How MultiChoice Nigeria was Defrauded of N7.9 Billion in Currency Exchange Scandal

Court documents obtained by Premium Times expose how Multichoice Nigeria Limited fell victim to a fraudulent foreign currency exchange scheme, losing a staggering sum of N7.9 billion. The intricate web of deceit involved Akintunde Giwa, a currency exchange broker, JNFX Limited, a currency exchange firm, Ashay Mervyn, a representative of JNFX, and Frontier Financial Technologies Limited.

The saga unfolded in the Business and Property Courts of England and Wales, presided over by Stuart Isaacs, who served as a Deputy Judge. According to court records, Mr. Giwa purportedly facilitated currency exchanges on behalf of Multichoice Nigeria, engaging with JNFX under ten separate contracts. These agreements aimed to convert Nigerian Naira into US dollars.

However, investigations revealed a series of irregularities. Despite Multichoice Nigeria transferring N7.9 billion to Mr. Giwa’s companies, purportedly for currency conversion, no corresponding dollar payments, totaling $16.2 million, were received by the company. Instead, Mr. Mervyn allegedly directed Mr. Giwa to transfer funds to a bank account held by Frontier Limited in Nigeria, further complicating the matter.

Mr. Mervyn and Frontier Limited, despite being named defendants, remained elusive throughout the legal proceedings. Notably, Mr. Mervyn was previously wanted by the Economic and Financial Crimes Commission (EFCC) for alleged financial misconduct, further raising suspicions surrounding the case.

In response to the accusations, JNFX argued that Mr. Mervyn lacked the authority to represent the company in the contracts with Multichoice Nigeria. However, the court dismissed this defense, citing evidence that Mr. Mervyn operated under the guise of JNFX’s authority, as indicated by his correspondence and official titles.

After thorough deliberation, the court ruled in favour of Mr. Giwa, granting him summary judgment and ordering JNFX and Mr. Mervyn to repay the defrauded amount of N7.9 billion, plus accrued interest. Furthermore, the court struck out JNFX’s defense against the claims of deceit, signaling a significant legal victory for Multichoice Nigeria in its pursuit of justice.