Flutterwave is again caught in the muddying waters of a scandal after investment platform 86FB accuses it of freezing accounts. 

This April has seen Flutterwave go from the beloved Nigerian tech startup to another fishy setup. Scandals after scandals that seem to have no end have besieged the company. In this most recent episode, it seems the fintech solutions provider is caught between the devil and the red sea.

86FB, the company setting up Flutterwave for mudslinging, appears quite shaky. While writing this article, I had difficulty understanding what their mission is or the type of business they are involved in. Even its official website looked poorly designed. However, from the About Us page and a Nairametrics article, I came up with this explanation:

86FB is an investment gambling-style platform that provides Football betting fans (or anyone into the game of chance) an avenue to make money. While it attempts not to use the word ‘gambling’ at all throughout the website, it seems to be what its primary business is. For one, its main claim to legitimacy is a collaboration with William Hill, a global online gambling company based in London, England.

Also, it claims to use a hedge fund arbitrage method which combines finance and conceptual science to earn stable returns with extremely low risk. This still sounds a lot like gambling. The only difference is that it does it on behalf of users.

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This is besides the point, which is that users are trying to claim their returns from the platform, and it is pointing fingers at Flutterwave. In a statement, 86FB (or its unnamed founder) said:

“(Flutterwave) maliciously froze our funds, and intends to take the funds as their own and extort us by cooperating with the local police. 86fb have never yielded as we have been trying our best to protect the rights and interests of every user, but the other party has a strong background in Nigeria, we cannot fight against it, so now 86fb cannot withdraw money normally.

“For everyone’s funds, and for the dignity of 86fb, we will not bow to this force. On behalf of 86fb, I implore you all to join me in fighting against Flutterwave unreasonable freezing of funds. I hope you can help us get justice. [sic]”

The explanation 86FB gives birthed the guess that Flutterwave may be caught in a pickle. It appears that Nigerian authorities are involved in the matter, likely an investigation of the platform, and instructed the fintech to stop possible withdrawals. It is only baffling why Flutterwave has not attempted to clear its name with an official statement as it continues to receive bashing from disgruntled investors.

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