The Federal High Court in Abuja has joined Nigerian fintech, Moniepoint as a party in a staggering N21 billion alleged fraudulent “illegal double payments” recovery bid case involving the Economic and Financial Crimes Commission (EFCC) and some POS merchants, Naijaonpoint exclusively reports.
The development was allegedly caused by “a glitch on Providus Bank’s POS terminals,” which about ten POS merchants allegedly exploited, making them beneficiaries, relevant court documents seen by Naijaonpoint.
Justice Emeka Nwite approved Moniepoint’s motion of notice request to join the EFCC as a co-respondent in opposing the legal moves of Messrs Ishola Maruf Ademola and Ilesanmi Saheed Adeniyi, Managing Directors of Al-Maruf Communication Concept and Seadurf Telecommunications, POS merchants.
This development dates back to 14th February 2025, when the Inspector General of Police was petitioned to investigate fraudulent double settlements totaling N21,489,479,236.09, which allegedly occurred through Providus Bank POS terminals operated by Ademola and Adeniyi, among others.
In his ruling on August 12, 2025, Justice Nwite agreed with Moniepoint’s legal team, led by N.M. Uthman, that the court cannot resolve the pending large-scale fraud matter without joining the fintech platform—seeking to be joined as a party—that “set the machinery of law in motion against” the POS merchants.
The judge agreed that the fintech platform’s joinder will enable it to present material facts that will further help the court dispense justice judiciously.
At the proceedings attended by Naijaonpoint, Uthman appeared in court requesting that Moniepoint be joined as a co-respondent in the suit.
By her processes, she also requested the court to direct Ademola and Adeniyi’s legal team to amend all originating processes filed in their suit to reflect the joinder of Moniepoint.
The application was not opposed by EFCC counsel S.O. Obila, nor by Okechukwu Edeze SAN, counsel for Ademola and Adeniyi.
In response, Justice Nwite ruled that Moniepoint’s application for joinder is “granted as prayed.”
The judge also ordered the amendment of originating processes to reflect Moniepoint as a party.
The case is currently pending.
As seen in court documents, on 14th February 2025, Moniepoint petitioned the Inspector General of Police requesting an investigation into fraudulent double settlements totaling N21,489,479,236.09, which occurred through Providus Bank POS terminals operated by ten POS merchants identified as alleged beneficiaries of the illegal double settlements.
Following the investigation into the petition, money laundering and fraud cases, among others, were established.
Pursuant to the police investigation, Ademola and Adeniyi were arrested and was said to have given voluntary statements.
Moniepoint alleges they admitted to receiving double payments worth billions of naira.
Moniepoint alleges they admitted to receiving double payments worth billions of naira.
Subsequent disclosures in their statements allegedly revealed that they acquired properties with the money, described as “proceeds of fraud perpetrated against Moniepoint.”
Moniepoint then discontinued the investigation with the police and formally petitioned the Economic and Financial Crimes Commission (EFCC), the respondents, alleging large-scale fraud and money laundering amounting to N21 billion.
“The fraudulent sum arose from unauthorized duplicate settlements caused by a glitch on Providus Bank’s POS terminals which the Applicant/Respondent and eight other merchants exploited, making them beneficiaries,” court documents allege.
Subsequently, EFCC invited the duo to appear before the team investigating the matter on 4th July 2025.
On 8th July 2025, the EFCC received a letter from their counsel stating that his clients could not honor the invitation on the grounds that three pending suits had already been instituted against the commission relating to the subject matter.
Their counsel also requested the EFCC to stall any invitation and investigation of his clients pending the hearing and determination of the suits.
Following the rescheduled date of interview by the EFCC, Ademola and Adeniyi did not show up, and no explanation was given for their absence.
The EFCC later apprehended the applicants to enable investigation and further work on Moniepoint’s petition.
This joinder ruling implies that the court will most likely join a necessary party to a dispute provided sufficient legal reasons are presented by their lawyers.
For business and finance stakeholders, it sends a powerful message about the rise of system glitches across financial institutions, which can translate into litigation.
The pending judgment in this case is likely to reshape the approach of fintech platforms, POS merchants, anti-graft agencies, and lawyers—signaling stricter compliance with the rule of law and administration of criminal justice.
While the matter is pending, the development remains an allegation pending a final decision by the presiding judge.