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Home General News

CBN and Trove resolve to settle issues amicably

Janet John by Janet John
October 6, 2021
in General News, Tech News
CBN and Trove resolve to settle issues amicably
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Investment platform, Trove is in talks with CBN after the Apex bank froze its bank accounts for violating Nigeria’s trading laws. Trove met with CBN at a court hearing last month to settle the matter amicably.

In a statement from the company, Trove said “At a court hearing on the 29th of September 2021, the counsel for Trove informed the Court of their intention to settle the matter amicably, and same was confirmed by Counsel to CBN.

The Presiding Judge made a pronouncement, ordering parties to settle the matter amicably and adjourned the next hearing till 30th of November.”

What you should know

The Central Bank of Nigeria froze the bank accounts of various fintech platforms, including Trove, in August to investigate their financial operations.

According to the CBN, they were complicit in operating as asset management companies without a license “and employing FX obtained from the Nigerian FX market for acquiring foreign bonds/shares in breach of the CBN circular referenced TED/FEM/FPC/GEN/01/012, dated July 01, 2015.”

Trove, in a message to its customers, while responding to the court order, said, “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.”

The company assured customers that they were on top of all the happenings and would actively communicate progress to customers.

Related

Tags: CBNNigerian trading lawsTrove

Comments 2

  1. Musbahu Abubakar Garba says:
    October 7, 2021 at 5:51 am

    I want improve my business and provide job for youth and depending with my self business

    Reply
  2. Musbahu Abubakar Garba says:
    October 7, 2021 at 5:53 am

    I want improve my business and provide job for youth and depending with my self business sales

    Reply

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