By Brenda Ojile (Business/Finance Reporter)
A Kaduna based Communication gadget merchandizing firm, Millano Communications, has raised alarm over what it described as the unexplained and curious seizure of the sum of N12.650 million (Twelve Million, Six Hundred and Fifty Thousand Naira Only) from it's corporate account by a popular Fintech Company, Moniepoint Micro-Finance Bank.
The aggrieved Communications firm which had already petitioned the matter to the Central Bank of Nigeria (CBN) for urgent intervention, said the funds allegedly confiscated illegally by Moniepoint, were part of proceeds from a genuine business transaction it had with one of its customers that purchased telephone items and related accessories from it's sales outlet on March 6, 2026.
It also said the total money received from the sales of the phone items was N6,860,000.00 (Six Million, Eight Hundred and Sixty Thousand Naira Only) which were paid into its accounts with Opay and Moniepoint Micro Finance Bank. However, after the transaction, the firm started experiencing difficulties in operating the account with Moniepoint Micro Finance Bank in particular. It was later discovered that the bank had frozen the said account.
According to Millano Communications, attempt to make withdrawals from the said account on March 7, 2026, for business purposes, was blocked by Moniepoint Micro-Finance Bank. Several efforts to access the money including visits to the operational office of the bank, yielded no result. The company said it's account officer at Moniepoint, one Mr Emmanuel Musa, was even contacted to help find out the reason for the fund seizure and ensure the facilitation of it's release. His intervention led to the unfreezing of the account.
However, the company said the bank, shortly after, placed a lien on the total sum of N12,650,000.00 (Twelve Million, Six Hundred and Fifty Thousand Naira) in that account. Further attempts to draw from the account proved abortive, and since then, Moniepoint Micro-Finance Bank offered no explanation or reason for the fund seizure.
Perhaps, out of frustration for making no headway, Millano Communications which deals essentially on high-end gadgets like iPhone, Samsung pones, Google Pixels, etc, promptly contacted it's lawyer, Barrister Douglas Ekhator Esq, a principal partner in Ekhator & Ekhator Law firm based in Abuja.
On March 23, 2026, Millano Communication's legal representative wrote to Moniepoint Bank through its compliance Office in Wuse 2, Abuja, demanding the immediate release of his client’s money. Even promises by the same account officer that the issue will be resolved, was futile, as the fund is still being withheld till today. The company is however worried that this development has locked down its business and seriously affecting it's operation.
However, in a petition by Millano Communication's lawyer addressed to the Director, Consumer Protection Department of the Central Bank of Nigeria (CBN) and dated Tuesday, March 31, 2026, Barrister Douglas Ekhator Esq, on behalf of his client (Millano Communications), urged the apex bank to "call Moniepoint Micro Finance Bank to order and order the immediate release of our client’s money, N12,650,000.00 (Twelve Million, Six Hundred and Fifty Thousand Naira)".
Millano's Counsel told the CBN that further investigation, from the dash board of the Moniepoint Bank, has shown that the reason for the frozen account was due to "money that was paid into our client’s account, from a suspicious account, by a customer. This is no doubt a lame excuse as we have forwarded to the bank all the evidences to prove that the transaction was a normal buying and selling routine transaction between a seller and buyer".
The lawyer explained that "our client does not have the power, and not obligated under the law to investigate or question the legality or otherwise of his numerous customers’ sources of money after every business transaction. The seizure of our client’s money is particularly curious and legally doubtful as it was done without a court order by Moniepoint Micro Finance".
Will Millano Communications get justice, eventually?
