, but they must understand our local nuances and help us build the infrastructure to retrain and develop AI models that reflect our context,” he said.

The NITDA Director General explained that adopting a comprehensive AI lifecycle approach, from responsible data collection and governance to deployment and continuous feedback, will enable Nigeria to move from reacting to AI developments to proactively designing indigenous AI systems.

“Without understanding how AI models are trained, how decisions are made, and how models are retrained, it will be difficult to build a responsible and trustworthy AI system,” he warned.

He reaffirmed that the Federal Government is intentional about promoting responsible AI and is working closely with the technology ecosystem to co-design national AI guardrails. He described platforms such as the InnovateAI Conference and other national AI dialogues as critical to shaping Nigeria’s AI future.


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Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026

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Mutual Benefits Assurance, a leading Nigerian insurance company, has paid a total of ₦5,937,665,353.57 in claims to policyholders in January 2026 alone, underlining its strong financial capacity and unwavering commitment to prompt claims settlement.

Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026

Mutual Benefits Assurance

A breakdown of the figures shows that ₦3,426,602,834.28 was paid under its General (Non-Life) Insurance portfolio, while ₦2,511,062,519.29 was paid across its Life businesses, including Group Life and Retail Life policies.

The significant payout within a single month reinforces Mutual Benefits’ reputation as a dependable insurer that honors its obligations swiftly and responsibly.

Commenting on the development, Olufemi Asenuga, Managing Director, Mutual Benefits Assurance Plc stated that claims settlement remains the core promise of insurance and the ultimate test of an insurer’s credibility.

“Insurance is built on trust. Our ability to settle over ₦5.9 billion in claims in one month demonstrates not only our financial strength, but also our deep commitment to our policyholders. At Mutual Benefits, we do not just sell policies. We stand by our promises,” he said.

With over three decades of operations, Mutual Benefits has consistently positioned itself as a strong and well-capitalised insurer.

The company operates both Life and General Insurance businesses and remains fully compliant with regulatory capital requirements as stipulated by the National Insurance Commission (NAICOM).

The January payout reflects Mutual Benefit’s robust underwriting standards, prudent risk management practices and efficient claims administration framework.

It also aligns with the company’s broader record of substantial claims settlement in recent years, reinforcing its standing as a trusted brand in the Nigerian insurance industry.

Mutual Benefits employs over 5,000 staff, managed by seasoned management team and an experienced Board of Directors. Industry observers note that prompt claims payment remains one of the most critical differentiators in Nigeria’s competitive insurance landscape.

By consistently settling valid claims without delay, Mutual Benefits continues to strengthen customer confidence, deepen market trust and expand its footprint across retail and corporate segments.

As the company begins 2026 on a strong footing, it reiterates its commitment to innovation, service excellence and delivering value to policyholders and stakeholders alike. Mutual Benefits Assurance focused on its mission to provide reliable risk protection solutions while maintaining the highest standards of professionalism and integrity.


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NITDA Warns Nigerians of Actively Exploited Microsoft Office Vulnerability

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National Information Technology Development Agency (NITDA) has issued an urgent cybersecurity warning about a serious Microsoft Office vulnerability (CVE-2026-21509) that attackers are actively exploiting.

NITDA Warns Nigerians of Actively Exploited Microsoft Office Vulnerability

This advisory, shared through Nigeria’s Computer Emergency Response Team (CERRT.NG), highlights the risks of this flaw and recommends immediate action to protect systems.

Microsoft has released quick security updates to fix this vulnerability, which has a severity score of 7.8, showing it is a serious risk. Attackers have already used it in targeted attacks.

CVE-2026-21509 affects multiple versions of Microsoft Office, including Office 2016, Office 2019, Microsoft 365 Apps, Office 2021, and later versions.

This flaw allows attackers to bypass security features meant to stop harmful Object Linking and Embedding (OLE) controls. OLE is an older Microsoft technology that can be used to embed links or content, but it has often been exploited by malware.

By exploiting this flaw, attackers can create specially designed Office documents.

When a user opens these documents, they can run malicious code or gain further access to the system.

Exploitation requires user interaction, meaning attackers often trick people into opening harmful Word, Excel, or other Office documents. Common methods include using email attachments or files from untrusted sources.

Because Microsoft confirmed that the vulnerability is being actively exploited, they have made emergency security updates available outside their usual schedule. Users and organisations should:

  1. Install the latest Microsoft Office security updates for all affected versions.
  2. Restart Office applications for Office 2021 and later to ensure that the updates take effect.
  3. Use registry-based settings for protection if updates can’t be applied right away.
  4. Follow good cybersecurity practices, like using endpoint protection and filtering emails.

Microsoft’s updates for Office 2021 and newer versions are automatically applied, but need a restart of the applications to be active.


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