The Federal High Court in Abuja has admitted Nigerian fintech firm Moniepoint as a party in a N21 billion fraud case involving the Economic and Financial Crimes Commission EFCC and two POS merchants accused of exploiting duplicate payments.
The case stems from what was described in court documents as a glitch on Providus Bank's POS terminals, which allegedly allowed about ten merchants, including the defendants, to benefit from unauthorized double settlements. Justice Emeka Nwite ruled that Moniepoint must be joined as a co-respondent, noting that the court could not fully resolve the matter without the fintech company that initiated the petition.
The petition dates back to February 2025, when Moniepoint asked the Inspector General of Police to investigate suspicious double payments amounting to more than N21 billion. The firm claimed the merchants admitted receiving the funds and later used them to acquire assets described as proceeds of fraud.
