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.”
Banks in the country have begun suspending instant transaction alerts for cheques drawn from other banks until such cheques are fully cleared.
This is in compliance with a recent directive from the Central Bank of Nigeria (CBN).
This new policy affects customers who receive cheques from other banks, signaling a major change in how cheque payments are confirmed.
According to the CBN directive, the move is intended to prevent confusion around the status of cheque payments and to curb premature release of goods and services before the actual receipt of funds.
In an email sent to its customers, Access Bank stated that moving forward, alerts for cheques deposited into accounts will only be sent after the cheque has been completely processed.
This is to notify you of the recent directive by the CBN which requires banks to send transaction alerts on payments of other bank cheque only upon cheque clearance.
This means that you would only receive alerts for other banks’ cheques paid into your account after the cheque has been fully processed, that is, after the funds are paid into your account or if the cheque is unpaid and and returned from the other bank.
As a result of this new directive, you will no longer receive alerts for cheques lodged into your account until the cheque is cleared or returned”, the bank stated.
Access Bank also advised customers to monitor their accounts through other available channels such as the AccessMore app, internet banking platforms, PrimusPlus, and the USSD service *901# to stay updated on the status of their cheque deposits.
To track your transactions and ensure you do not part with your goods and services prior to payment. Please use our other channels; Accessmore, Internet banking, PrimusPlus, *901#.
We remain committed to delivering seamless and secure banking services to you always”, it said.
The CBN’s directive is designed to protect both payees and payers by ensuring that goods or services are not exchanged before the actual payment has been confirmed.
Previously, customers often received immediate alerts once a cheque was lodged, leading to confusion when the cheque was later dishonoured.
A banking industry insider commented, “This change is critical in promoting financial discipline. It safeguards businesses from losses due to bounced cheques and helps maintain the integrity of cheque payments.”
While digital payment methods are on the rise in Nigeria, cheques still remain a significant payment instrument in various sectors, particularly in wholesale trade and business-to-business transactions.
The apex bank’s new guideline is expected to strengthen trust in cheque transactions by ensuring that payment confirmations are accurate and timely.
As the financial ecosystem evolves, this move is one among several measures aimed at enhancing the safety and reliability of banking transactions across Nigeria.
Credit: Daily Sun
Sterling Financial Holdings Company Plc (“Sterling HoldCo”) has reported a remarkable 157% year-on-year growth in profit-after-tax, hitting ₦41.78 billion for the half-year ended June 30, 2025. This jump from ₦16.26 billion in H1 2024 reflects the Group’s strategic excellence and operational resilience.
Yemi Odubiyi
Profit after tax rose to ₦41.78 billion, while earnings per share climbed to 89 Kobo from 56 Kobo in the prior period. Gross earnings increased by 39.7%, reaching ₦212.61 billion. Interest income grew by 38.3% to ₦167.16 billion, and non-interest income surged 45% to ₦45.45 billion.
The Group’s cost-to-income ratio also improved significantly, declining from 75.7% to 64.5%, thanks to focused cost optimisation.
Sterling HoldCo’s total assets increased to ₦4.08 trillion as of June 2025, up 15.3% from ₦3.54 trillion in December 2024. Shareholders’ funds rose by 22.9% during the period, driven by strong retained earnings and successful recapitalisation. Asset quality also improved, with the non-performing loan ratio down to 5.1% from 5.4%.
Building on its financial strength, the Group completed a ₦100 billion private placement and rights issue, which enabled the recapitalisation of Alternative Bank and bolstered Sterling Bank’s capital base. A public offer to raise an additional ₦53 billion is set to launch in the coming weeks, forming the first phase of a US$400 million capital programme approved at the Group’s Annual General Meeting on June 30, 2025.
Group CEO Yemi Odubiyi attributed the half-year performance to strategic clarity and operational agility, noting that the results reflect resilience and value creation in a dynamic macroeconomic environment.
He reiterated the Group’s commitment to responsible growth, sustainable impact, and continued investment in Nigeria’s growth sectors, including renewable energy, healthcare, and community development.
Sterling HoldCo remains focused on leveraging its robust capital strategy to fuel long-term expansion, innovate across its financial services, and deepen its contribution to Nigeria’s economic progress.
Fidelity Bank Chapter of the Institute of Chartered Accountants of Nigeria (ICAN) has inaugurated Mr. Audifax Onuoha as its new Chairman, ushering in a fresh era of professional development and strategic collaboration within the bank.
L-R: Chairman of the Occasion and Regional Bank Head -Ikeja, Fidelity Bank Plc, Jude Monye, FCA; Associate Prof. & Member, Governing Council, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Mrs Obal Usang Edet Usang, FCA; 4th Chairman, ICAN Fidelity Bank Chapter, Audifax Onuoha, FCA; 61st ICAN President, Mallam Haruna Yahaya MNI, PhD, FCA; and Immediate Past Chairman, ICAN Fidelity Bank Chapter and Chief Financial Officer, Fidelity Bank Plc, Victor Abejegah; during the 4th Investiture and Patron Conferment Ceremony of the ICAN Fidelity Bank Chapter, held at the Fidelity Bank Head Office in Lagos recently.
The investiture, which took place at Fidelity Place, Lagos, also featured the swearing-in of the Chapter’s 2025–2027 Executive Committee and the conferment of a Patron award on Mr. Stanley Amuchie, Executive Director/Chief Operations and Information Officer of Fidelity Bank Plc.
Onuoha, who currently serves as Group Head, Compliance Risk Management at Fidelity Bank, succeeds Mr. Victor Abejegah, the bank’s Chief Financial Officer. In his acceptance speech, Onuoha pledged to prioritise capacity building and continuous learning for ICAN members and non-members across the bank.
He said the new administration would focus on equipping professionals with the skills required to navigate the evolving financial services landscape, while strengthening the strategic alliance between ICAN and Fidelity Bank.
“We will deepen the synergy between Fidelity Bank and ICAN as a foundation for a resilient financial ecosystem,” he said.
Delivering the opening address, Mr. Jude Monye, Regional Bank Head – Ikeja, Fidelity Bank Plc, urged the new leadership to make professional development a top priority, describing capacity building as imperative in today’s financial environment.
Monye commended the Chapter’s growth and attributed its success to the support of Fidelity Bank’s leadership, particularly its Managing Director/CEO, Dr. Nneka Onyeali-Ikpe.
In his remarks, Abejegah highlighted achievements during his tenure, including entrepreneurship training in fish farming, snail farming, poultry, and export processing, as well as improved member welfare and insurance support for bereaved families.
The event also saw the conferment of the Chapter’s Patron award on Amuchie, in recognition of his over 25 years of exemplary service in banking. He described the honour as a call to serve as a mentor and advocate within the ICAN community and Fidelity Bank family.
The ceremony concluded with the swearing-in of the new executive committee by ICAN’s 61st President, Mallam Haruna Yahaya.
Fidelity Bank Plc is a full-fledged commercial bank serving over 9.1 million customers through digital channels, 255 business offices across Nigeria, and its UK subsidiary, FidBank UK Limited. The bank has received multiple awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award and the Euromoney Award for Best Bank for SMEs in Nigeria.
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