Facebook Twitter Instagram
    Trending
    • Health Implications Of Skin Bleaching
    • Google To Shut Down Hangouts, Urges Users To Switch To Chat
    • People Indulge In Skin Bleaching Due To Inferiority Complex- Skin Experts
    • Breaking: Court Throws Out Fresh Bail Application For Nnamdi Kanu
    • MTN’s MoMo PSB Loses $53m In Security Breach, Heads To Court For Refund From Involved Banks
    • Full List: Tems Makes History, Others Win Big At BET Awards 2022
    • Nigerians To Pay More For Non-Alcoholic Beverages As FG Enforces N10 Per Litre Sugar Tax
    • Banks Record N1.21tn Non-Performing Loans
    Facebook Twitter Instagram YouTube
    Sync News NigSync News Nig
    • NEWS
      • Business & Economy
      • Politics
      • Banking & Finance
      • Tech & Innovation
      • Health
      • World
    • BRAND NEWS
    • SPORT
      • Football
      • Boxing
      • Basketball
    • ENTERTAINMENT
      • Celebrities
      • Music
      • Movies
    • FEATURED
    • TRAVELS & LIFESTYLE
      • Beauty &Health
      • Fashion
      • Food, Travel, Arts & Culture
      • Relationships & Weddings
    • SYNC TV
    Sync News NigSync News Nig
    Home»News»Business & Economy»CBN Freezes Accounts Of Four Fintech Companies Over Illegal Trading
    Business & Economy

    CBN Freezes Accounts Of Four Fintech Companies Over Illegal Trading

    Deborah AdegokeBy Deborah AdegokeAugust 18, 2021Updated:August 18, 2021No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Central Bank of Nigeria on Tuesday, August 17, 2021, froze the bank accounts of four Nigerian fintech companies for allegedly trading illegally

    The apex bank had approached the Federal High Court in Abuja to freeze the accounts of Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

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

    The CBN alleged that the companies were 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.

    The court however ordered the closure of the accused companies’ accounts for a period of 180-days, pending the outcome of CBN’s investigation.

    In response to this announcement, Risevest’s CEO Eke Eleanya Urum and Bamboo have come out on Twitter (that’s banned) 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

    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.— Bamboo (@investbamboo) August 17, 2021

    CBN Central Bank of Nigeria
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Deborah Adegoke

    Related Posts

    Health Implications Of Skin Bleaching

    June 28, 2022

    Google To Shut Down Hangouts, Urges Users To Switch To Chat

    June 28, 2022

    People Indulge In Skin Bleaching Due To Inferiority Complex- Skin Experts

    June 28, 2022

    Leave A Reply Cancel Reply

    Recent Posts
    • Health Implications Of Skin Bleaching
    • Google To Shut Down Hangouts, Urges Users To Switch To Chat
    • People Indulge In Skin Bleaching Due To Inferiority Complex- Skin Experts
    • Breaking: Court Throws Out Fresh Bail Application For Nnamdi Kanu
    • MTN’s MoMo PSB Loses $53m In Security Breach, Heads To Court For Refund From Involved Banks
    Recent Comments
    • Arsenal Beat Liverpool On Penalties To Lift Community Shield - on Chelsea Sign Former PSG Defender Thiago Silva On Initial One-Year Deal
    • Exceptional Keto Diet on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • Keto Genics BHB on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • Exceptional Keto Diet on Airtel Partners Standard Chartered Bank To Expand Fintech Business
    • www.ortovivaistica.it on President Buhari Extends Eased COVID-19 Lockdown By Four Weeks
    Archives
    • June 2022
    • May 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • March 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • December 2018
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Facebook-f Twitter Instagram
    • Banking & Finance
    • Business & Economy
    • Health
    • Politics
    • World
    • Tech & Innovation

    Copyright ©, 2020-2021 syncnewsng.com. All Rights Reserved