A Federal High Court in Abuja has rejected a request by the Inspector General of Police (IGP) to order 12 banks and financial institutions to reverse billions of naira allegedly withdrawn fraudulently from a Flutterwave account at Wema Bank due to a system glitch. The court denied the motion, citing the need for due process and the importance of hearing the banks’ side of the story.
The IGP’s legal team had argued that 244 suspects stole billions from Flutterwave’s account through illegal means and transferred the funds to untraceable accounts. However, the court pointed out that the applicant failed to submit a notice motion in support of the request.
This incident is not the first security breach experienced by Flutterwave. In March 2023, concerns were raised over an alleged illegal transfer of funds from the fintech company, but Flutterwave assured that its accounts had not been hacked and that it works closely with financial institutions and law enforcement agencies to ensure the safety and security of its ecosystem.
