Multichoice Nigeria Limited Loses N7.9 Billion in Fraudulent Currency Exchange Deal

In a shocking turn of events, Multichoice Nigeria Limited, a leading provider of satellite television services in Africa, has fallen victim to a fraudulent foreign currency exchange transaction, resulting in a staggering loss of N7.9 billion.

The intricate web of deceit involves several key players, including Akintunde Giwa, a currency exchange broker; JNFX Limited, a currency exchange services company; Ashay Mervyn, a representative of JNFX; and Frontier Financial Technologies Limited.

Court documents reveal that Mr. Giwa, acting as a currency exchange broker, facilitated the exchange of Nigerian Naira for US dollars on behalf of Multichoice Nigeria Limited. However, instead of fulfilling the transaction as agreed, Mr. Giwa transferred the funds to JNFX Limited, ostensibly to complete the currency exchange process.

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Further investigation uncovered that the Naira payments were initially deposited into accounts held by Mr. Giwa’s companies before being transferred to accounts designated by JNFX, with Mr. Mervyn overseeing the transactions. The ultimate destination was supposed to be an account at Standard Chartered Bank in London under the name of MultiChoice Africa, a separate entity within the MultiChoice group.

However, despite the transfer of funds amounting to $16.2 million, Multichoice Nigeria Limited never received the corresponding payments in dollars. This revelation came to light during legal proceedings presided over by Stuart Isaacs, Deputy Judge at the High Court in the Business and Property Courts of England and Wales.

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The ruling, transmitted digitally to the legal representatives of the involved parties and officially filed at the National Archives, underscores the severity of the fraudulent scheme and its detrimental impact on Multichoice Nigeria Limited.

As the investigation continues and legal proceedings unfold, questions linger regarding the accountability of the implicated individuals and companies. The fallout from this fraudulent currency exchange deal serves as a stark reminder of the risks associated with financial transactions and the importance of due diligence in safeguarding against fraudulent activities.