The Central Bank of Nigeria has just frozen the bank accounts of Nigerian fintech platforms Risevest, Bamboo, Trove and Chaka for the next six months.

According to The Whistler, the Federal High Court in Abuja has granted an exparte motion which sought temporary freezing of bank accounts belonging to these online investment and trading platforms where Nigerians are transacting business online.

The motion was filed by Chief Micheal Kaase Aondoakaa, SAN, on behalf of the Central Bank Of Nigeria Governor for the purpose of probing the financial activities of these four fintech companies in Nigeria.

The CBN alleged that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited were complicit in operating without license as asset management companies “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 01, 2015.”

The prosecutor told Justice Ahmed Mohammed that the foreign exchange deals done with the defendants were making the Naira weaker to the United States dollars, hence, the need to block 15 of their accounts for about 180 days.

In response to this announcement, Risevest’s CEO Eke Eleanya Urum came out on Twitter to assure users of Risevest that trading activities will continue as usual and the issue will be sorted out with the regulators.

Hey guys, in respect to the most recent news regarding @Risevest and our FX dealings, rest assured all user investments and funds are safely managed, funding and withdrawals will continue to be processed as normal and all our US operations are intact.

— Steve Jobs of Investing (@eldivyn) August 17, 2021

TechCabal has reached out to the affected fintech companies and is awaiting their comments.

Source: https://techcabal.com/2021/08/17/cbn-freezes-accounts-fintech-risevest-bamboo-trove-and-chaka/

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No investigation, actions was just taken.

I wonder whose bribe wasn't paid.

BigCabal:
The ]

CBN should also know that buahri's incessant Medical tourism is making the naira even weaker.

Wonderful!

chatinent:
No investigation, actions was just taken.

I wonder whose bribe wasn't paid.

How did you come to the conclusion that no investigation was done? Did you miss the part below?

The CBN alleged that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited were complicit in operating without license as asset management companies “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 01, 2015.”

I’m always amused when folks like you come online to condemn every action taken by government agencies in the overall interest of Nigeria based on information available to them.

How some of you think those running some of these government agencies are dumb guys who don’t know what they are doing is laughable. In case you don’t know, some of the brightest guys in Nigeria work in CBN. They are not perfect but they know what they are doing based on available information. Stop spewing about things you know nothing about.

CBN Una wan do Una own eM eM eM?

Abeg make Una allow Mavro rip

Just one question, will the likes of piggyvest and kuda etc be affected as well?

peacettw:
Just one question, will the likes of piggyvest and kuda etc be affected as well?

Did you see their names there?