MultiChoice Nigeria lost ₦7.9 billion ($16.23 million) in a fraudulent foreign currency exchange transaction

If you are reading this from our website, you should join others who have subscribed to get quality tech updates in your box.

MultiChoice Nigeria Loses Millions in Alleged Currency Exchange Fraud

MultiChoice Nigeria lost ₦7.9 billion ($16.23 million) in a fraudulent foreign currency exchange transaction Nigerian court documents reveal that in 2021.

The Allegations:

• MultiChoice Nigeria hired currency exchange broker Akintunde Giwa to facilitate the exchange of Naira for US dollars.

• Giwa allegedly partnered with JNFX Limited, a UK-based currency exchange firm, through its director Ashay Mervyn.

• MultiChoice Nigeria reportedly paid Giwa the ₦7.9 billion, who then forwarded it to JNFX accounts.

• The $16.2 million was supposedly meant to be deposited into MultiChoice Africa's London account, but MultiChoice claims they never received the dollars.

The Verdict:

• A UK court granted Giwa a summary judgement, ordering JNFX to pay ₦7.9 billion with interest for his losses.

• The court found JNFX liable for the actions of Mervyn, who is wanted by Nigerian authorities for fraud.

• JNFX's claims that Mervyn lacked authority and that some dollar payments were made were dismissed due to insufficient evidence.

What's Next:

• JNFX will face trial on the contractual claims brought by Giwa.

This case highlights the importance of conducting thorough due diligence when partnering with currency exchange companies.

If you are reading this from our website, you should join others who have subscribed to get quality tech updates in your box.