A Federal High Court in Abuja has lifted the ban order and defreezed accounts of Bamboo Systems Technology Limited, the online investment firm.

Last year, the Central Bank of Nigeria (CBN) accused Bamboo and other firms of operating without a license as asset management companies and utilising forex sourced from the Nigerian forex market for purchasing foreign bonds/shares.

In a suit number, FHC/ABJ/CS/822/2021 dated February 23rd, 2022 before Justice Taiwo O. Taiwo, the order was delivered after hearing Aleichenu Ogwuche for the plaintiff who urged the court to vacate and set aside the order made against the defendants, which elapsed on the 17th of February, 2022.

Recall that the court had ordered the freezing of the accounts of six online investment firms following a request by the Central Bank of Nigeria. The accounts were blocked for 180 days.

The platforms offer Nigerians access to stocks, bonds and other securities in both local and international markets, and have in recent years grown in popularity in the Nigerian fintech space, especially amongst young people.

CBN accused the companies of engaging in ‘illicit forex transactions’ and said it will need time to complete its investigation.

The firms then approached the court to restrain the respondent (governor of CBN) from further interfering with the legitimate registered business activities of the second defendant (Bamboo Systems Technology Limited) and the third defendant (Bamboo Systems Technology Limited OPNS).

Justice Taiwo Taiwo in his judgment said, “all the banks holding the accounts and monies of the defendants yet to be discharged from the orders made by the court are hereby ordered to defreeze the account forthwith.”

These platforms have further continued to offer Nigerians access to stocks, bonds and other securities in both local and international markets, and have in recent years grown in popularity in the Nigerian fintech space, especially amongst young people.