The Federal High Court in Abuja has admitted Nigerian fintech company Moniepoint into the ongoing ₦21 billion fraud trial involving the Economic and Financial Crimes Commission (EFCC) and a group of Point-of-Sale (POS) merchants. The matter revolves around “illegal double payments” allegedly caused by a glitch in Providus Bank’s POS terminals, according to Nairametrics.
On August 12, 2025, Justice Emeka Nwite approved Moniepoint’s motion to join the case as a co-respondent. The fintech’s counsel, N.M. Uthman, argued that Moniepoint filed the original petition and must present facts critical to the proceedings. Both EFCC lawyer S.O. Obila and defense counsel Okechukwu Edeze SAN raised no objections. The court then ordered all case documents to be updated to reflect Moniepoint as a party.
Background of the Dispute
On February 14, 2025, Moniepoint petitioned the Inspector General of Police. The petition claimed certain POS merchants received ₦21.49 billion in duplicate settlements through Providus Bank terminals. Investigators later traced the funds to Ishola Maruf Ademola of Al-Maruf Communication Concept and Ilesanmi Saheed Adeniyi of Seadurf Telecommunications, among others.
Police reports indicate the suspects admitted receiving double payments and used the funds to buy properties. Moniepoint then escalated the matter to the EFCC, accusing the merchants of fraud and money laundering. The EFCC invited the merchants for questioning in July 2025, but they failed to appear. Officers later arrested them to continue the probe.
Implications for Fintech and Banking
Legal experts note that the ruling emphasizes the need to include all relevant parties in complex financial cases. For fintechs and banks, it highlights the risks system glitches pose to financial integrity. It also signals the rising likelihood of litigation when irregular transactions occur.
As Nairametrics reports, the case remains before the court, and all allegations are pending judicial determination. The final judgment could shape how fintech disputes involving fraud and banking errors are handled in Nigeria.
