Federal High Court Joins Moniepoint in N21 Billion Alleged POS Fraud Case

The Federal High Court in Abuja has officially joined Nigerian fintech platform Moniepoint in a N21 billion alleged fraudulent double payment recovery case involving the Economic Financial Crimes Commission (EFCC). The case stems from an alleged glitch in the POS merchant development at Providus Bank, where ten merchants reportedly exploited the system to become beneficiaries of duplicate payments.

Moniepoint's legal team successfully motioned to join the case, with Justice Emeka Nwite granting the request. The court also ordered the originating process to be amended to reflect Moniepoint as a party in the case.

The legal dispute dates back to February 14, 2025, when Moniepoint petitioned the Inspector General of Police for an investigation into the fraudulent double settlements. The case highlights the risks of system glitches in the fintech and banking sectors, with potential significant litigation outcomes that could reshape the industry.

The matter remains pending in the Federal High Court, with final rulings yet to be made.