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Flutterwave denies money laundering claims in Kenya

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Flutterwave Payment Technology Limited, Nigerian fintech company, has denied claims that it was involved in a $59 million money laundering scheme in Kenya which led to the closure of bank accounts operated by the company.

A Kenyan court had ordered the closure of 56 bank accounts operated by seven companies after the country’s Asset Recovery Agency told the court that the accounts were used as conduits for money laundering disguised as providing merchant services.

According to the ARA, “Investigations established that the bank accounts operations had suspicious activities where funds could be received from specific foreign entities which raised suspicion. The funds were then transferred to related accounts as opposed to settlement to merchants.

According to a Kenyan daily, The Star, Flutterwave operated 29 bank accounts with Guaranty Trust Bank, 17 with Equity Bank and six with Ecobank.

Investigators say some of the funds in these accounts were transferred into fixed deposit account

The ARA stated that Flutterwave concealed the nature of its business by allegedly providing a payment service platform without authorisation from the Central Bank of Kenya as required by section 12 of Kenya’s National Payment System Act.

However, in a statement on Monday, Flutterwave denied all claims and stated that the company was a target of false media reports and misrepresentations.

The statement also briefly outlined the company’s payment system and how it earned its fees across the continent.

The statement read in part, “Claims of financial improprieties involving the company in Kenya are entirely false and are being circulated as part of a disinformation campaign. Flutterwave has been a target of deliberate false media reports and misrepresentations.

“Through our financial institution partners, we collect and pay on behalf of merchants and corporate entities. In the process, we earn our fees through a transaction charge, records of which are available and can be verified. As a business, we hold corporate funds to support our operations and provide services to all our customers.

“By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.”

The company also stated its role as a payment merchant in Kenya, noting that its Anti-Money Laundering practices were always audited by an unnamed reputable firm and it complied with regulatory bodies.

“We are a financial technology company that maintains the highest regulatory standards in our operations. Our Anti-money laundering practices and operations are regularly audited by one of the big four firms. We remain proactive in our engagements with regulatory bodies to continue to stay compliant.

“Flutterwave has a responsibility to ensure the integrity of the ecosystem, and we pledge our commitment to continue to work with all stakeholders to uphold this. We are working to figure out the motive behind the publication, and have the records straightened,” the statement concluded.

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Air Peace, British Airways, KLM, Delta others Assessed equally on Safety Standards

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The International Air Transport Association (IATA), the trade association for the world’s airlines has said that Air Peace, Nigeria and West & Central Africa’s largest carrier stands at par with other world aviation giants in terms of global safety standards. This is a testament to the hard work and dedication of management of Air Peace at maintaining global safety standards in the organisation.

Area Manager, West and Central Africa, IATA, Dr. Samson Fatokun made the disclosure on the side lines of the presentation of sixth consecutive International Air Transport Association Operational Safety Audit (IOSA) Certification to Air Peace Limited. According to Dr. Fatokun, “The standards that are given are the same as the British Airways, KLM, Delta. They are all assessed the same way. Findings done here is the same over there as well, that makes you stand at par with other airlines in the world when it comes to safety”.

The IATA helmsman lauded Air Peace for passing through the rigorous audit process which is a clear demonstration of process managers’ exceptional expertise and dedication. “When you’re an airline in the first world, people expect you to do things and work but when you come from Africa, they expect you to do more, but when you come from Nigeria, the expectations are immense”.

He commended Air Peace for being the pride of Nigeria while noting the airline’s remarkable achievements in just a decade of its operations, insisting that it is not a mere fluke. “Air Peace’s presence on the IOSA registry is a testament to its unwavering dedication to safety, operational excellence, and professionalism. This milestone is not just a victory for the airline but a pride for Nigeria. It highlights that local carriers can operate at the highest international safety levels.”

The IATA chief whose organisation represents some 340 airlines over 80% of global traffic and support many areas of aviation activity and help formulate industry policy on critical aviation issue explained that safety is the number one priority. “The measurement of that safety is not only in not having accidents, but in the process that have been certified to working safely with processes, following standard recognized practices that have been certified by external auditors that cannot be corrupted, and are globally recognized”.

An IATA certification means your business follows airline carrier rules. Airline’s safety records largely inform people’s decision to fly a particular airline. “Some people are very careful of the aircraft they step into, and safety records inform peoples decisions”, Dr. Fatokun said. He warned that ISOA is not something one takes with levity. “It is tough, we keep on improving it, not to make it difficult but to make it adaptable and it isn’t easy”, adding that “safety is not cheap, accidents are costlier but with the right investment safety can be guaranteed”.

The sixth IOSA certification is a major achievement for Air Peace, reflecting its deep-rooted safety culture, robust management systems, and commitment to continuous improvement. It sets a new benchmark for safety in African aviation and inspires other carriers across the continent to strive for similar excellence.

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Afreximbank To Support Aircraft Financing for Nigerian Airlines Following Productive Side Meeting at Dublin Aviation Economic Conference

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A significant milestone in Nigeria’s aviation sector was achieved during a side meeting held with the Afreximbank team at the ongoing Aviation Economic Conference in Dublin, Republic of Ireland. The meeting, facilitated by Boeing’s Senior Director of Finance, Lereece Rose, brought together key stakeholders to discuss aircraft financing opportunities for Nigerian airlines.

 

The meeting was attended by the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN, who led the Nigerian delegation. The delegation included distinguished members such as the Chairman, Senate Committee on Aviation, Senator Abdulfatai Buhari; Chairman, House Committee on Aviation, Hon. Abdullahi Idris Garba, Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Abiru Adetokunbo; Director General of the NCAA, Capt. Chris Najomo; Managing Director of Fidelity Bank, Dr. Nneka Onyeali-Ikpe; COO of Air Peace, Toyin Olajide; CEO of XEJet, Emmanuel Iza; Chairman, ValueJet, Kunle Soname and his Managing Director, Capt. Majekodunmi, and Chairman/CEO of Bellagio Air, Dr. Oludare Akande, among other aviation stakeholders.

 

At the meeting, Afreximbank, led by its Director and Global Head of Project and Asset-Based Finance, Helen Brume, agreed in principle to collaborate with Nigeria on aircraft financing. Afreximbank, a 30-year-old development financing institution, has a primary mandate to promote trade across Africa. Highlighting the bank’s extensive experience in supporting airlines such as Arik Air, Kenya Airways, and TAG over the past two decades, Brume emphasized the need for robust aviation infrastructure to enhance the competitiveness of African airlines.

 

To address this, Afreximbank announced plans to launch a leasing subsidiary, which will soon take delivery of 25 aircraft to be leased to African airlines. This initiative aims to provide Nigerian airlines with access to dry-leased aircraft, enabling them to better service Bilateral Air Service Agreement (BASA) routes and domestic operations.

 

Lereece Rose commended the Honourable Minister for his efforts in improving Nigeria’s aviation ecosystem, particularly in raising Nigeria’s Cape Town Convention score from 49.5% to 75.5%. This progress underscores the country’s commitment to creating an enabling environment for aircraft financing and leasing.

 

The Honourable Minister highlighted the critical need for partnerships that would enhance access to aircraft financing for Nigerian operators, facilitating growth and improved service delivery. In response, Afreximbank affirmed its readiness to work with the Nigerian government, signaling a promising future for the country’s aviation industry.

 

A committee has been established to follow up on the discussions, ensuring that this partnership materializes into actionable solutions for Nigerian airlines.

 

Tunde Moshood

Special Adviser on Media and Communications to the Honourable Minister of Aviation and Aerospace Development

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Lagos broadcast stations decry union violence, 48-hour shutdown

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The management of Lagos State Government-owned broadcast stations has condemned the recent violent actions by striking union members, which disrupted operations and forced the stations off-air for 48 hours.

In a statement issued on Tuesday by the Head of Service, Establishments and Training, Afolabi Ayantayo, it was disclosed that the affected stations—Lagos Television, Radio Lagos/Eko 89.7FM, and Traffic Radio—were attacked on Monday by workers allegedly affiliated with the Nigeria Labour Congress, the Radio, Television, Theatre, and Arts Workers Union, and the Nigeria Union of Journalists.

The statement noted that striking workers reportedly vandalised studio doors, assaulted on-air presenters, switched off transmitters, and severed cables in an attempt to enforce the strike.

“The stations—LTV, Radio Lagos/Eko 89.7FM, and Traffic Radio—were forced off-air for 48 hours by workers who destroyed studio doors and assaulted presenters. They switched off transmitters and severed cables in unprecedented acts of violence, captured on video. Many workers were also whipped for refusing to join the strike, which aimed to pressure the government into placing about 400 workers on the civil service payroll,” the statement read.

Describing the incident as unprecedented, the station managers expressed their disappointment with the unions’ approach.

“Despite the State Government’s open communication channels, the leadership of NLC, RATTAWU, and NUJ chose the path of violence—both in words and actions,” the managers said in the statement.

They further described the strike as not only an attack on the broadcast stations but also a show of disrespect towards state authorities.

“The strike, which the managers have described as an attack and a sign of disrespect for the authorities, has raised doubts about the leadership of the NLC, RATTAWU, and NUJ in Lagos being committed to an amicable resolution of the crisis.”

The statement added that the union leaders have been invited to another meeting scheduled for Wednesday, 15 January 2025, to discuss the issues in dispute.

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