Lagos businesswoman faces N2.9bn theft charge in Flutterwave fraud
The Federal High Court in Lagos has postponed the trial ofa businesswoman, Iwegue Ijeoma Ruth, who is facing allegations of stealing N2.9 billion from the financial portals of Merchant of Flutterwave Technologies Solutions Limited.
Ruth was arraigned before the court by the office of the Inspector General of Police on a five-count charge bordering on conspiracy, stealing, fraudulent conversion, and advance fee fraud.
According to the charge sheet, Ruth and an accomplice who is currently at large allegedly gained unauthorized access to the company’s financial portals between February 5 and 7, 2023. They are accused of fraudulently transferring N2,949,557,867.80 to multiple accounts belonging to her associates.
Investigators also alleged that Ruth subsequently received N821,383,600 into two personal accounts, 540154325 and 5400831481, knowing the funds were proceeds of unlawful activity.
The prosecution maintained that the offences contravene Sections 1, 7(1)(2), and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2016.
Justice of the Federal High Court adjourned the matter to November 4, 2025 for continuation of trial.
