Courtesy of Nairametrics, this is the 2015 Central Bank of Nigeria (CBN) circular that is causing problems for forex-trading fintech companies (companies which enable Nigerians to buy foreign stocks): “For the avoidance of doubt, any Authorized Dealer that is found to have used funds from interbank, export proceeds and bureau de change to consummate these items classified as Not Valid for Forex or undertakes money wire transfer for a BDC shall be sanctioned appropriately.”

The apex bank has used a court order to freeze the bank accounts of Chaka, Bamboo and related companies in the nation as it examines forex-related transactions.

The circular was issued on July 01, 2015, titled: “RE- Inclusion of some imported goods and services on the list of items not valid for foreign exchange in the Nigeria foreign market.”

The circular itemized a list of 41 products not valid for foreign exchange at the Nigerian foreign exchange widow, and the 41st product was Euro bond/ foreign currency Bond/ shares. This gave the CBN a formidable footing to tackle these companies whose sole business was to provide Nigerians with access to foreign financial instruments.

“For the avoidance of doubt, any Authorized Dealer that is found to have used funds from interbank, export proceeds and bureau de change to consummate these items classified as Not Valid for Forex or undertakes money wire transfer for a BDC shall be sanctioned appropriately.” – CBN.

Therefore, the CBN sort to penalize those that violated its directives as it filed a motion with the Federal High Court sitting, Abuja. The Defendants are Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

Meanwhile, the court has (temporarily) unfrozen the bank accounts of some of the companies to enable them pay rents and salaries: “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.”

I remain of the opinion that Nigeria can investigate these companies while they are operating at full capacity. If not, after 6 months, the duration of the freeze, some may be financially incapacitated to be relevant.

Good People, last week was superb. Tomorrow is another moment. Zoom link in the Board. Let’s discuss the markets of markets and go for alpha returns!

The Business Growth Playbooks with Ndubuisi Ekekwe is a live program which takes place on Zoom. It focuses exclusively on growth strategies, mechanisms, models, frameworks, etc which businesses can deploy to win new markets and territories. In other words, the program objective is to master how companies can grow, biased for the African markets.

Greetings. Tekedia Institute invites you to register for the 6th edition of Tekedia Mini-MBA which begins on Sept 13 to end Dec 6, 2021. Tekedia Mini-MBA is an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. 

It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. We also have optional thrice weekly Zoom sessions. Register here via any of the means noted; registration continues and ongoing.

Our Faculty members come from MTN, Shell, Microsoft, Amazon, Flutterwave, Nigerian Breweries, KPMG, Amazon, Infoprive, Bank of Industry, Kendor, Trusbanc Capital, etc, and are coordinated by Prof Ndubuisi Ekekwe. Our Learners come from 39 countries and have great things to say about our world-class program here.

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Tekedia Team

Welcome to Tekedia Institute. We run an amazing business school which has attracted professionals and students from 39 countries. The next edition begins Monday, Sept 13, 2021. It is a great academic festival, and one that is nurturing a generation of leaders, innovators and change makers. Tekedia Mini-MBA is serving Africa through educating on the tenets of entrepreneurial capitalism.

Our Faculty members come from Microsoft, Shell, Flutterwave, Nigerian Breweries, Jobberman, Coca Cola, and other great organizations. Thrice weekly, I personally coordinate live Zoom sessions on the mechanics of business systems. We bring our Faculty and Guests on those sessions, covering industries and business domains.

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The deadline for early registration with the huge benefits is today. It remains N50k naira or $140.  REGISTER today and join us on Monday .