Flutterwave Granted Order by Nigerian Court to Recover N19 Billion Lost in Unauthorized Transactions
Nigerian fintech unicorn Flutterwave has been granted permission by a Nigerian court to recover N19 billion lost in unauthorized transactions.
This will see the startup contact over 6,000 account holders across 35 banks and financial institutions to recover the funds that were illegally transferred through Point of Sales (PoS) devices.
This development comes months after Flutterwave witnessed a technical glitch that led to unauthorized transactions. In response to this, the company suspended the accounts where funds were transferred and insisted that no customer funds were lost.
An earlier court order placed debit restrictions on those accounts two months after the incident. With the February order a Mareva injunction, it has given Flutterwave the go-ahead to recover the funds and assets of the identified account holders.
“We continue to actively engage with the relevant authorities to investigate and address the situation,” Flutterwave said.
Per the most recent order granted on February 1, 2024, 35 financial institutions, including Opay, Paga, Palmpay, Access Bank, VFD Bank, Zenith, Polaris, and Providus Bank, have been mandated to disclose the email addresses and telephone numbers of the account holders.
Flutterwave will contact the over 6,000 account holders through their respective email addresses and by SMS and Whatsapp messages to their respective telephone numbers, according to court documents seen.
