Abuja High Court Rules Against 4 Defaulting Firms

Abuja High Court recently ruled against four technology firms that failed to adhere to the standards that determine operations with the set business clime.

During the court session, the sitting Judge, Ahmed Mohammed, granted the Central Bank of Nigeria, CBN, permission to freeze the tech companies’ accounts that operate by trading local and foreign stocks in Nigeria.

The companies – Chaka Technologies Limited, Trove Technologies Limited, RiseVest Technologies Limited and Bamboo Systems Technology Limited – will lose access to their accounts for 180 days.

In delivering the court rulings, the presiding Judge made clear that any of the involved parties feeling aggrieved about the judgements, which grants the financial regulators power to check excesses of defaulters, should register their complaints with the court.

He then adjourned further hearing till February 20, 2022, with the present rulings expected to take effect from Tuesday 17, 2021.

Abuja High Court

Abuja High Court

Our Correspondent learnt that it’s not the first time the apex bank is clamping down on major fin-tech platforms offering foreign stocks to its customers.

Recall in February 2021, CBN instructed commercial banks and other financial institutions to shut down any account affiliated with crypto-currency transactions As fast As Possible, ASAP.

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