Funds will also not be affected, Fintech companies assures investors
A court permission on Tuesday empowered the apex bank in the country to freeze the bank accounts of several fintech businesses
Affected financial technology companies whose bank accounts were frozen by the Central Bank of Nigeria (CBN) via a court ruling have urged their investors not to panic over the matter.
They issued statements on Wednesday assuring their investors of the safety, security and accessibility of their monies.
A court permission on Tuesday empowered the apex bank in the country to freeze the bank accounts of several fintech businesses in order to investigate their “illegal foreign exchange transactions.”
The companies include Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.
Bamboo in a message to investors said it was aware of the situation and looking into the matter, pledging investors that funds are safe.
“We are 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 and will always be accessible,” Bamboo said.
Risevest, also affected by the move, said funds will also not be affected.
“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,” Risevest wrote in a mail to investors.
“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.”
The motion to freeze the accounts of the fintech organisations was filed by the CBN’s lawyer, Chief Micheal Kaase Aondoakaa, SAN, and on Tuesday, the court ruled in the favour of the bankers’ bank.
The suit reads, “An Interim Order of this Honorable Court empowering the Plaintiff/ Applicant to direct the Head Offices of ZENITH BANK PLC (Churchgate Street, Victoria Island, Lagos), GUARANTY TRUST BANK PLC (Plot 635, Akin Adesola, Victoria Island, STANDARD CHARTERED BANK (142, Ahmadu Bello Way, Victoria Island, Lagos.), ACCESS BANK OF NIGERIA (999c, Danmole Street, Off ldejo Street, Off Adetola Odeku Street, Victoria Island, Lagos), VFD MICROFINANCE BANK (Elephant House. 5, Floor, 214 Broad Street, Marina Island, Lagos), to freeze forthwith all the bank accounts of the Defendants/ Respondents for a period of 180 days pending the outcome of investigation and inquiry conducted by the CBN.”
“Rise Vest Technologies Limited was Incorporated In October 2018 with objects of technological and business consultancy. The shareholders of the company at incorporation were Eke Eleanya Urum and Rise Vast Technologies Limited (USA). The company partners with companies involved in payments and settlements as well as internal and international remittances.
“However, information on the company’s website indicated that it is an asset management company, which provides a platform for customers to invest in foreign instruments using an app called “Risevest”.
“Our review revealed that the company consummated its asset management activities through its account 1017556580 with Zenith Bank Plc, which recorded a turnover of 1.97 billion between January 1, 2019 and April 27, 2021.
“Inflows to the account were mainly from retail investors through two Payment Service Solution Providers (PSSPe): Flutterwave (588.61 million) and Monnify (N967.58 milllon).
“Outflows from the account were to a PSSP – Paystack (500 00 milllon) and cryptocurrency traders Ike BuyCoins (N110.00 millon) and Beltlum Venture (N350.00 million). Inquiries on the transactions confirmed that the transfers to Buycoins were for the purchase of cryptocurrency.
“The above is indicative that Rise Vest Technologies Limited traded in cryptocurrencies in contravention of the CBN circular referenced BSD/DIR/PUB/LAB/014/001, dated February 5 2021.”
“Bamboo Systems Technology Limited Bamboo Systems Technology Limited is owned by US-based Bamboo Global LLC (99.99%) and Oluwole Raiph Olugbenga (0.01%).
“The company was incorporated in December 2018 to carry on the business of software design, implementation, development, maintenance and consultancy amongst others. It is related to One Global Med. Technology, BSTL Lambeth and Grag Concepts Limited.”
In his judgment, Justice Ahmed said “having listened to senior counsel to the applicant, on the motion Exparte filed in August, it is granted as prayed”
He said that any person who feels aggrieved about the freezing order is entitled to approach the court within the period so as to seek redress.
Google Equiano subsea cable to begin operations in Nigeria by December
Google has announced that its 12,000km Equiano subsea Internet cable, which arrived in Nigeria in April, will be operational by December.
Equiano is now running through Togo, Nigeria, Namibia, and South Africa, according to Google, and is expected to provide faster, lower-cost Internet to the continent by connecting St. Helena, Togo, Nigeria, Namibia, and South Africa with Europe.
The American company announced this yesterday at the second Google for Africa event, where it stated that more than 20% of the $1 billion announced last year to be spent on the region over the next five years has been adequately deployed.
According to a recent economic impact assessment conducted by Africa Practice and Genesis Analytics, the cable would accelerate economic growth in Nigeria by $10.1 billion, South Africa by $7 billion, and Namibia by $260 million by 2025.
At the same time, Equiano is expected to indirectly create 1.6 million jobs in Nigeria, 180,000 in South Africa, and 21,000 in Namibia as the digital economy and peripheral sectors expand.
Sundar Pichai, CEO of Google, announced the company’s intention to establish a new Google Cloud region in South Africa, its first on the continent, during the virtual event.
Pichai explained that the new Cloud Region would assist users, developers, businesses, and educational institutions across Africa in moving more information and tools online, improving customer access options, and creating jobs.
Nitin Gajria, Managing Director of Google Africa, stated that the company is collaborating with governments, policymakers, NGOs, telcos, business leaders, creators, and media to help accelerate Africa’s digital transformation.
“We believe in growing an open and healthy ecosystem of technology solutions to support Africa’s digital transformation goals, which leads to more opportunities for businesses,” said Niral Patel, Director of Google Cloud Africa. Respect for the environment is part of our corporate ethos, which is why we operate the cleanest cloud in the industry, enabling sustainable digital transformation.
“Along with the cloud region, we are expanding our network through the Equiano subsea cable and building Dedicated Cloud Interconnect sites in Johannesburg, Cape Town, Lagos and Nairobi. In doing so, we are building full scale Cloud capability for Africa.”
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China debuts first flying car in Dubai.
The first public flight of a “flying car” built by Chinese electronic vehicle maker Xpeng Inc took place in the United Arab Emirates, as the company works to launch the electric aircraft on international markets.
The X2 is a two-seater electric vertical take-off and landing (eVTOL) aircraft powered by eight propellers, two in each corner.
The manufacturer described Monday’s unmanned, 90-minute test flight in Dubai as a “important base for the next generation of flying cars.”
We are gradually transitioning to the international market “said Xpeng Aeroht’s general manager, Minguan Qiu.
We chose Dubai because it is the most innovative city in the world “Aeroht was added.
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17-year-old Kano boy builds Robot with exoskeleton remote control system.
Isah Auwal-Barde, a 17-year-old boy from Kano State, has created a robot that works with a robotic exoskeleton remote control.
An exoskeleton remote control is a system in which the robot is controlled by the person operating it through the demonstration of the person’s body parts.
Auwal-Barde on Saturday said he grew up with a passion for creativity.
He finished his secondary education at Government Secondary School (GSS), Sabuwar-Kofa, Kano, in 2021 and obtained seven credits in science subjects in the West African Examination Council (WAEC).
“It took me two years to invent the robot using local materials like DC motors, copper wires, pipes, corrugated cardboard as well as metal, among others, and the robot works with electricity. I want to be a robotics engineer so that I can be producing robots that can be used in addressing security challenges bedevilling the country,” he said.
The teenager showered praises on his father for his support.
“Now, I want to get a scholarship to further my education abroad to fulfil my dream of becoming a robotics engineer,” he said.
The teenager further stated that his prowess in robotics caught the attention of the National Center for Artificial Intelligence and Robotics (NCAIR) who sent delegates to
According to him, the delegation pledged to ensure that he is admitted to an indigenous university to study computer engineering.
“I have been giving him words of encouragement and telling him that he will become a robotics engineer in future,” said his father. “And whenever our electricity or electronics had faults, he was the one to repair them.”
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