A federal high court in Abuja has denied a motion by the inspector general of police (IGP) seeking an order to compel twelve banks and financial institutions to reverse billions of naira that were allegedly withdrawn fraudulently from a Flutterwave account.

The withdrawals reportedly occurred due to a system glitch between October 12 and 13, 2023.

In the motion ex parte, marked FHC/ABJ/CS/1015/24 and dated July 17, 2024, the IGP’s legal team argued that about 244 suspects (defendants) stole billions from Flutterwave’s account through illegal means.

The legal team said they transferred the funds to other bank accounts that belong to people who are hard to find or cannot be located.

The court declined to grant the ex parte motion, citing the necessity for the banks to be given due process, pointing out that the applicant had neglected to submit a notice motion in support of the request.

“Should I order them [the banks] to reverse the funds without hearing their side of the story, based on your one-sided account?” the judge asked.

According to report, the fintech company has experienced several incidents of security breaches, losing funds to perpetrators.

In March 2023, there were concerns over a purported illegal transfer of funds from the fintech company.

However, the company said its accounts have not been hacked.

“We want to reassure you that Flutterwave has not been hacked. As a financial institution, we monitor transactions through our transaction monitoring systems and 24-hour fraud desk and review any suspicious activity,” Flutterwave had said.

The fintech said it works with other financial institutions and law enforcement agencies to ensure the safety and security of its ecosystem.

According to reports, the organisation lost N11 billion ($7 million) to several accounts in April 2024 due to security breaches.

Source: thecable.ng

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