Skip to main content

Interpol Probe: It’s True Our Company, RemX, Moves Large Funds Internationally, We Don’t Launder Money–Firm Debunks Allegations Of Suspicious Transfers

The Nation newspaper in Kenya had reported that two Nigerian Fintech tycoons affiliated with the company, Eghosasere Nehikhare and Bukunmi Olufemi Demuren, and another Nigerian, are being investigated by the Kenyan government and Interpol for a string of suspicious transfers of $221 million (N128 billion) from Nigeria.

The management of RemX Capital, a B2B service provider, has reacted to allegations of money laundering and corruption levelled against the company.
 
The Nation newspaper in Kenya had reported that two Nigerian Fintech tycoons affiliated with the company, Eghosasere Nehikhare and Bukunmi Olufemi Demuren, and another Nigerian, are being investigated by the Kenyan government and Interpol for a string of suspicious transfers of $221 million (N128 billion) from Nigeria.
 

Image


A source privy to the matter claimed that the three Nigerians enjoyed the backing of a powerful Kenyan politician and two Kenyans wired the cash in US dollars and Euros to Kenyan banks through multiple companies registered locally with shared ownership and suspect addresses.
 
Reacting in a statement, the executive management of the company debunked the claims stating that the media reports showed its duties were misinterpreted.
 
According to the statement, RemX is a Business to Business (B2B) multi-currency treasury management start-up company aimed at solving cross-border currency challenges, experienced by companies operating in different African markets.
 
The company further claimed it does not provide services to Politically-Exposed-Persons (PEPs) nor does it have any affiliation with any politician, describing the media reports as fictitious.
 
It added, “The founders of Multigate, RemX and every company mentioned in these articles do not know and have no relationships or affiliations to any politician in Nigeria, Kenya or in any of the markets we operate in.
 
“These articles also make an issue of the fact that the commissioning of one of our offices by the government, suggests an improper relationship.
 
“Please note that the government promotes Nigerian entrepreneurs, and it is a well-known fact that over 100 commissioning’s have been conducted over the last 7 years. To suggest an untoward relationship of political affiliations because of this, without any sort of proof is unfortunate
and unprofessional.
 
"The articles have also attempted to tie a series of stakeholder engagements with government representatives which is common anywhere in the world, to improper activity without any proof of such and how they connect to our companies.
 
“Our companies mentioned above, routinely move funds legally and internationally in large amounts to perform its services and these articles have sought to isolate a number of transfers without providing supporting evidence of money laundering.
 
“The mere fact that large amounts of money are moved by our businesses does not make it money laundering and demonstrates a lack of understanding of our business model. We would have been happy to explain this to the journalists however, in a surprising breach of journalistic responsibility, neither of these publications reached out to us for comments or clarification.
 
“There was no money laundering involved. Rather, these companies engaged solely in treasury management and currency hedging services to corporate clients that work in different African markets.
 
“Contrary to the article’s claim, all money received by RemX are from electronic payment processing and settlement of corporate client funds which are legitimate businesses in Kenya, Nigeria and worldwide.
 
“The fact that we have multiple companies operating in different countries does not make this a money-laundering operation and while the articles have gone to great lengths to show common ownership, which is public knowledge, they did not apply this same diligence to providing any evidence of money laundering.
 
“Please note that prior to these articles and at this time, we have no knowledge of an Interpol investigation, neither have we been contacted or interrogated.”
 

Interpol Probe: It’s True Our Company, RemX, Moves Large Funds Internationally, We Don’t Launder Money–Firm... by Sahara Reporters on Scribd

Topics
International