How Flutterwave executive Allegedly created Ponzi scheme AACL Ever Trading to defraud Nigerians*
A viral online video has alleged that Lucia Nwanze Okafor, Global Head of Operations at Flutterwave, created the Ponzi scheme AACL Ever Trading to defraud Nigerians.
According to the video, AACL Ever Trading operated by luring victims through WhatsApp and other social media platforms with offers of heavily discounted stock prices. Victims were encouraged to deposit naira, which the scheme claimed would be converted into dollars. When users later attempted to withdraw their funds, the company allegedly blocked their accounts or demanded additional fees.
In the second part of the video, U.S.-based Nigerian crime-watch analyst Ikenga Uruagu claimed that the scheme was also used to move funds for other purposes, including financing activities linked to the Biafra Liberation Army and the Eastern Security Network (ESN).
Ikenga stated that money flowing into AACL Ever Trading accounts was rapidly transferred to an account belonging to FW Sing Glory Trading HK Limited. The video cited inflows of roughly ₦158.1 million on 24 August 2026 and a total of about ₦558.6 million between 22 August and 15 September 2026, with the funds quickly leaving the AACL accounts for FW Sing Glory Trading HK Limited.
Public records show that Lucia Nwanze Okafor is a signatory to the FW Sing Glory Trading HK Limited account, alongside Adepetu Owolabi Clement and Ifeoluwa Tobi Orioke. Ikenga asserted that the “FW” prefix stands for Flutterwave. He further claimed that Flutterwave later surrendered approximately ₦2.3 billion to the Economic and Financial Crimes Commission (EFCC), saying it did not know the source of the funds.
Lucia Okafor is confirmed as Global Head of Operations at Flutterwave, the African fintech founded in 2016 by Olugbenga “GB” Agboola and others. The company provides payment infrastructure across multiple markets and has been valued above $3 billion.
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Flutterwave has not issued a public response to the allegations as of this report.
