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Tuesday, March 21, 2023

Kenya’s Asset Recovery Agency Drops Money Laundering Charges Against Nigerian Companies

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The Asset Recovery Agency in Kenya has dropped money laundering charges against three Nigerian companies after declaring that the response given regarding the source of the funds was satisfactory.

The Nigerian companies are RemX Capital Limited, Avalon Offshore Logistics Limited, and OIT Africa Limited.

In April 2022, the agency requested a High Court to stop the transfer or withdrawal of Sh5.6 billion ($48.6 million) belonging to the three companies.

At the time, it alleged that the funds were proceeds of money laundering with executives at the company backed by a powerful politician.

Reports from the Kenyan media suggested that while investigations were being conducted, the directors of the affected companies refused to honour invitations by the ARA.

Since then, more Nigerian companies have been drawn into a web of money laundering allegations in the East African country with Flutterwave being the most prominent case.

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