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.

Following preliminary investigations, the matter was referred to the EFCC. The defendants later filed multiple suits to block further questioning, but the court ruled on August 12 that Moniepoint’s participation was necessary to provide material evidence.

The EFCC and defense counsel did not oppose the fintech’s application, which was subsequently granted. The case remains pending as the court ordered all filings to be amended to reflect Moniepoint’s inclusion.

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