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

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:

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