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Nigerian Court Freezes Forex trading bank Accounts.

Nigeria Federal High Court has frozen the bank accounts of some investment and trading platforms that Nigerians have been using to transact online.Justice Ahmed Mohammed made the order on Tuesday while delivering his ruling in an ex parte application filed by the Central Bank of Nigeria through its lawyer, Micheal Aondoakaa (SAN).

Justice Mohammed stated that persons who were aggrieved by the order could approach the court for redress.The CBN told the court that the financial activities of the defendants were being probed for operating without obtaining licence 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 defendants affected by the order are Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd OPNS, Chaka Technologies Limited, CTL/Business Expenses and Trove Technologies Limited.

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