Two technology platforms – Bamboo and Rise Vest Technologies Limited have reacted to an interim (180 days) freezing order imposed on their bank accounts by the Federal High Court sitting in Abuja, as demanded by the Central bank of Nigeria.
THE WHISTLER earlier reported that the court granted an exparte motion temporarily freezing bank accounts of Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd OPNS, Chaka Technologies Limited, CTL/Business Expenses and Trove Technologies Limited, pending conclusion of CBN’s investigation into their activities.
In a motion exparte filed by CBN’s counsel, Chief Micheal Kaase Aondoakaa, SAN, the trading companies were accused of 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.”
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The court granted the order while adding that aggrieved parties can approach the court to show cause why the freezing order should be lifted.
Reacting to the development, Rise assured its customers it would iron out issues with CBN.
“With regard to 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, “ It stated.
For Bamboo, it noted that customers’ investments wont be affected by the order.
“Hi everyone, we’re aware of the recent reports about us. Our legal and government relations teams are looking into it but we thought it was important to let you know that your money remains safe with Bamboo and will always be readily accessible,” it stated on social media.
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