Forex deal: CBN lists ‘infractions’ of RiseVest, other fintech platforms - Newstrends
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Forex deal: CBN lists ‘infractions’ of RiseVest, other fintech platforms

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The federal high court sitting in Abuja on Tuesday granted the request of the Central Bank of Nigeria to freeze accounts belonging to some technology trading platforms offering local and foreign stocks.

In his ruling, Ahmed Mohammed, the judge, granted the prayers of the apex bank to freeze the accounts of RiseVest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited for 180 days.

This is not the first time the apex bank is clamping down on major fintech platforms offering foreign stocks to its customers.

In February 2021, the CBN directed banks and other financial institutions to close any accounts dealing in cryptocurrency or facilitating payment for cryptocurrency exchange, with immediate effect.

While delivering the ruling, Mohammed added that any person who feels aggrieved about the freezing order is entitled to approach the court within the period to seek redress.

He then adjourned further hearing till February 20, 2022.

RISEVEST  – NO LICENCE/ALLEGED CRYPTO TRADING

The CBN accused Risevest of engaging in cryptocurrency trading which contravened it’s circular referenced BSD/DIRUPUB/LAB/014/001, dated February 5, 2021.

“Our review revealed that the company consummated its asset management activities through its account 1017558580 with Zenith Bank PIc, which recorded a turnover of N1.8billion between January 1, 2019, and April 27, 2021,” CBN said in a court filing.

“Inflows to the account ware mainly from retail investors through two Payment Service Solution Providers (PSSPs): Flutterwave (N588.81 million) and Monnify (N987.58 million). Outflows from the account were to a PSSP-Paystack (N500 million) and cryptocurrency traders like BuyCoins (N110.00 million) and Beltium Ventures (N350.00 million).

“Inquiries on the transactions confirmed that the transfers to Buycoins were for the purchase of cryptocurrency.

“The above is indicative that Rise Vest Technologies Limited traded in cryptocurrencies in contravention of the CBN circular referenced BSD/DIRUPUB/LAB/014/001, dated February 5, 2021.”

BAMBOO SYSTEMS  – No licence

The apex bank said Bamboo operates an online app for trading in stocks, exchange-traded fund and derivatives listed in major US exchanges.

“Bamboo Systems Technology Limited is owned by Us-based Bamboo Global LLC (99.99%) and Oluwole Ralph Olugbenga (0.01%). The company was incorporated in December 2018 to carry on the business of software design, implementation, development, maintenance and consultancy amongst others,”

“It is related to One Global Med. Technology. BSTL Lambeth and Grag Concepts Limited.

“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.”

CHAKA TECHNOLOGIES – No licence

The CBN accused Chaka of engaging in the purchase of forex from illegal operators for trading in naira and dollar securities.

The financial regulator said, “Our review showed that transactions on Chaka.com are settled through Guaranty Trust Bank Plc accounts of Citi Investment Capital Limited. A detailed review of the transactions are provided below:

“Citi Assets Management Limited, owned by Victor Gbolade Osibodu, Olufunke lyabo Osibodu Foluso Olajide Philips and Vigeo Capital Limited, was incorporated in 2006 to carry on the business of financial and investment advisory services for unit Trusts and Funds.

“The company also owns a mobile/digital investment app (Chaka.com), which provides a gateway for investors willing to invest in local and foreign securities from as N1,000 or USD10. It maintains Naira and domiciliary accounts with Guaranty Trust Bank PLC. The domiciliary accounts (0462887053, 0005577559 & 0137921143) recorded an aggregate turnover of $0.91 million between January 1, 2019, and April 27. 2021.

“Inflows to the account were from offshore investment companies like 4DX Ventures LP ($O. 15 million), Drivewealth LLC ($0.14 million). Golden Palm Investments Corporation $0.10 million), Angellist Holdings. LLC ($0.05 million), Microtraction Investments LLC ($0.03 million) and Blue Rinc Capital ($0.04 million).

“There were also inflows from local investment firms like VGo investment Company ($0.07 million), and Tag Capital Nigeria Limited ($0.02 million). Other inflows were cash deposits from sundry investors ($0.13millon) and FX purchased from an illegal FX operator, Salt River Energy & Allied Limited ($0.05 million).

“Outflows from the account consisted of transfers to offshore investment companies like Drivewealth, LLC ($0.17 million), Oro Development Company ($0.09 million), ABTA Investment Limited ($0.08 million. Dendrobium Limited ($0.02 million), and Trading view incorporated (00.01 million), as well as local online investment service providers like VGO investment Company Limited ($0.06 million) and Rolaid Company Limited ($0.02 million).

“The company also made transfers to Chaka Technologies Limited ($0.12 million) and an offshore cloud service provider, Rackpace international Gmbh (S0.02million).

“Other transfers were to Leadway Assurance Company Limited ($0.05 million) and individuals suspected to be investors like Kehinde Balogun ($0.11 million), Toluwalase Usman ($0.04million) and Alero Patricia Azazi ($0.02 million).”

It stated further that the fintech startup has an aggregate turnover of N9.26 billion in more than two years.

 

“A review of the Citi Assets Management Limited’s Naira accounts showed an aggregate turnover of N9.26 billion between January 1, 2019, and April 27 2021. Inflows to the account consisted of own account transfers (N3.43 billion) and transfers from a power distribution company Global Utilities Management Company (N3.94 billion), an Australian-based consulting and training company -Oversight Consulting (N0.21 billion), Vigeo Shipping Limited (N0. 10 billion), Oxygron Oll and Gas (N0.05 billion) Holborn Associates Limited (N0.03 billion), VGO investment Company Limited and Munak Group Limited (N0.02 billion), Others were inflows vaguely described as “2020 2nd Tranche” (0.93 billion) and cash deposits by sundry investors (N0.04 billion).”

In June, it was reported that the Securities and Exchange Commission (SEC) granted Chaka Technologies, a licence to offer stocks directly to investors in the country.

 

TROVE TECHNOLOGIES – No licence

The CBN accused Trove of engaging in cryptocurrency trading as well as operating mobile and digital investment app for local and foreign securities without approval.

“A review of the company’s domiciliary account 5071080410 with Zenith Bank Pic showed a turnover of $1.42 million between May 1, 2019, and April 27, 2021.

 

“Inflows to the account were from investment partners like USA-based Drivewealth LLC ($0.69 million) and ARM Securities Limited ($0.18 million). Other inflows were from illegal FX operators like Vertos Financial Technologies Limited ($0 10 million), West Continental Prospecting

Limited $0.03 million) and West Atlantic Drilling ($0.02 million). The company also received inflows from individuals like Abosede Abibat Oyewole ($0.12 million), Ahutu Amina $0.05 million) Ayobamidele Oni ($0.04 million), Babatunde Olakunla Edun ($0.03 million) and Arinze Alexander Anyaeche ($0.02 million). Outflows from the account included offshore transfers to Drivewealth LLC (51.10 million) for investments on behalf of its clients. Other outflows were to Docklands Enterprises $0.06 million which the transfer instruction described as payment for FX transfer and Simon Olaleye ($0:06 million).”

 

On the naira account, the apex bank said Trove engaged in ‘illegal forex transactions’ with BDC operators.

“A review of the company’s Naira accounts (1016068138 &1010785581) with Zenith Bank Plc showed an aggregate turnover of N3.27 billion. Inflows to the account were from PSSPs like Teamapt Lid (N2.49 billion), Paystack (N0.22 billion) and Flutterwave (N0. 11 billion)

“Outflows were in companies involved in B2B payment solutions as well as cryptocurrencies like Verto Financial Technologies Ltd (N1.09 billion) and Paystack (N0.36 billion), Quidax Technologies Ltd (N0.04 billion) and BT Pesa (N0.002 billion). Other outflow included transfers to sundry individuals and payments for bulk purchase of FX from HFT BDC (N0.02 billion, Kiakiafx Services International Limited (N0.006 billion) and BLK Prestige (N0.002 million).

“The foregoing is indicative that Trove Technologies Limited was actively engaged in trading in foreign securities and cryptocurrencies using FX sourced from illegal FX operators and Nigerian FX market in contravention of the CBN circular of 2015.”

The tech platforms immediately informed the public that investors and traders’ funds are in safe hands and accessible.

Bamboo, Trove, Chaka and Risevest have also assured investors that they will work with regulators to resolve all contending issues.

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Insurance

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

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L-R: Managing Director, Lasaco Assurance Plc, Ademoye Shobo; Managing Director, Continental Re, Dr. Fatai Lawal; Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Josephine Ogundeji; Group CEO of Continental Reinsurance Holdings, Lawrence Nazare; Blessing Ifechukwude; Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Henry Uche; Chief Underwriting Officer – Facultative, Continental Reinsurance, Bashir Akinsiku
L-R: Managing Director, Lasaco Assurance Plc, Ademoye Shobo; Managing Director, Continental Re, Dr. Fatai Lawal; Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; Josephine Ogundeji; Group CEO of Continental Reinsurance Holdings, Lawrence Nazare; Blessing Ifechukwude; Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade; Henry Uche; Chief Underwriting Officer – Facultative, Continental Reinsurance, Bashir Akinsiku

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

Stanbic IBTC Insurance Limited has emerged as the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance CEO Summit held in Kigali, Rwanda, on April 17, 2026.

The prestigious award recognises insurers that demonstrate consistent growth, strong financial performance, and strategic impact across Africa’s insurance industry. Stanbic IBTC Insurance was singled out for its disciplined execution, strong commercial results, and highly effective bancassurance model, which has significantly driven its life insurance growth.

Judges at the awards noted that the company’s bancassurance strategy—leveraging banking platforms to distribute insurance products—remains one of the most efficient on the continent. The firm’s ability to combine innovation, customer reach, and operational efficiency has positioned it as a leader in Nigeria’s insurance market.

Beyond its growth metrics, Stanbic IBTC Insurance has built a reputation for prompt claims settlement, sound risk management, and customer-focused service delivery, further strengthening trust among policyholders and stakeholders.

In the same CRe Momentum Award category, Cornerstone Insurance Plc (Nigeria) secured second place, while La Générale des Assurances (Benin) finished third, reflecting strong competition among leading African insurers.

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In the Emerging Champions category, which celebrates fast-growing and innovative insurance companies, Agrails Ltd (Kenya) emerged winner, while Britam Connect (Kenya) came second.

The event also featured the 11th Pan-African Re/Insurance Journalism Awards, organised by Continental Reinsurance Plc, to honour excellence in reporting the insurance and reinsurance sector across Africa. A total of 184 entries from both Anglophone and Francophone countries were reviewed.

Uganda’s Isaac Khisa of The Independent Publications was named Overall Winner, also clinching the top spot in the English Print category for his report on Africa’s reinsurance market. Nigeria’s Josephine Ogundeji of Punch Newspaper was named first runner-up, while Ojeme Sunday of New Telegraph came second.

In the English Online category, Henry Uche of Daily Sun (Nigeria) emerged winner, followed by Isaac Khisa as first runner-up and Tendai Makaripe of 263 Chat (Zimbabwe) as second runner-up.

The English Broadcast category was won by Blessing Ifechukwude of Voice of Nigeria, with Mercy Tyra Murengu of Media Max Network (Kenya) and Samuel Nana Effah Obeng of GN Media (Ghana) finishing as first and second runners-up respectively.

Taurai Museka won the English Social Media category, while winners also emerged from Burkina Faso in the French category and Egypt in the Arabic category, highlighting the awards’ growing continental reach.

Additionally, Josephine Ogundeji received the Dr Femi Oyetunji Future Talent Award, while Mercy Tyra Murengu earned Special Recognition for her contribution.

Speaking at the event, Group CEO of Continental Reinsurance Holdings, Lawrence Nazare, said the inclusion of 10 new participating countries reflects the expanding influence of the awards across Africa. Chief Judge Michael Wilson also noted that the quality of entries continues to improve, making the selection process increasingly competitive.

Winners across categories received certificates, trophies, and cash prizes, with the overall winner earning $2,000, category winners receiving $1,500, first runners-up $1,000, and second runners-up $500.

The launch of the CRe Insurance Awards for Africa marks a significant step in recognising excellence, innovation, and leadership within the continent’s insurance ecosystem. Stanbic IBTC Insurance’s victory further reinforces Nigeria’s growing role as a hub for insurance innovation and life insurance expansion in Africa.

Stanbic IBTC Insurance Wins Top Honour at CRe Africa Awards 2026

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Jetour Nigeria consolidates as sole authorised distributor, gets global market award

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Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.

The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.

Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.

Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.

To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.

These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.

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At the four-day exhibition held at the Podium Events Centre, the dealers provided product information and customer engagement services, reinforcing what the company described as a unified and regulated distribution ecosystem.

“The ‘Jetour Experience’ was more than a celebration; it was a statement of clarity,” noted a representative of Jetour Nigeria. “By bringing our seven authorized dealers together under one roof, we have shown the public exactly where the Jetour brand lives.

“Since our 2022 appointment, we have invested heavily in a structure that guarantees customers genuine parts, expert technicians, and valid warranties—benefits, only available through our official channels.”

The company also received a boost from the visit of Anguo Yuan, Vice President of Jetour International, who commended the Nigerian team for its rapid expansion and infrastructure investment.

Industry recognition has followed the brand’s growth, with awards including the Nigeria Auto Journalists Association’s New Entrant of the Year, Fastest Growing Auto Brand, and Car of the Year for the Jetour Dashing.

Jetour Nigeria said its current lineup — including the rugged T2, plug-in hybrid models, and the flagship G700 — reflects its commitment to innovation and market leadership.

It advised customers to engage only its authorised dealer network to guarantee access to genuine parts, certified service, and full manufacturer warranty coverage.

 

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

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Rail transformation on Abuja–Kaduna route excites NIPR delegates 

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L-R: Chairman, NIPR Akwa Ibom State Chapter, Dr Manasseh Umortte; Lagos State Chairman, Dr Samuel Ayetutu; Vice Chairman, Cross River Chapter, Amb. Deborah Grace Awatte (representing Dr Austin Mboso); Edo State Chairman, Dr James Wisdom Abholimen; Bayelsa State Chairman, Dr. Ebowari Wariowei, and Dr Mohammed Kudu Abubakar, Fellow, NIPR and Chairman Planning Committee, World Public Relations Conference, holding at Kaduna State, inside the NRC coach…on Monday.

Rail transformation on Abuja–Kaduna route excites NIPR delegates 

 

Members of the Nigerian Institute of Public Relations (NIPR) have applauded the ongoing transformation of Nigeria’s rail system, describing it as a clear sign of renewed confidence in public transport under the leadership of Dr. Kayode Opeifa at the Nigerian Railway Corporation (NRC).

The commendation came on Monday as hundreds of NIPR members travelled aboard the Abuja–Kaduna train to attend the Institute’s Annual General Meeting in Kaduna.

The journey itself became a moving testament to the rail sector’s resurgence, with fully booked coaches buzzing with networking, reunions and professional camaraderie.

Delegates from across the country, particularly from the southern states, converged on Abuja before boarding the train alongside their counterparts from the Federal Capital Territory.

For many, the decision to travel by rail was both practical and symbolic—a vote of confidence in the improving fortunes of the NRC.

Inside the coaches, the atmosphere was said to be lively. Old colleagues reconnected, new relationships were forged, and passengers commended the professionalism and efficiency of NRC staff.

Many described the experience as seamless and refreshing, noting that with the right leadership, public institutions can deliver quality service.

While praising the progress recorded so far, the NIPR members called on the Federal Government to deepen investment in rail infrastructure.

They stressed that sustained funding is critical, given the capital-intensive nature of railway operations, and expressed confidence that such investments would yield strong economic returns.

Among dignitaries on board were the Olumobi of Imobi-Ijesha, Oba Dr. Jacob Adetayo Haastrup; President of the Broadcasting Organisations of Nigeria, Chief Tony Akiotu; and media veteran, Dr. Mohammed Kudur Abubakar.

Oba Haastrup particularly commended President Bola Tinubu for appointing Opeifa as NRC Managing Director, noting that his performance within a year highlights the corporation’s potential as a driver of economic growth.

Lagos NIPR Chairman, Dr. Samuel Ayetutu, said the coordinated rail trip was also influenced by safety considerations and served as a deliberate endorsement of the NRC’s ongoing reforms.

He urged the government to extend rail connectivity to more parts of the country, providing Nigerians with reliable alternatives to road travel.

The NRC delegation to the conference was led by its Chief Public Relations Officer, Mr. Callistus Unyimadu, alongside the MD’s Special Assistant on Media and Communication, Mr. Yinka Aderibigbe.

The Kaduna conference, which runs until April 24, is expected to equip communication professionals with fresh insights and innovations in public relations practice.

It also serves as a precursor to the World Public Relations Conference scheduled to hold in Abuja later this year, where global stakeholders will converge to address emerging challenges in the profession.

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