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CBN SECURES COURT INJUCTION TO FREEZE FOUR FINTECH FIRMS BANK ACCOUNTS

The Central Bank of Nigeria (CBN) which is the apex bank in the country, saddled with  the responsibility of checkmating the financial  activities in the country has secured a court injunction to freeze the bank accounts of four financial technology (fintech) firms for operating as asset management companies without license.

In a communiqué released by the apex bank, the affected companies are Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited.  

According to reports gathered by news men, the Federal High Court in Abuja granted an ex parte motion seeking the temporary freezing of the companies’ bank accounts over the license.

It would be recalled that Michael Aondoakaa (SAN) had filed the motion on behalf of CBN to probe the activities of the above named four fintech firms.

In all, CBN however alleged that the companies were operating without licenses as asset management companies “and utilizing foreign exchange sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of the CBN circular referenced TED/FEM/FPC/GEN/01/012, dated July 1, 2015.”

However in his reactions, The Chief Executive Officer of Rise Vest, Eke Urum, assured users of the platform that trading activities would continue as usual, as his team had sought resolution with the regulator.

He added that the firm is aware of the recent reports about its fintech firm. Eke Urum however said the legal team and government relations teams are looking into it, stressing that Rise Vest feel  it was important and imperative  to let you her customers know that their  money remains safe with Bamboo and will always be readily accessible.

 

 

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