Nigerian cryptocurrency trader Jola Omotoso has accused innovation strategist and former presidential aspirant Chukwuka Monye of refusing to refund $58,500 that was mistakenly transferred to him on July 11, 2025.
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Omotoso explained that the transfer was intended as a $1 test transaction during preliminary discussions on a potential crypto trade. However, due to an error, the much larger sum was sent to a wallet linked to Monye.
Speaking to SaharaReporters, Omotoso said, “A sum of $58,500 was erroneously transferred to a wallet provided to the cryptocurrency company by a certain Dr. Chukwuka Monye.” He added that Monye had acknowledged the error and promised a refund, but only $9 was returned, with subsequent attempts met with excuses.
On August 8, 2025, Omotoso’s lawyers, Abbey & Aderoju Associates, formally demanded the refund in a letter signed by V.N. Jiya Esq., stressing that the transfer was made in error and did not represent payment for goods or services.
The letter stated, “Our client wishes to communicate his position that following the erroneous transfer made to your wallet address on the 11th of July 2025, he would like to request a refund of the said crypto asset on or before the 11th of August 2025. We hope that this letter conveys the urgency of the refund and demonstrates the patience our client has shown.”
Responding to the allegations, Monye told SaharaReporters that the matter is under review by the authorities. He denied receiving the $58,500 and insisted that the account which received the funds is not under his control or that of his associates.
In a statement posted on Instagram, Monye clarified, “Dr Monye was in preliminary discussions with potential commodity trading clients when Mr Jola Omotoso of Crypto Jumbo was introduced to him. A handshake transaction of US$1 was arranged, but instead of $1, $58,500 was mistakenly transferred to an account outside Dr Monye’s control.”
Monye further explained that the cryptocurrency platform flagged attempts to refund the funds as suspicious due to the unusually high amount, causing delays. He noted that the account’s owner, Ms. Elizabeth Masila Kioko, has reportedly made several attempts to return the funds, but procedural limitations and transaction security protocols have slowed the process.
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