Home » Tech billionaire Olugbenga Agboola’s Flutterwave says money laundering claims are false

Tech billionaire Olugbenga Agboola’s Flutterwave says money laundering claims are false

by Omokolade Ajayi
Gbenga Agboola

Flutterwave, a Nigeria-based technology firm led by leading tech billionaire and entrepreneur Olugbenga Agboola, has denied involvement in a $59-million money laundering scheme in Kenya, which resulted in the closure of the tech startup’s bank accounts.

The company reiterates that it adheres to the highest regulatory standards and is proactive in engaging with regulatory bodies to remain compliant.

It stated that the allegations of “financial improprieties involving the company in Kenya are entirely false,” adding that it has records to prove this, but the company has not yet provided the details.

“We are a financial technology company that maintains the highest regulatory standards in our operations,” Agboola, the Flutterwave CEO, said. “Our anti-money laundering practices and operations are regularly audited by one of the ‘Big Four’ firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.”

“Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue working with all stakeholders to uphold this,” he explained. “We are working to ascertain the motive behind the false claims, and have the records straightened.” 

The announcement comes less than 24 hours after the Kenyan High Court froze more than $52.5 million in cash deposits spread across 62 bank accounts belonging to the Nigeria-based startup and four Kenyans on suspicion of being the proceeds of card fraud and money laundering.

The $52.5-million deposit spread across Guaranty Trust Bank, Equity, EcoBank, KCB, and Co-operative Bank accounts was frozen after the Assets Recovery Agency applied to block transfer or withdrawal on the accounts, pending the filing of a petition to have the money forfeited to the government.

In a court filing, the agency stated that their investigations revealed that the money was wired under the guise of payments for goods and services. In response to these allegations, Flutterwave stated that it is working to determine the motivation behind the false claims as it moves to have the records straightened out.

In April, a West Africa Weekly investigation accused Agboola of serial financial misconduct, including insider trading, fraud, and perjury.

Made public by journalist and West Africa Weekly Founder David Hundeyin, Agboola was accused of impersonation, insider trading, and inappropriate workplace behavior.

In the same month, the 86FB investment platform blamed the fintech firm for its inability to operate efficiently and pay its investors. The platform revealed in a statement that Flutterwave had maliciously frozen its funds, making it impossible for it to repay its investors.

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