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Kenyan Court unfreezes Flutterwave’s Frozen Funds

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A Kenyan court on Monday, February 27, 2023, released Sh6.6 billion ($51.9 million) belonging to Nigerian fintech startup, Flutterwave. This came after the Asset Recovery Agency of Kenya withdrew its case against the startup.

Appearing before High Court judge Esther Maina, the agency asked the judge to mark the file withdrawn.

A notice for withdrawal was filed in December but the case was delayed by several cases filed against the firm.

Among the cases were filed by a group of Nigerians who sought to protect their millions from being forfeited to the Kenyan government.

“The file is hereby marked as withdrawn,” Justice Maina said.

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The company’s chief executive officer and co-founder Olugbenga Agboola flew into Kenya early this month in an effort to unfreeze his Sh6.6 billion and lift a Central Bank of Kenya (CBK) embargo on the firm.

In a space of just one year, the start-up has seen its Kenya operations — which was the second-largest market after Nigeria— brought to a halt, with the High Court freezing Sh6.6 billion on money laundering fears and the CBK ordering banks to cut links with the firm.

Mr Agboola landed in Nairobi to meet the firm’s local team and seek an audience with the CBK, which in December asked his firm to make a fresh licence operation.

The CBK had in July ordered local banks to stop dealing with Flutterwave, arguing it was not licensed as its accounts got frozen under the country’s anti-money laundering laws.

The money was frozen in July last year as ARA indicated that the billions in 62 bank accounts were proceeds of card fraud and money laundering.

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The billions were held in Guaranty Trust Bank (GTB), Equity, EcoBank, KCB and Co-operative Bank accounts as ARA sought to forfeit it to the government.

The agency had claimed that investigations revealed the cash was wired in the guise of payments for goods and services.

Later over 2,000 Nigerians sought a share of the frozen billions claiming they were swindled of their money through a sports betting platform that used Flutterwave to process the payments.

Justice Maina, however, dismissed the case on February 10, marking a victory for Flutterwave after ARA had signalled its intention to withdraw the case and unfreeze the money.

Other than Flutterwave, other companies whose money had been frozen are RemX and Kandon Technologies as ARA investigated them for money laundering.

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Flutterwave had termed claims of financial impropriety as “entirely false” adding that it had records to verify the claims.

The Lagos-based company, founded in 2016, is now the biggest payments start-up on the continent. It has processed over 400 million transactions worth more than $25 billion in 35 African countries.

ARA in December changed its tune on Flutterwave, saying investigations revealed that the money was not linked to money laundering—which was behind the CBK’s blockade of the licence.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC to Keynote Telecom Sector Sustainability Forum 7.0

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Nigerian Communications Commission (NCC) has thrown its weight behind the upcoming Telecom Sector Sustainability Forum (TSSF 7.0), confirming its role as the headline keynote speaker for the Lagos event.

NCC to Keynote Telecom Sector Sustainability Forum 7.0

Over the years, the Telecoms Sector Sustainability Forum (TSSF) has evolved into a landmark industry convergence platform and an actionable catalyst for policy alignment, driving critical dialogue around the regulatory, economic, and infrastructural frameworks required to sustain Nigeria’s digital economy.

Taking place on 16th September, 2026, at the Radisson Blu Hotel, Ikeja, Lagos State, the seventh edition of the Telecoms Sector Sustainability Forum (TSSF 7.0), organised under the aegis of Business Remarks, will bring together key stakeholders driving the next phase of Nigeria’s telecommunications and digital growth.

Themed “Rethinking Nigeria’s Digital Infrastructure Strategy to Attract Investment and Drive Innovation”, TSSF 7.0 will address some of the sector’s most pressing priorities, such as policies, digital infrastructure expansion, digital inclusion, good connectivity, partnerships and investments needed to accelerate Nigeria’s next wave of innovations, digital transformation and economic growth.

Organised by Business Remarks, the forum has consistently brought together policymakers, mobile network operators (MNOs), infrastructure providers, data centre operators, policy advocates and financial technology stakeholders to dissect the pressing challenges facing the telecommunications ecosystem and chart a sustainable path forward.

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Past editions have successfully addressed pivotal industry shifts, ranging from broadband penetration strategies, human capital flight, mobile virtual network operators (MVNOs) sustainability and infrastructure deficit funding to the operational integration of emerging technologies. By providing a neutral, high-level platform where regulators like the Nigerian Communications Commission (NCC) can interface directly with private sector players, the forum plays a vital role in ensuring that regulatory frameworks evolve in tandem with market realities.

Speaking about the event, the Convener, Bukola Olanrewaju, said the Nigerian telecoms sector investment has grown to $75.6 billion as of 2025, with a planned investment of over $1.38 billion in network capacity upgrades in 2026 targeted to enhance infrastructure resilience, boost coverage and improve quality of service for subscribers nationwide.

“As the industry faces a new frontier defined by deepening 5G and 4G penetration, expanding fibre optic networks, and complex macroeconomic pressures, the need to meet the growing demands for digital services while remaining profitable has become the defining challenge of the modern telecommunications landscape.”

At a time when investment in connectivity, subsea cables, fibre networks, data centres, cloud infrastructure and cybersecurity is reshaping the country’s digital landscape, TSSF remains a vanguard of thought leadership and industry engagement, fostering the public-private collaborations necessary to safeguard the backbone of Nigeria’s digital transformation.

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NCC Advances Dig Once Policy, Engages Stakeholders on Cost-Based Framework for Duct Sharing

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Nigerian Communications Commission (NCC) has reaffirmed its commitment to promoting efficient broadband infrastructure deployment in Nigeria through collaborative implementation of the Dig Once Policy.

L-R: Prof. Olalekan Yinusa, Executive Director, Policy, Strategy and Research, Nigeria Governors’ Forum; Mr. Ayuba Shuaibu, Director, Policy Competition and Economic Analysis, Nigerian Communications Commission, NCC; Engr. Nadungu Gagare, Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy; Dr. Helen Aderibigbe Adeniyi, Hon. Commissioner, Ministry of Innovation Science and Technology, Kogi State, during the 2nd Stakeholders ‘ Consultative Forum on the Study to Develop a Mechanism and Cost-Based Structure for Sharing Duct Built Under The Dig-Once Policy in Nigeria, on the 8th July 2026, at the NCC Annex Office Mbora Abuja.

The Commission gave the assurance at the Second Stakeholders’ Consultative Forum to Develop a Pricing Mechanism and Cost-Based Structure for Sharing Ducts Built Under the Dig Once Policy in Nigeria, held at the NCC Annex Office, Mbora, Abuja, on Wednesday.

The forum brought together representatives of federal and state government institutions, telecommunications operators, infrastructure companies, industry associations, development partners and other key stakeholders to deliberate on the interim findings of the study and provide input towards the development of a transparent, equitable and cost-based framework for sharing underground duct infrastructure.

Speaking at the event, NCC’s Director, Policy, Competition and Economic Analysis, Mr Ayuba Shuaibu, said the consultative engagement underscored the Commission’s commitment to an open, transparent and inclusive regulatory process that accommodates the interests of infrastructure providers, network operators, public institutions and consumers.

Shuaibu noted that the proposed framework is intended to encourage infrastructure sharing, improve asset utilisation, reduce the cost of broadband deployment and facilitate the expansion of telecommunications infrastructure across the country.

According to him, the study is designed to establish a fair and transparent pricing mechanism for sharing underground ducts deployed under Nigeria’s Dig Once Policy, which encourages the installation of telecommunications ducts during road construction and rehabilitation projects. He explained that this would enable future fibre deployments without repeated road excavations.

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“The Commission remains committed to a transparent, inclusive and consultative process. Our objective is to arrive at a pricing structure that balances the interests of infrastructure providers, access seekers and, ultimately, consumers, while also encouraging continued investment in broadband infrastructure.

“We encourage frank, constructive and solution-oriented contributions that will strengthen the final outcomes of this study,” Shuaibu said.
He added that observations, recommendations and contributions received from stakeholders during the consultation would be reviewed and incorporated into the final study report to ensure that the resulting framework is practical, commercially sustainable and responsive to industry realities.

Delivering the keynote presentation, the consultant, Mr Olugbenga Olabiyi, Managing Director of Dimension Data Limited, observed that passive infrastructure, including ducts, conduits, manholes and related facilities, constitutes one of the most capital-intensive components of broadband network deployment globally.

He said infrastructure sharing had emerged as an effective strategy for reducing deployment costs, improving efficiency and accelerating broadband expansion.
Olabiyi stated that Nigeria’s adoption of the Dig Once Policy presents an important opportunity to strengthen coordinated infrastructure deployment, minimise avoidable road excavations, improve utilisation of existing infrastructure and support broader broadband access across the country.

He also emphasised the importance of developing a predictable, transparent and equitable access framework, noting that inconsistent pricing models and unclear access conditions could undermine investment incentives and limit the benefits of infrastructure sharing.

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“For Nigeria, where broadband expansion remains a national priority under the National Broadband Plan, successful implementation of the Dig Once Policy could become one of the most impactful infrastructure reforms in our telecommunications history.

“However, infrastructure sharing succeeds only when access is governed by fairness, transparency, predictability and effective market oversight.
“Without an equitable access framework, owners of shared infrastructure may inadvertently or deliberately create barriers to entry through excessive pricing, restrictive commercial conditions or discriminatory access practices. Such outcomes would undermine the objectives of the Dig Once initiative and discourage investment rather than promote it.

“This is why the NCC’s initiative to develop a cost-based pricing framework deserves commendation. A transparent and objective pricing methodology will provide confidence to investors, infrastructure companies, mobile network operators, Internet Service Providers, fibre operators and all participants within the communications ecosystem,” he said.

Participants at the forum reviewed the interim findings and provided recommendations on the proposed pricing methodology, implementation considerations and cost elements. Discussions focused on ensuring that the policy supports efficient infrastructure deployment while balancing the interests of infrastructure providers, access seekers and consumers.

The stakeholder consultation builds on earlier engagements conducted by the Commission on the study. It also aligns with the NCC’s commitment to implementing regulatory initiatives that promote broadband expansion, encourage infrastructure sharing and advance Nigeria’s digital transformation agenda.

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MTN Accelerates Network Expansion to  Meet Surging Telecom Demand

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MTN Nigeria is accelerating investments in network expansion and modernization to address rising demand for mobile and data services across the country.

MTN Accelerates Network Expansion to  Meet Surging Telecom Demand

The operator is deploying additional base stations, upgrading existing infrastructure, and expanding fiber connectivity to improve network capacity, coverage, and service quality.

The investments are designed to support increasing smartphone adoption, higher data consumption, and the growing use of digital services by consumers and businesses.

MTN said the expansion aligns with its long-term strategy to enhance customer experience while strengthening Nigeria’s digital infrastructure.

The company expects the ongoing upgrades to improve connectivity, support economic growth, and enable broader access to reliable telecommunications services as demand for high-speed broadband continues to increase.

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