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Court temporarily unfreezes Bamboo accounts, gives reasons




A federal high court in Abuja has ordered temporary opening accounts of Bamboo Systems Technology Limited and Bamboo Systems Tech. Ltd to enable them pay salaries. gathered that the companies had filed an application praying for a variation on the grounds that they needed funds to pay rent and workers’ salaries.

A counsel to the two firms, Chiezohu Okpoko, told the court on Tuesday, September 7, that his clients were also seeking an amicable resolution of the matter.

The counsel to the Central Bank of Nigeria (CBN), Michael Aondoakaa, who had filed the ex-parte motion to freeze the companies’ accounts, did not oppose the application for variation.

Aondoakaa said: “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.”

Ruling on the application, the presiding judge, Ahmed Mohammed, granted the prayer for partial variation of the order and ordered the accounts of the two companies to be unfrozen.

Mohammed said: “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 amicable settlement.” The court adjourned the matter to February 17, 2022.


This medium previously reported that the CBN had reportedly secured a federal high court’s order in Abuja to freeze accounts of four fintech companies for 180 days.

The accounts included that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

The CBN’s counsel, Chief Micheal Kaase Aondoakaa, SAN, leveled an accusation against the companies before Justice Ahmed Mohammed of the court that they were responsible for the Naira’s depreciation against United States dollars.

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