The bank accounts of various investing and trading platforms that Nigerians have been utilizing to transact online have been frozen by the Federal High Court in Abuja.
Justice Ahmed Mohammed On Tuesday issued the order in an ex parte case submitted by the Central Bank of Nigeria through its lawyer, Micheal Aondoakaa (SAN).
Persons who were harmed by the order could seek reparation from the court, according to Justice Mohammed.
The CBN informed the court that the defendants’ financial activities were being investigated for operating without acquiring a license as asset management companies and using FX derived from the Nigerian FX market to purchase foreign bonds/shares in violation of the CBN circular referred to earlier.
Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited are among the defendants affected by the ruling.
An interim order of this honourable court empowering the plaintiff/ applicant to direct the head offices of Zenith Bank Plc (Churchgate Street, Victoria Island, Lagos), Guaranty Trust Bank Plc (Plot 635, Akin Adesola, Victoria Island, Standard Chartered Bank (142, Ahmadu Bello Way, Victoria Island, Lagos. ), Access Bank of Nigeria (999c, Danmole Street, off Vallejo St., Lagos. ), Standard Chartered Bank VFD Microfinance Bank (Elephant House. 5, Floor, 214 Broad Street, Marina Island, Lagos) to immediately freeze all defendants/respondents’ bank accounts for 180 days until the conclusion of the CBN’s investigation and inquiry.
Christiana Gyang, a senior supervisor at the apex bank, testified that the bank had investigated the defendants’ actions to discover their alleged involvement in illegal foreign exchange.
It said, “About the latest news about us and our FX dealings, you can be sure that your investments and funds are safely managed, that funding and withdrawals will continue to be processed as normal and that all our US operations remain intact’.
“We will work with regulators, as we always have to ensure that all issues raised are properly addressed”.
“However, this does not affect our users or their investments, which are managed by regulated third parties in all jurisdictions in which we operate”.
“Thank you for choosing Rise”.
In a tweet, Bamboo said, “Hi everyone, we are aware of the recent reports about us. Our legal and government relations teams are looking into them but we thought it was important to let you know that your money remains safe with Bamboo and will always be readily accessible”.