Bamboo and Risevest have assured investors that their investments are safe, following a court order permitting the freezing of the accounts of the companies.
The Federal High Court Abuja had granted the Central Bank’s request to freeze the accounts of six fintech companies to investigate ‘illegal foreign exchange transactions’ by the companies.
In its reaction, Bamboo said the company is aware of the situation and is looking into it, adding that investors’ money remains safe and readily accessible.
“Hi everyone, 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.”
Hi everyone, 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.
— Bamboo (@investbamboo) August 17, 2021
In its statement, Risevest told investors that their investments and funds are safely managed, adding that it will work with regulators to ensure that the issues raised are properly addressed.
“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 all our US 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.”
A Federal High Court sitting in Abuja had granted the request made by the Central Bank of Nigeria to freeze the accounts of six online investment firms.
The affected fintech firms are Bamboo Systems Technology Limited, Rise Vest Technologies Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.
The accounts will be frozen for 180 days. The apex bank said it is investigating ‘illegal foreign exchange transactions’ by the companies.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.