A federal high court sitting in Abuja has vacated the interim order freezing the accounts of Rise Vest Technologies Ltd, a fintech company.
The Central Bank of Nigeria (CBN) had on August 17, 2021 secured, through an ex parte motion, an order freezing the accounts of some fintech companies for 180 days over alleged forex infractions.

The affected companies are Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

Rise Vest Technologies Ltd, in a motion filed through its counsel, Seni Adio SAN, had submitted that there was no evidence that it engaged in unlawful conduct, adding that the CBN did not meet its burden of proof in support of its allegations.

Responding, Mathew Onoja, CBN’s counsel, argued that the ex-parte order of the court was proper, lawful, and valid. He contended that the order was in accordance with the provisions of Section 97 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2021, which empowered the plaintiff/respondent (CBN) to invoke the jurisdiction of the court via an ex parte application.

Ruling on the application on Monday, Taiwo O. Taiwo held that the CBN could not rely on a circular to freeze the bank account of a company

The judge noted that the CBN failed to provide any law showing that it is illegal to deal in cryptocurrency in Nigeria, adding that the CBN circular, referenced as BSD/DIR/PUB/LAB/014/001 of February 5, 2021, is not a law.

The judge, among others, held that although the CBN has the power to investigate any infraction, the infraction must relate to BOFIA or any other enactment administered by the regulator.

“I have perused the counter affidavit of the respondent and I see that the reason for freezing the account of the applicant is based on the alleged infraction of the circular of the CBN. The law is trite that any conduct that must be sanctioned must be expressly stated in a written law,” he said.

“Being unknown to law, circulars cannot create an offence because it was not shown to have been issued under an order, Act, Law or Statute.

Sources: https://www.thecable.ng/court-unfreezes-rise-vests-accounts-says-cbn-circular-to-banks-not-a-law/amp

http://saharareporters.com/2021/10/25/breaking-nigerian-court-unfreezes-accounts-blocked-cryptocurrency-trading-big-win-traders

https://www.google.com/amp/s/www.ripplesnigeria.com/court-orders-cbn-to-unfreeze-fintech-companies-accounts/%3famp

In Nigeria, it is one thing for the court to rule in your favour and another for Government agency to obey the ruling.

Apo High court has awarded my company damages against NACA/Federal ministry of finance since 2018, and up till now there's no action from them.
They've called for series of meetings yet no viable outcome.

This judge deserves some accolades

Judiciary still dey function for Nigeria?

Aufbauh:
In Nigeria, it is one thing for the court to rule in your favour and another for Government agency to obey the ruling.

Read the Ruling well. The accounts have been unfrozen and they have continued their business. If ANY bank restricts the account of any customer for trading in Crypto, such customer can sue the bank for heavy damages and the bank must pay. Kuda will likely face similar lawsuits soon.

As at today, there is no law that says Cryptocurrency is illegal. That is what the court says.

HOLLY GRAM WTF MAN

Emefiele is the worst CBN governor Nigeria has ever produced. His policies are counter productive, anti people, and runs fowl of international best practices.

How can you declare crypto currency ban when trading it isn't injurious to anybody.

He declared the ban and people kept mute, but he has stated stretching his luck too far

MrMcJay:


Read the Ruling well. The accounts have been unfrozen and they have continued their business. If ANY bank restricts the account of any customer for trading in Crypto, such customer can sue the bank for heavy damages and the bank must pay. Kuda will likely face similar lawsuits soon.

As at today, there is no law that says Cryptocurrency is illegal. That is what the court says.

good morning MrMcjay sir can you please edit this post and remove my account details thanks

yaseer111:
good day sir this my account details as I am unable to quote you on my thread that u request my account
Gtbank
Adam H
Thanks

Okay bro, no problem.
Sent you a token.

Nawa o

MrMcJay:


Okay bro, no problem.
Sent you a token.

of course sir I just seen it I'm very pleased seen that alert Thank so much and God bless

yaseer111:
of course sir I just seen it I'm very pleased seen that alert Thank so much and God bless

You're very welcome.

Hmmm

Pierocash:
Emefiele is the worst CBN governor Nigeria has ever produced. His policies are counter productive, anti people, and runs fowl of international best practices.
CT
How can you declare crypto currency ban when trading it isn't injurious to anybody.

He declared the ban and people kept mute, but he has stated stretching his luck too far

Taking as if that man did it on his own. He was only a messenger.

MrMcJay:


Okay bro, no problem.
Sent you a token.

Please I need help with a pending transaction

emma456:

Please I need help with a pending transaction

Sorry, just seeing this.