Court temporarily unfreeze the accounts of fintech firms to enable salary and rent payment

The Federal High Court, Abuja, on Tuesday, granted the request of Bamboo Systems Technology Limited and Bamboo Systems Tech. Ltd., to temporarily unfreeze their accounts.

The order from the court follows the filing of an application by both firms asking for a variation of the order made by the court to allow the companies have access to its funds to pay rent and workers’ salaries.

According to the News Agency of Nigeria, the counsel to the two firms, Mr Chiezohu Okpoko (SAN), told the court that his clients were also asking for an amicable resolution of the matter.

However, the counsel to the Central Bank of Nigeria (CBN), Mr Michael Aondoakaa, (SAN), who had filed the ex-parte motion to freeze the companies’ accounts, told the court that he was not opposed to the application for variation.

What the Counsel to CBN is saying
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.’’

What the Judge said in his ruling
Justice Ahmed Mohammed of the Federal High Court Abuja, in his ruling, granted the prayer for partial variation of the order, and ordered the accounts of the 2 companies to be unfrozen.

He said, “An order is hereby made varying the freezing order of this court made on Aug. 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 judge, thereafter, adjourned the matter until February 17, 2022.


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