Our accounts are now unfrozen, Bamboo notifies customers

Fintech stock trading app, Bamboo has put out a notice to customers stating that the Federal High Court Abuja has issued a varied order to unfreeze the organisation’s bank accounts to enable them continue their operations.

The statement seen by Nairametrics and signed by CEO, Richmond Bassey, read:

“We wanted to update you on the latest developments regarding the recent court order. The Federal High Courts Abuja has issued a varied order to unfreeze our bank accounts so that we can continue operations.

“As always, we remain completely dedicated to serving you and you can rest assured that your monies and investments are safe with us.”

In case you missed it

It can be recalled that on August 17, 2021, a federal high court in Abuja granted the request of the CBN to freeze the bank accounts of 6 fintech companies for 180 days pending the completion of investigations on their involvement in illegal foreign exchange trading.
The accounts include Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

The CBN alleged that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited were complicit in 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 apex bank through its counsel, Chief Micheal Kaase Aondoakaa, SAN, claimed the investment companies were playing a part in making the Naira weaker to the United States dollars, because of the foreign exchange deals carried out on their platforms. There was therefore the need to block the accounts of these companies for about 180 days.

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