EFCC vs POS Merchants: Fintech Firm Moniepoint Joins Fraud Case
The Federal High Court in Abuja has officially joined Nigerian fintech giant Moniepoint as a party in the ongoing ₦21 billion fraud case between the Economic and Financial Crimes Commission (EFCC) and some POS merchants accused of exploiting a glitch in Providus Bank’s POS terminals.
The case revolves around alleged illegal double payments amounting to ₦21,489,479,236.09, which were reportedly diverted by about ten POS operators.
Court Ruling on Moniepoint’s Joinder
On August 12, 2025, Justice Emeka Nwite ruled in favour of Moniepoint’s request to be joined as a co-respondent, emphasising that the fintech’s involvement is crucial for the court to “dispense justice judiciously.”
Moniepoint’s counsel, N.M. Uthman argued that the platform initiated the petition that uncovered the fraud and, therefore, must present material evidence to aid the trial.
The motion was not opposed by:
- EFCC counsel, S.O. Obila
- Defence counsel, Okechukwu Edeze SAN, representing POS merchants Ishola Maruf Ademola (Al-Maruf Communication Concept) and Ilesanmi Saheed Adeniyi (Seadurf Telecommunications).
Justice Nwite ordered that all originating processes in the case be amended to reflect Moniepoint’s inclusion as a party.
Background of the N21 Billion POS Fraud Case
The dispute dates back to February 14, 2025, when Moniepoint petitioned the Inspector General of Police (IGP) to investigate suspicious duplicate settlements on Providus Bank’s POS terminals.
Investigations revealed that several POS merchants, including Ademola and Adeniyi, allegedly benefited from the glitch and received billions of naira in unauthorised payments.
According to court documents:
- The accused merchants admitted in statements to receiving double payments.
- They allegedly used proceeds to acquire properties and assets.
- Moniepoint described the funds as “proceeds of fraud perpetrated against the fintech.”
Following this, Moniepoint escalated the matter to the EFCC, which began probing the case as one involving fraud and money laundering.
EFCC’s Investigation and POS Merchants’ Response
The EFCC invited Ademola and Adeniyi for questioning on July 4, 2025. However, on July 8, 2025, their counsel notified the EFCC that his clients would not honour the invitation, citing three pending court suits already filed against the commission over the matter.
Their legal team requested the EFCC to halt investigations until the suits were determined.
For now, the fraud allegations remain pending before the court, with Moniepoint now officially included in the proceedings.
Why This Case Matters
The Moniepoint vs POS merchants fraud case underscores growing concerns over systemic vulnerabilities in Nigeria’s fintech and banking infrastructure. With billions lost to alleged fraud, the case could set a legal precedent for:
- How fintech firms handle security breaches.
- The liability of banks in the POS system glitches.
- The role of regulators and law enforcement in protecting digital financial services.
Conclusion
The ₦21 billion fraud battle involving the EFCC, POS merchants, and Moniepoint is shaping into one of Nigeria’s biggest fintech-related court cases.
With Justice Nwite approving Moniepoint’s joinder, the fintech platform will now play a central role in the proceedings, as the court works toward resolving the allegations of fraudulent double payments linked to Providus Bank’s POS glitch.
The case remains pending, with more revelations expected as hearings continue.
