Sunday, April 7, 2024


Multichoice Nigeria Limited, a provider of satellite television services in Africa, suffered a loss of ₦7.9 billion due to a fraudulent foreign currency exchange transaction. Involved parties include Akintunde Giwa, a currency exchange broker; JNFX Limited, specializing in currency exchange; Ashay Mervyn, a representative of JNFX; and Frontier Financial Technologies Limited.

Mr. Giwa, the currency exchange broker, facilitates Naira to US dollar exchanges, earning commissions. Court documents identify Mr. Mervyn as a director at Frontier Financial Technologies Limited.

The case was adjudicated by Stuart Isaacs, Deputy Judge at the High Court in the Business and Property Courts of England and Wales. The ruling was digitally transmitted to legal representatives and filed at the National Archives on April 2.

According to court records, Multichoice Nigeria Limited transferred ₦7.9 billion to Mr. Giwa, who subsequently transferred the funds to JNFX Limited as part of MultiChoice contracts. However, instead of receiving dollars as agreed, totaling $16.2 million, MultiChoice Africa did not receive any payments, as confirmed by Mr. Giwa.

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