The Federal Excessive Court docket in Abuja has joined Nigerian fintech, Moniepoint as a celebration in a staggering N21 billion alleged fraudulent “unlawful double funds” restoration bid case involving the Financial and Monetary Crimes Fee (EFCC) and a few POS retailers, Nairametrics completely studies.
The event was allegedly attributable to “a glitch on Providus Bank’s POS terminals,” which about ten POS retailers allegedly exploited, making them beneficiaries, related courtroom paperwork seen by Nairametrics.
Justice Emeka Nwite accepted Moniepoint’s movement of discover request to affix the EFCC as a co-respondent in opposing the authorized strikes of Messrs Ishola Maruf Ademola and Ilesanmi Saheed Adeniyi, Managing Administrators of Al-Maruf Communication Idea and Seadurf Telecommunications, POS retailers.
This growth dates again to 14th February 2025, when the Inspector General of Police was petitioned to research fraudulent double settlements totaling N21,489,479,236.09, which allegedly occurred by means of Providus Bank POS terminals operated by Ademola and Adeniyi, amongst others.
What the Court docket Is Saying
In his ruling on August 12, 2025, Justice Nwite agreed with Moniepoint’s authorized workforce, led by N.M. Uthman, that the courtroom can not resolve the pending large-scale fraud matter with out becoming a member of the fintech platform—in search of to be joined as a celebration—that “set the equipment of legislation in movement towards” the POS retailers.
The choose agreed that the fintech platform’s joinder will allow it to current materials details that may additional assist the courtroom dispense justice judiciously.
On the proceedings attended by Nairametrics, Uthman appeared in courtroom requesting that Moniepoint be joined as a co-respondent within the swimsuit.
By her processes, she additionally requested the courtroom to direct Ademola and Adeniyi’s authorized workforce to amend all originating processes filed of their swimsuit to mirror the joinder of Moniepoint.
The appliance was not opposed by EFCC counsel S.O. Obila, nor by Okechukwu Edeze SAN, counsel for Ademola and Adeniyi.
In response, Justice Nwite dominated that Moniepoint’s software for joinder is “granted as prayed.”
The choose additionally ordered the modification of originating processes to mirror Moniepoint as a celebration.
The case is presently pending.
Background of the Dispute
As seen in courtroom paperwork, on 14th February 2025, Moniepoint petitioned the Inspector General of Police requesting an investigation into fraudulent double settlements totaling N21,489,479,236.09, which occurred by means of Providus Bank POS terminals operated by ten POS retailers recognized as alleged beneficiaries of the unlawful double settlements.
Following the investigation into the petition, cash laundering and fraud circumstances, amongst others, have been established.
Pursuant to the police investigation, Ademola and Adeniyi have been arrested and was stated to have given voluntary statements.
Moniepoint alleges they admitted to receiving double funds value billions of naira.
Subsequent disclosures of their statements allegedly revealed that they acquired properties with the cash, described as “proceeds of fraud perpetrated towards Moniepoint.”
Moniepoint then discontinued the investigation with the police and formally petitioned the Financial and Monetary Crimes Fee (EFCC), the respondents, alleging large-scale fraud and cash laundering amounting to N21 billion.
“The fraudulent sum arose from unauthorized duplicate settlements attributable to a glitch on Providus Bank’s POS terminals which the Applicant/Respondent and eight different retailers exploited, making them beneficiaries,” courtroom paperwork allege.
Subsequently, EFCC invited the duo to seem earlier than the workforce investigating the matter on 4th July 2025.
On eighth July 2025, the EFCC acquired a letter from their counsel stating that his purchasers couldn’t honor the invitation on the grounds that three pending fits had already been instituted towards the fee regarding the subject material.
Their counsel additionally requested the EFCC to stall any invitation and investigation of his purchasers pending the listening to and dedication of the fits.
Following the rescheduled date of interview by the EFCC, Ademola and Adeniyi didn’t present up, and no rationalization was given for his or her absence.
The EFCC later apprehended the candidates to allow investigation and additional work on Moniepoint’s petition.
What This Means
This joinder ruling implies that the courtroom will more than likely be a part of a essential get together to a dispute offered enough authorized causes are introduced by their attorneys.
For enterprise and finance stakeholders, it sends a strong message in regards to the rise of system glitches throughout monetary establishments, which might translate into litigation.
The pending judgment on this case is more likely to reshape the method of fintech platforms, POS retailers, anti-graft companies, and attorneys—signaling stricter compliance with the rule of legislation and administration of felony justice.
Whereas the matter is pending, the event stays an allegation pending a last choice by the presiding choose.