CBN Attacks Fintech Companies and Blocks Bank Accounts

• The Central Bank of Nigeria (CBN) has frozen the accounts of 6 Nigerian Fintech companies after obtaining a court order

• The CBN and its counsel told the court that the fintech companies were playing a part in making Naira weaker against the Dollars due to services offered on their platform

• The companies affected are Risevest Technologies, Bamboo System Technologies, Chaka, and Trove Finance, CTL/Business Expenses, and Bamboo Systems Technology Limited OPNS

After an attack on crypto-finance companies earlier this year, the Central Bank of Nigeria (CBN) is taking on a group of investment companies.

On Tuesday, a court order was obtained by Apex Bank to freeze the accounts of 6 investment finance companies.

The court order means that the investment companies will not have access to their accounts for the next 180 days.

According to the Central Bank, it is investigating the companies for allegedly carrying out “illegal foreign exchange trading”.

The companies that have been affected by the court’s injunction are Risevest Technologies, Bamboo System Technologies, Chaka, and Trove Finance, CTL/Business Expenses, and Bamboo Systems Technology Limited OPNS.

The Apex Bank also alleged that the fintech companies were operating without a licence as asset management companies.

The CBN’s counsel Chief Micheal Kaase Aondoakaa, SAN claimed that through their actions, they were playing a part in making Naira weaker against the US dollar.

The counsel lamented the to Judge Ahmed Mohammed of the Federal High Court, Abuja about the way

monies was going out of Nigeria.

CBN’s Senior Supervisor, Christiana Gyang also disclosed that the activities of the platforms had been reviewed and it showed that they were violating national trading laws.

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