Bamboo, a Fintech investment platform, has reached out to its customers reassuring them of the safety of their funds in the wake of the court injunction obtained by the Central Bank of Nigeria (CBN), permitting the freezing of the company’s accounts pending investigations that the apex bank is launching into the platform’s forex trading activities.
“We’re aware of the recent reports about us. Our legal and government relations teams are looking into it but we thought it was important to let you know that your money remains safe with Bamboo and will always be readily accessible,” the statement from Bamboo read.
According to a statement released recently, the 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.”