The High Court of Kenya has allowed the freezing of a further Sh400.6 million belonging to Nigerian fintech startup Flutterwave after the Assets Recovery Agency (ARA) linked the money to card fraud and money laundering. For the good part of this year, Flutterwave has been in constant contest with Kenyan authorities over money held in different banks alleged to have been obtained illegally. This is the second time the company in less than six months that the company’s accounts have been frozen on grounds of fraud and money laundering. In…
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Missing Lagos 17-Year-old girl Found in Bauchi Motor Park
Police in Bauchi State have found a 17-year-old girl, Mildred Ebuka, who got missing on Thursday while running an errand in Lagos. Ebuka reportedly left her residence in Victoria Island on Thursday to deliver a wig cap to her Aunty’s friend in the Ikorodu area of Lagos. The Bauchi Police Command on Friday alerted the public to locate the girl in its custody. In a statement via its Twitter platform, the police command said, “The bearer Mildred Joshua Ebuka female aged 17 years old of Block 19, Ubandale street, Victoria…
Read MoreMan Impregnates 14 Yr-Old Daughter In Ogun
Police in Ogun State say they have arrested a man, Amoda Bola, for allegedly impregnating his 14-year-old daughter (name withheld) in Ode, Remo North Local Government Area of Ogun State The police arrested Mr Bola, 49, at his residence in Idi Oro street, Ode Remo, following a complaint received from the victim. The daughter had told the police in Ode Remo Divisional Headquarters that “her father, with whom she has been living for some years now, has been having carnal knowledge of her.” A statement on by the police spokesperson…
Read MoreKebbi Judge Killed By Wife
A 30-year-old woman, Farida Abubakar, has been arrested by the Kebbi State Police Command in connection with the murder of her husband, Attahiru Ibrahim Zagga. Spokesperson of the command, SP Nafiu Abubakar, who disclosed this in a statement on Friday, said Ibrahim, a Magistrate Court judge, with Kebbi State judiciary, was stabbed to death in his Birnin Kebbi house on Thursday night. He said: “On 25/8/2022 at about 2140hrs, Policemen attached to the Divisional Police Headquarters, Gwadangaji, received an information that, a suspected strange noise was heard from the house…
Read MoreNigerian Govt Officials, Microsoft Managers In Alleged $200m Bribe
A 20-year-old employee with tech behemoth, Microsoft, has alleged that the firm is bribing clients in Nigeria as well as across the Middle East and other African countries on a massive scale. According to the whistleblower, Yasser Elabd, who published his testimony in March on the website, Lioness, the company spends more than $200 million annually on bribes and kickback schemes in Nigeria, Saudi Arabia, Qatar, Zimbabwe, and Ghana, among other countries. The report posted in rt.com quoted the employee as saying that more than half the managers and salespeople…
Read MoreInvestors say Flutterwave’s governance issues demand an intervention
Flutterwave’s rise to startup stardom has been fueled by over $400 million from venture capitalists. When Flutterwave wanted to raise $100 million in Jan. 2021, it pitched a compelling set of metrics to investors. Its revenue had grown from $5 million to $55 million between 2018 and 2020. Gross profit was $26 million with a 48% margin. Its services were used in 20 countries, thanks to the hard work of over 270 employees. Based on these numbers (as recorded in an investor presentation seen by Quartz), the licenses it had…
Read More‘I Slept With My Son To Give My Husband A Child’
It sounds abominable in every sense of the word that a woman would sleep with her own biological son just to test her fertility after failing to get pregnant for her husband in her second marriage. But that was exactly the case with Matina Agawua, a native of Yelwata, a remote settlement in Nasarawa State. She slept with the son she had from her first marriage to please her new husband who was threatening an end to their relationship if she would not conceive a baby. Matina, who lost her…
Read MoreAbba Kyari Takes FG To Court Over Illegal Detention
The embattled Deputy Commissioner of Police, DCP, Abba Kyari, has dragged the Federal Government before a Federal High Court in Abuja challenging his continued detention by the National Drug Law Enforcement Agency (NDLEA). The embattled law enforcement officer, in a suit marked FHC/ABJ/CS/182/22 is seeking an order of court to immediately release him. Similarly, in the alternative, the suspended DCP, being held by the NDLEA over his alleged involvement in hard drug trafficking wants the court to admit him to bail in liberal conditions. Justice Inyang Eden Ekwo is expected…
Read MoreInfractions: NGX Fines Mutual Benefits, Lasaco, Others N325.7m
.Trading in Royal Exchange, Niger Insurance’s shares suspended For failing to adhere to regulatory rules and regulations instituted by the stock market regulator, at least seven underwriting firms have been fined a total of N325.7 million between 2020 and 2021, according to the latest X-Compliance report released by the Nigerian Exchange Group (NGX). According to the September 17 report cited by New Telegraph, Mutual Benefits Assurance Plc received the highest chunk of the fine, amounting to N256.3 million for unauthorised publication of notice of annual general meeting and problem with…
Read MoreTax Fraud: FG Reneges On Global Pact To Curb Investments In Tax Havens
Despite recent outcry over Nigerian public and private officials’ criminal investments in countries, which exempt them from paying taxes, the Federal Government has refused to join about 140 other countries to curb the fraud through a 15 per cent corporate minimum tax. According to the report released over weekend, nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big, multinational companies are taxed in order to deter them from stashing their profits in offshore havens where they pay little or no tax. The…
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