Reports from Kenyan media reveal the accusation of three Nigerian Fintech tycoons involved in a wired internet transaction of about $221 million from Nigeria, worth about Sh25 billion in the Kenyan local currency that took place between October and November 2020.
According to reports gathered from the local Kenyan Newspaper, Business Daily Africa, the names of only two of three Nigerian involved in the suspicious transactions were disclosed. The two purposed businessmen are, Eghosasere Nehikhare and Bukunmi Olufemi Demuren, the founders of Boltpay and Multigate respectively.
Details of the suspicious transactions
According to reports obtained from the Newspaper, the three Nigerians involved in the transaction enjoy the backing of a powerful Kenyan politician.
Two Kenyans are also involved in the transfers which came to Kenya in dollars and euros.
The Nigerians suspected of transferring money to bank accounts of several Kenyan shell companies ostensibly owned by them.
The transfers were made between October and November 2020 when the global economy was challenged by the breakout of the COVID-19 pandemic.
The transfers were made from Nigeria to the bank account of about 10 shell companies registered in Kenya. The companies are said to be registered under identical names in Kenya, Dubai, US, Nigeria and Ghana.
According to the reports, a network of six forms – OIT Africa, Avalon Offshore Logistics, RemX Capital Ltd, RemX Ltd, Rem X Investment Partners, and Multigate Ltd moved Sh25.6 billion from Nigeria to Kenya before transferring some of the funds to countries in Europe and Asia.
They also claimed the transfers were able to be consummated because they used “fake invoice refactoring Service Level Agreements” which is a form of debt factoring.
The report named several Nigerians that are connected to the transaction either directly or indirectly. They however did not name the so-called “influential Kenyan Politician” said to be “backing” the Nigerians. The Nigerians mentioned include;
- Nehikhare Eghosasere and Demuren Olufemi Olukunmi are acclaimed to be owners of RemX Ltd.
- They also mentioned Olubunmi Akinbanjo Akinyemiju as a person of interest who “created cross-continental bases and registered companies with similar names” with Eghosasere and Demuren in Kenya, Nigeria, the UAE, the US, and Europe.
- Kunmi Dumeren and Olubunmi Akinyemiju are both co-founders of Venture Garden Group, which styles itself as Africa’s largest technology holding conglomerate. They invest in several growth companies engaging in Fintech as a Service, Education, Power, etc.
- John Kisilu Kamusina and Evalyne Wawira Gachoki were also mentioned as Kenyan directors of RemX Ltd.
- Other companies named in the article include Multigate, Avalon Offshore Logistics Limited, OIT Africa Limited, RemX Capital Ltd, and RemX Investment Partners claiming that these were the accounts that were used to receive the funds.
- According to Kenya’s Assets Recovery Agency (ARA), the accounts of Avalon Offshore Logistics Limited, OIT Africa Limited, and RemX Capital Ltd have been frozen.
- Others involved are Kenyan and Nigerian banks which facilitated the transfers.
Which agencies are investigating the suspicious transaction?
- The case is reported as being investigated by Interpol, Kenyan Asset Recovery Agency (ASA), which has a mission to recover stolen assets and proceeds of crime on behalf of the people of Kenya.
- The report mentioned a ‘European Investigator” as being the source of the trigger for the investigation.
- They also stated that local and international investigators were also involved in the investigations.
- However, it appears that the Kenyan and Nigerian Central Banks are yet to be involved.
- Also, the Kenyan ARA is yet to interrogate any of the shareholders of the companies involved, questioning how credible the claims of money laundering leveled against the Nigerians are.