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01-Mar-2025

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Flutterwave Cyberattack: Nigeria Police Arrest 179 in ₦11 Billion Heist 2 months ago

In a significant breakthrough in the fight against financial crimes, the Nigeria Police Force (NPF) has arrested 179 individuals connected to a large-scale money laundering operation linked to a recent cyberattack on Flutterwave, a prominent payment processing platform in Nigeria. The suspects are accused of laundering over ₦11 billion, showcasing the NPF's commitment to combating financial misconduct in the country.

This operation comes in the wake of Nigeria's placement on the Financial Action Task Force (FATF) grey list in February 2023, which identified the nation as a high-risk jurisdiction concerning money laundering and terrorism financing. The FATF's designation has galvanized efforts by Nigerian authorities to enhance their anti-money laundering framework and improve compliance with international standards.

Operation Butterfly Net

To address the escalating threats of cybercrime and financial fraud, the Nigerian Police have initiated several strategic measures. Among these is the establishment of specialized units, including the Special Anti-Fraud Unit (SFU), the National Cybercrime Centre, and a newly launched Anti-Money Laundering Unit.

"A notable achievement of these initiatives is Operation Butterfly Net, which directly addressed the cyberattack on Flutterwave and culminated in the arrest of 179 individuals involved in the laundering of over ₦11 billion," stated Olumuyiwa Adejobi, the Force Public Relations Officer.

The police further emphasized that their specialized units have made considerable progress in tackling financial crimes over the past year. Reports indicate that the NPF has arrested a total of 1,088 suspects, secured 152 convictions, and recovered significant amounts of money from various financial fraud cases.

Commitment to Combating Financial Crimes

The arrests related to the Flutterwave cyberattack not only highlight the scope of financial crimes affecting the Nigerian economy but also reflect the police's determination to restore public confidence in the financial system. As investigations continue, authorities are expected to further scrutinize the networks involved in these activities.

With a renewed focus on combating cybercrime and enhancing the overall integrity of the financial sector, the Nigeria Police Force aims to strengthen its collaboration with international law enforcement agencies, thereby positioning Nigeria as a more secure environment for financial transactions.

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