Court grants CBN’s request to freeze accounts of Rise Vest, Bamboo, Chaka, others

An Abuja division of the federal high court on Tuesday granted the request of the Central Bank of Nigeria to freeze accounts of some forex traders in Nigeria.
In an ex-parte motion brought before Justice Ahmed Mohammed by the CBN, the applicant sought an order of the court to freeze the accounts of defendants for 180 days.
The defendants are Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd OPNS, Chaka Technologies Limited, CTL/Business Expenses and Trove Technologies Limited.
The Whistler reports that the counsel to the applicant, Micheal Kaase Aondoakaa, told the court that the Naira was weaker to the dollar because of the foreign transactions done with the defendants which prompted the need to freeze their accounts for 180 days.
Mr Aondoakaa sought an order of the court “to freeze forthwith all the bank accounts of the Defendants/ Respondents for a period of 180 days pending the outcome of investigation and inquiry conducted by the CBN,” the order reads.
Christiana Gyang, a senior supervisor of CBN, filed an affidavit stating that the CBN had looked into the transactions of the defendants to enable them determine the role they play in illegal foreign exchange.
“Our review revealed that the company consummated its asset management activities through its account 1017556580 with Zenith Bank Plc, which recorded a turnover of 1.97 billion between January 1, 2019 and April 27, 2021,” Ms Gyang said.
The presiding Judge, after listening to the applicant, granted his prayer and urged aggrieved parties to approach the court to seek redress.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Abuja
Wike signed 26,272 certificates of occupancy in three years of Tinubu’s administration: Aide
Mr Olayinka said the figure surpassed the 8,697 C of Os produced and signed between 2010 and 2023.

World
Indian-American CEO who fired 900 employees on Zoom sacked
Mr Garg’s ouster came on August 3 after the board of directors voted unanimously to remove him as CEO over concerns about his “judgment, temperament and credibility.”

States
Ex-senator Iyabo Obasanjo congratulates Gov Adeleke on re-election
She said Mr Adeleke’s victory proves the confidence and trust the people of the state have in his leadership.

NationWide
Avoid over-processed foods, drinks, scientist tells Nigerians
Ms Adebayo said most over-processed and refined foods and drinks have been stripped of their beneficial nutrients and contribute to most chronic and life-threatening diseases.

States
Ogun PDP guber candidate Oladipupo Adebutu hails Gov Adeleke’s victory, says APC is ‘sinking ship’
“The APC is a sinking ship in Ogun State. No amount of padding—whether of election figures, contracts, or political theatrics—can stop their downfall,” Mr Adebutu said.

States
Governors’ forum congratulates Gov Adeleke on re-election
The group said Mr Adeleke’s achievements and personal qualities helped him win the keenly contested election.






