Central Bank of Nigeria has frozen the accounts of Risevest, Bamboo, Trove, and Chaka founders for the next six months.
An ex parte motion seeking the temporary freezing of bank accounts belonging to these online investment, and trading platforms where Nigerians transact business online was granted by the Federal High Court in Abuja.
Chief Micheal Kaase Aondoakaa, SAN, filed the motion on behalf of the Governor of the Central Bank of Nigeria to investigate the financial activities of these four fintech companies in Nigeria, Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited.
According to the CBN, the companies were operating as asset management companies without a license “and utilizing FX 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, 2001.”
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In response to this news, Risevest’s CEO Eke Eleanya Urum and Bamboo took to Twitter (which is now blocked) to reassure Risevest users that trading will continue as usual and that the issue will be resolved with the Authorities.
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