Court Lifts Freezing Orders on Accounts Linked to N21B Glitch

On Monday, the Federal High Court in Abuja, presided over by Justice Emeka Nwite, lifted freezing orders against the bank accounts of four defendants linked to an alleged N21 billion system glitch that occurred between October 12 and 13, 2023. The court found that the police, when applying for the freezing orders, suppressed material facts, which led to an improper ex parte application.

The defendants, represented by A.O. Ochogwu Esq. of Lexlaw Solicitors & Attorneys, argued that the police had not disclosed necessary information as required by law.

Justice Nwite ruled that judicial discretion cannot be exercised on an incomplete factual foundation, thus justifying the reversal of previous orders. The court ordered the discharge of all restrictions on the defendants' accounts.

The glitch reportedly resulted in 9,633 erroneous transactions, with Flutterwave's total exposure estimated at N21.2 billion, although N7.2 billion was preserved through account restrictions.