Recently a court order has been issued which led to the frozen of accounts of investment platform(RISEVEST) the fintech has assured its over 600k plus subscribers of the safety and management of their funds/investments,The central bank of Nigeria(CBN) obtained a court order through an Abuja high court to freeze the accounts of other investments platforms namely, chaka, Bamboo, Trove alongside Risevest for operating without licenses and violating the country’s trading laws, the accounts were frozen for 180 days approximately(6months) with over a 600k plus investors billions of naira belonging to the users/investors are expected to be locked in their alleged several accounts and Risevest released a statement recently to calm and assure investors that their funds are safe and secure and there’s no need to panic, honestly in my candid opinion 180 days is dear, far as some of these investors invested hard earned money, some even borrowed (although it’s not advisable) i personally don’t have any investment with the platform or likes of it, though some are legit, but comes with risks, see below snapshot of Risevest’ statement:
The platform also says it will work with regulators to ensure that all issues raised are properly attended to noting, that investment on it’s platform are managed by third-party in all ramifications in which they operate and investors should not be alarmed by the recent development.,
WHY CBN FROZE ACCOUNT OF RISEVEST And others:
CBN obtained order from federal high court in Abuja to freeze the accounts of fintech investments namely Risevest,Bamboo chaka and Trove, in a statement revealed by CBN counsel, chief kaase michael Aondoakaa’, according to chief kaase the platforms we’re operating as assets management companies without licenses, moreso the CBN accused the organizations(investments) of illegal foreign exchange (forex) sourced from Nigerian market thereby purchasing foreign bonds/shares in contravention of CBN’S directive issued in July 2015
CBN also states that as a result of forex deals and conducts on their platforms,, that investment such as this we’re a major factor contributing to the depreciation of the naira against the dollar all in quote are a violation of Nigerias trading laws,
Meanwhile the federal high court in Abuja adjourned the case till February 20th,2022 aggrieved parties and members of the public and those concerned can approach the court for reversal (maybe) before then the public and concerned individuals believe that it’s the position of Risevest and the other investments schemes affected to follow a positive approach as to further persuade and calm aggrieved investors most of which invested with their life savings and loans.