Toba Owojaiye reporting
Benin City, Edo state
A recent legal battle has exposed Multichoice Nigeria Limited’s staggering loss of N7.9 billion in a fraudulent foreign currency exchange scheme. Court documents obtained shed light on the intricate web of deceit involving 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, where Stuart Isaacs, serving as Deputy Judge, presided over the case. According to court records, Mr. Giwa purportedly engaged in currency exchanges on behalf of Multichoice Nigeria, entering into ten separate contracts with JNFX. These contracts aimed to convert Nigerian Naira into US dollars.
However, Truth Live News gathered that forensic investigations revealed a series of irregularities. Despite Multichoice Nigeria transferring N7.9 billion to Mr. Giwa’s companies for currency conversion, no corresponding dollar payments, totaling $16.2 million, were received. Instead, Mr. Mervyn allegedly directed funds to a bank account held by Frontier Limited in Nigeria, further complicating the matter.
Despite being named defendants, Mr. Mervyn and Frontier Limited remained elusive throughout the proceedings. Mr. Mervyn, previously wanted by the Economic and Financial Crimes Commission (EFCC) for alleged financial misconduct, raised further suspicions surrounding the case.
In response to accusations, JNFX argued that Mr. Mervyn lacked the authority to represent the company in contracts with Multichoice Nigeria. However, the court dismissed this defense, citing evidence of Mr. Mervyn’s operation under the guise of JNFX’s authority.
After thorough deliberation, the court ruled in favor 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 claims of deceit, signaling a significant legal victory for Multichoice Nigeria in its pursuit of justice.