Flutterwave founder and CEO, Olugbenga Agboola, spoke in Nairobi on Thursday, February 9, and made an appeal to the government to issue his company with a new operational license. The CEO announced that Flutterwave had been cleared of charges related to money laundering and had put in place plans to expand within the Kenyan market.
Cleared of Any Wrongdoing
The company’s accounts had initially been frozen in July 2022 due to a lack of a license, but Flutterwave has since cooperated fully with the review process and has been cleared of any wrongdoing. Agboola reassured the company’s partners and stakeholders across the continent that they had complied with all regulations and laws in Kenya.
Investor Joinder Denied
A section of investors who were in business with Flutterwave filed a suit to be enjoined in the case, claiming that the freezing of the company’s accounts had directly affected them. However, in a ruling on Thursday, February 9, the judge denied the investors’ request for a joinder, stating that the Asset Recovery Agency (ARA) had indicated its wish to withdraw the suit and lift the asset freezing orders.
The Flutterwave suit was scheduled to be mentioned on February 14, 2023, and ARA is expected to confirm its withdrawal decision. The CEO arrived in Nairobi to connect with the company’s local staff and request a meeting with the Central Bank of Kenya, which had imposed an embargo on the firm.
