Federal Court Approves CBN Request To Freeze Accounts Of FINTECH Companies

The former Attorney General also stated that the forex deals by the defendants were causing the naira to seem even more inferior against the dollar.

The Federal High Court Of Nigeria has approved CBN’s request to freeze accounts of some companies suspected of fraudulent financial activities.

The request, approved by Justice Ahmed Mohammed, was filed by former Attorney-General of the Federation and Minister of Justice, Mr Michael Aondoakaa, SAN, on behalf of the CBN.

Some of the affected companies include Rise Vest Technologies Limited, Bamboo Systems Tech. Ltd., CTL/Business Expenses and Trove Technologies Limited.

Others include: Chayomi Multi Services Limited, Ningbo Excel Enterprises Limited and Dagang Enterprises.

The court order, empowers the CBN to direct heads of Zenith Bank, Guarantee Trust Bank, Standard Chartered Bank, Access Bank and VFD Microfinance Bank to freeze forthwith all transactions on the 86 accounts on the list annexed to the CBN’s application and all other bank accounts of the defendants/respondents for a period of 180 days for the first set of defendants and 90 days for the second set.

Aondoakaa told the court that some of the firms were owned by individuals and organisations situated in the United States.

The accounts are to be frozen pending the outcome of investigation currently being conducted by the CBN.

He also stated that the application was filed on the grounds that the firms were using the foreign exchange sourced from the Nigerian market to purchase foreign bonds/shares contrary of its directive issued in July 2015.

The applicant also accused the firms of operating without licences as asset management companies, also adding that the firms violated the CBN directive contained in its circular referenced TED/FEM/FPC/GEN/01/012 and dated July 1, 2015.

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The former Attorney General also stated that the forex deals by the defendants were causing the naira to seem even more inferior against the dollar.

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