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Rise issues statement on CBN account freeze

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Fintech investment platform, Rise has put out a statement on the recent court injunction obtained by the Central Bank of Nigeria (CBN), permitting the freezing of its accounts pending investigations that the apex bank is launching into the platform’s forex trading activities.

In the statement seen by Nairametrics, Rise sought to reassure its customers of the safety of their funds and the platform’s willingness to cooperate with regulators to address issues of concern. The statement from Rise read:

“With regard to the latest news about us and our FX dealings, you can be sure that your investments and funds are safely managed, that funding and withdrawals will continue to be processed as normal, and that our U.S operations remain intact.

We will work with regulators, as we always have to ensure that all issues raised are properly addressed. However, this does not affect our users or their investments, which are managed by regulated third-parties in all jurisdictions in which we operate.”

What you need to know

Nairametrics reported earlier that a 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.”

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