E-Financial
Court Grants CBN Request to Freeze 9 Firms Accounts over Illegal Forex Deals

Federal High Court, Abuja has granted the request of the Central Bank of Nigeria (CBN) to freeze 86 accounts of some companies and individuals allegedly involved in fraudulent foreign exchange activities.
The request, granted by Justice Ahmed Mohammed, was filed by Mr Michael Aondoakaa, SAN, former attorney-general of the federation and minister of Justice, on behalf of the CBN
Some of the affected companies are Risevest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd., CTL/Business Expenses and Trove Technologies Limited.
Others are: Chayomi Multi Services Limited, Ningbo Excel Enterprises Limited and Dagang Enterprises.
There are also some individuals, whose accounts were frozen as well.
The court order, empowers the CBN to direct heads of Zenith Bank, Guaranty Trust Bank, Standard Chartered Bank, Access Bank and VFD Microfinance Bank to freeze forthwith all transactions on the 86 accounts on the list annexed to the CBN’s application and all other bank accounts of the defendants/respondents for a period of 180 days for the first set of defendants and 90 days for the second set.
Aondoakaa told the court that some of the firms were owned by individuals and organisations based in the United States.
The accounts are to be frozen pending the outcome of investigation and inquiry currently being conducted by the CBN.
Aondoakaa said that the application was premised on the grounds that the firms were using the foreign exchange sourced from the Nigerian market to purchase foreign bonds/shares in contravention of its directive issued in July 2015.
The applicant also accused the firms of operating without licences as asset management companies, adding that the firms violated the CBN directive contained in its circular referenced TED/FEM/FPC/GEN/01/012 and dated July 1, 2015.
The former Attorney- General also said that the forex deals by the defendants were undercutting the strength of the naira against the dollar.
He said there was the need to block 15 accounts of the first set of firms for 180 days to stop the firms from moving their funds out of Nigeria.
“We need to write the embassy, we need to go to the Foreign Affairs, the minister will serve the U.S. to seek assistance so that we can block these leakages,” he said.
In a short ruling, the judge granted the prayers saying the court was satisfied with the reasons given for the action.
He, however, said that the defendants were at liberty to approach the court and ask that the order be vacated within the stipulated period.a
He adjourned the matter until Feb. 20, 2022..
In an affidavit of facts deposed to by Christiana Gyang, a senior supervisor of the CBN, the apex bank said it had reviewed the activities of the defendants to determine their alleged involvement in illegal foreign exchange dealings.
She stated that investigation showed that the platforms were violating Nigeria’s trading laws including dealing in cryptocurrency in contravention of the CBN policy.
Concerning Rise Vest Technologies Limited, the affidavit stated that it was incorporated in Oct. 2019 with objects of technological and business consultancy.
” The company partners with companies involved in payments and settlements as well as internal and international remittances.”
The CBN also said Bamboo Systems Technology Limited was owned by US-based Bamboo Global LLC (99.99 per cent share).
“Further reviews showed that Bamboo Systems Technology Limited operates an online App, ‘Bamboo’, that provides a medium for investors to buy and sell stocks, exchange traded funds (ETFs), index funds and derivatives listed in major exchanges in the U.S.”
Gyang in her deposition said that the investigation being carried out concerned what had been discovered to be serious infractions by the defendants in connection with some foreign exchange transactions.
She also said the infractions included non-documentation by the defendants in violation of the extant laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria Foreign Exchange Manual.
“That more specifically, there is a grave allegation that the defendants/respondents are engaged in illegal foreign exchange transactions, accessing/procuring of foreign exchange ‘via their banks from the Nigerian Foreign Exchange ‘Market via several bureaux de change, International Money Transfer Operators and have transferred cash deposit of more than $10,000.00 (Ten thousand dollars) to various accounts overseas contrary to provisions of extant laws and regulations and also traded in foreign securities and cryptocurrencies in contravention to CBN ‘Circular referenced TED/FEM/FPC/GEN/01/012 .
“The aforesaid transactions undertaken by the defendants using their bank accounts has caused and is causing significant financial loss to members of the public if left unchecked in order to mitigate the likelihood of reputation /legal risk on the bank.”
E-Financial
Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
E-Financial
SEC Flags FF Tiffany as Ponzi Scheme

Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
E-Financial
AccionMonie App to Empower Low-Income Households

Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.
Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.
“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.
He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.
According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.
Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.
Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.
“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.
Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.
“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.
One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.
In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.
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