The Federal High Court in Abuja has joined Nigerian fintech, Moniepoint, as a party in a staggering N21 billion alleged fraudulent “illegal double payments” recovery case involving the Economic and Financial Crimes Commission (EFCC) and some POS merchants.
The development was allegedly caused by a “glitch on Providus Bank’s POS terminals,” which about ten POS merchants allegedly exploited, making them beneficiaries, according to court documents.
Justice Emeka Nwite approved Moniepoint’s motion of notice request to join the EFCC as a co-respondent in opposing the legal moves of Messrs Ishola Maruf Ademola and Ilesanmi Saheed Adeniyi, Managing Directors of Al-Maruf Communication Concept and Seadurf Telecommunications.
The case dates back to 14th February 2025, when the Inspector General of Police was petitioned to investigate fraudulent double settlements totaling N21,489,479,236.09, allegedly through Providus Bank POS terminals.
In his ruling on August 12, 2025, Justice Nwite agreed with Moniepoint’s legal team, led by N.M. Uthman, that the court cannot resolve the matter without the fintech platform, which first petitioned the police. He ordered all originating processes to be amended to reflect Moniepoint as a party.
The application was not opposed by EFCC counsel S.O. Obila, nor by Okechukwu Edeze SAN, counsel for Ademola and Adeniyi. The case is still pending.
According to documents, Moniepoint alleged that the POS merchants admitted to receiving duplicate payments worth billions of naira and using the funds to acquire properties. The fintech later petitioned the EFCC, leading to arrests and further investigations.
The matter highlights concerns over financial system glitches, compliance, and fraud risks within Nigeria’s fintech and banking sectors.
