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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

Study Reveals Majority of IT Professionals Show Openness to Cyber Immunity

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The cybersecurity landscape is evolving rapidly, with organisations seeking more robust ways to protect their digital assets. A recent global study conducted by Kaspersky reveals a growing shift toward proactive security strategies, particularly the adoption of Secure by Design development and Cyber Immunity – an innovative approach that embeds resilience directly into system architecture.

The study highlights that 90% of cybersecurity professionals surveyed in the Middle East, Turkiye and Africa (META) region are familiar with Secure by Design development. This methodology integrates security into the very fabric of a system from its inception, rather than treating it as an afterthought.

Such an approach is already employed in high-stakes industries like aerospace, where security cannot be bolted on later – it must be intrinsic. Despite its advantages, however, adoption has been slow due to challenges related to standardisation and cost.

Cyber Immunity is the next frontier in cybersecurity

Building on Secure by Design principles, Cyber Immunity takes cybersecurity a step further by creating systems that inherently resist attacks without the need for constant patching or additional security layers. The study reveals that most experts are familiar with Cyber Immunity but interpret it differently.

When asked what they associate with the term, 64% of respondents in the META region linked it to Secure by Design systems that remain resilient under attack, while 56% viewed it as a combination of technology and policy measures that block cybercriminal access. Another 48% connected it to highly skilled cybersecurity teams, indicating that while awareness is high, a unified understanding is still developing.

The growing demand for proactive security

One of the most striking findings is the optimism surrounding inherently secure systems. Over half of respondents in the META region (63%) believe it is already possible or definitely achievable to design systems capable of withstanding cyberattacks without relying on additional security solutions.

Another 32% think it might be possible, reflecting openness to this idea despite some uncertainty. This shift in mindset aligns with a broader industry trend: traditional reactive security measures are no longer sufficient.

With AI-powered threats and increasingly sophisticated attacks, organisations need solutions that do more than just detect breaches—they must prevent them by design.

Integrating Cyber Immunity into security strategies

The study emphasises that resilience, expertise, and flexibility will define the next generation of cybersecurity. While Secure by Design provides the methodology, Cyber Immunity represents the ultimate goal—systems so robust that they minimise reliance on external defences.

“For companies looking ahead, Cyber Immunity offers more than just protection — it brings clear business benefits. When systems are built to be secure from the ground up, there’s less need for constant updates, patches, and extra security tools. That means fewer costs, less strain on IT teams, and stronger, more reliable protection over time,” said Dmitry Lukiyan, Head of KasperskyOS Business Unit.

Most importantly in today’s threat landscape, Cyber Immunity offers robust protection against next-generation challenges — including AI-driven attacks capable of outmaneuvering traditional security measures.

When security becomes an intrinsic property of system architecture rather than an external addition, businesses gain more than just protection—they secure a competitive market advantage.

This proactive approach future-proofs critical infrastructure, enabling organisations to operate confidently even as threats evolve. It transforms cybersecurity from a defensive necessity into a strategic differentiator that accelerates digital transformation while mitigating risk.

As the cybersecurity environment becomes more complex, Cyber Immunity is emerging as a vital strategy. Organisations that adopt it now will not only enhance their protection but also position themselves ahead of the curve in an increasingly volatile digital world.

 


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E-Business

Konga launches Jara sales with 25% discount on Starlink kits, free delivery

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Konga, Nigeria’s leading composite e-commerce platform, has launched its inaugural 2026 shopping campaign, Konga Jara, offering 25 per cent discount on Starlink internet kits alongside free nationwide delivery.

Konga launches Jara sales with 25% discount on Starlink kits, free delivery

Konga

The campaign, drawing from the Nigerian concept of “jara” — the extra value traders add to purchases — aims to deliver exceptional deals across categories, helping shoppers turn new year aspirations into reality through affordable technology and value-driven shopping.

To qualify for the Starlink discount, customers must purchase kits on Konga.com, activate them at starlink.com/activate, and email activation details to [email protected] for verification against Starlink’s records. Discounts are subject to terms and conditions.

Konga said spotlighting Starlink underscores reliable internet’s role in Nigeria’s digital economy, supporting work, learning, entrepreneurship and communication for households and businesses.

Mr Onochie Melvin, Head of Commercial Planning at Konga, said: “We listened carefully to what Nigerians said they needed to truly kickstart 2026 on the right footing. Reliable internet connectivity emerged as the foundation upon which other aspirations depend.”

He added: “Students need it for online learning, entrepreneurs need it to scale digital businesses, and professionals rely on it for remote work. This Starlink offer is not just about selling products; it is about removing barriers that prevent Nigerians from fully participating in the digital economy.”

Beyond connectivity, Konga Jara provides genuine products from original equipment manufacturers (OEMs) with transparent pricing, warranties and authenticity guarantees.

As a composite e-commerce ecosystem, Konga integrates shopping, payments and logistics for seamless nationwide access, with exclusive deals shared via its social media channels throughout the campaign.

Shoppers can explore offers at www.konga.com and follow Konga’s official pages for updates across the Konga Group.


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E-Business

Firm Identifies Global Scam Activity Linked to the Release of Avatar 3

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The premiere of Avatar 3 has taken place in several countries and has been accompanied by a noticeable increase in online interest. Amid the heightened attention surrounding the release, Kaspersky experts identified an increase in cyber-scam campaigns that exploit the movie’s launch and users’ desire to watch it online. The fraudulent websites target users across multiple regions, indicating attempts by attackers to reach a global audience.

The scam operates as follows: cybercriminals create suspicious websites that offer online access to the Avatar 3 movie. Attackers place particular emphasis on localisation, publishing the sites in multiple languages to attract users from different countries. However, the translations are often poorly executed and contain grammatical errors and inconsistencies, which may serve as indicators of fraudulent activity.

When users attempt to start the video, they are presented with a fake media player and prompted to register in order to obtain “full” or “unlimited” access to the film. As part of the registration process, users are asked to provide personal information, including an email address and mobile phone number.

At later stages, scammers may request additional data, including payment details, under the guise of activating a “free trial.” This creates risks of credential compromise, particularly if users reuse passwords across multiple services, and may also lead to financial losses.

“Cybercriminals consistently exploit major movie premieres to capture users’ attention and increase the effectiveness of their schemes. We advise accessing films only through official platforms and exercising caution when encountering websites that request personal or payment information. It is also important to use reliable security solutions to protect all devices, including mobiles,” comments Olga Altukhova, Senior web content analyst at Kaspersky.

 


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