Following a court injunction obtained by the Central Bank of Nigeria (CBN), permitting the freezing of the bank accounts of six fintech companies, pending investigations that the apex bank is launching into the platforms’ forex trading activities, Trove Technologies Limited, one of the affected companies has put out a statement of reassurance to its customers.
The statement seen by Nairametrics read:
“Our attention has been drawn to the CBN notice that was recently issued.
“Please be aware that we are and will remain committed to being in compliance with all local laws and regulations and continue to maintain good standing with all existing compliance requirements and regulatory frameworks.
“Be rest assured that your funds and equities are safe and secure with Trove.
“We are currently liaising with the officials of the CBN to get more clarity on the circular. Additionally, we have involved legal professionals to manage the ongoing mediation.
“Be rest assured that we are on top of all the happenings and would actively communicate with you all as things progress.
Thanks for all your support and confidence.”
Nairametrics reported earlier that a Federal High Court in Abuja granted the request of the CBN to freeze the accounts of six fintech companies namely Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.
The apex bank said it was investigating “illegal foreign exchange trading” by the fintech companies and sought the court injunction to freeze their accounts for 180 days pending the completion of investigations.
The CBN alleged that the companies 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.”