Business Post Contributor
By Ashemiriogwa Emmanuel
A federal high court in Abuja recently ordered that the accounts of Bamboo Systems Technology Limited and Bamboo Systems Technology Ltd be temporarily unfrozen.
The companies had filed an application, praying for a variation on the grounds that they needed funds to pay rent and workers’ salaries.
Recall that about three weeks ago, the apex court in Abuja granted the Central Bank of Nigeria (CBN) request to freeze bank accounts of a few financial technology (fintech) companies for 180 days.
The companies affected were Rise Vest Technologies Limited, OPNS, Chaka Technologies Limited, CTL/Business Expenses, Trove Technologies Limited, and Bamboo Systems Technology Limited.
The action was taken against the firms by the CBN over allegations of “illegal foreign exchange transactions” and the court injunction was sought to freeze their bank accounts for six months pending the completion of investigations.
But on Tuesday, September 7, the counsel to Bamboo, Mr Chiezohu Okpoko, told the court that his clients were seeking an amicable resolution of the matter.
According to him, “They want a partial variation to allow them access funds to pay rent and workers’ salaries; they also want an amicable settlement. We are not opposed to this, and we are open to an amicable settlement, all we want is that they should operate within the guidelines of the law.
“So, we agree to a partial variation to the extent of what they have asked for with regard to paying rent, salaries, and an amicable settlement.”
In response, the counsel to the CBN, Mr Michael Aondoakaa, who had filed the ex-parte motion to freeze the companies’ accounts, did not oppose the application for variation.
The presiding judge, Justice Ahmed Mohammed, thereafter, granted the prayer for partial variation of the order and ordered the accounts of the company to be unfrozen.
“An order is hereby made varying the freezing order of this court made on August 17, as it affects the 2nd and 3rd respondents.
“This is to allow the companies to pay rent on the property they are occupying, pay salaries of workers and allow for an amicable settlement,” Mr Mohammed said.
After ruling on the application, he then adjourned the case to February 17, 2022, for hearing.
