The six firms are accused of illegal dealing in foreign exchange to the detriment of the naira.The Federal High Court in Abuja, on Tuesday, ordered the freezing of the bank accounts of six online investment platforms for 180 days.
Some of the fintech firms are principally owned by individuals and organisations based in the United States of America, the court was told. Accusing the firms of operating without licences as asset management companies, the central bank alleged that the firms violated its directive contained in its circular referenced TED/FEM/FPC/GEN/01/012 and dated July 1, 2015.
Mr Aondoakaa, a Senior Advocate of Nigeria , informed the judge, Ahmed Mohammed, on Tuesday, that the forex deals by the defendants were undercutting the strength of the naira against the United States dollars.
Source: Law Daily Report (lawdailyreport.net)
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