Exclusive: Flutterwave loses ₦11 billion in security breach
One month after obtaining a court order to recover $24 million lost to unauthorised POS transactions, Flutterwave suffered another security breach that allowed unknown persons to divert billions of naira to several bank accounts. The perpetrators illegally transferred ₦11 billion ($7 million) to several accounts in April 2024, one financial services insider with direct knowledge of the incident said. A second insider claimed the amount involved was at least ₦20 billion ($13.5 million).
