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BREAKING: CBN freezes account of six fintech companies for six months

BREAKING: CBN secures order freezing Risevest, Bamboo accounts for 180 days

A federal high court in Abuja has granted the request of the Central Bank of Nigeria (CBN) to freeze accounts of six fintech companies.

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

In a court paper seen by TheCable on Tuesday, the apex bank said it is investigating “illegal foreign exchange trading” by the fintech companies.

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It sought the court injunction to freeze their account details for 180 days pending the completion of investigations.

In April, the Securities and Exchange Commission (SEC) warned the investing public on the proliferation of unregistered online investment and trading platforms, facilitating access to trading in securities listed in foreign markets.

The regulator had advised capital market operators who work in concert with the referenced online platforms to desist

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