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Court suspends CBN freeze on Fintech startups’ accounts for payment of salaries, others

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Bamboo Systems Technology Limited and Bamboo Systems Tech. Ltd., have received a court order to have the Central Bank of Nigeria (CBN) unfreeze their accounts.

The Federal High Court, Abuja, placed a temporary unfreeze order on the two companies’ accounts on Tuesday, three weeks after the CBN secured an exparte order against them and three other Fintech startups.

CBN blocked the accounts of Bamboo Systems Technology Limited, Rise Vest Technologies Limited, Bamboo Systems Technology Limited OPNS, CTL/Business Expenses, Chaka Technologies Limited, and Trove Technologies Limited.

The apex bank had blocked the accounts after accusing the digital investment startups of operating without license and obtaining forex to acquire foreign securities against CBN’s directive.

Read also: Fintech firms respond after CBN secures order to freeze their bank accounts

Their accounts are supposed to be closed for 180 days, however, in an effort to allow the workers of the Bamboo Systems Technology Limited and Bamboo Systems Tech. Ltd., lifted the embargo on their accounts.

Justice Ahmed Mohammed who presided over the recent ruling, said, “An order is hereby made varying the freezing order of this court made on Aug. 17, as it affects the 2nd and 3rd respondents.

“This is to allow the companies to pay rent on the property they are occupying, pay salaries of workers and allow for amicable settlement.’’

The case has been adjourned to February 17, 2022, which is after the 180 days period ends. During the six months, CBN is expected to conduct an investigation on transactions of all the companies.

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