Reps Ask CBN to Enable Access to N12bn Cryptocurrency Account - Sundiata Tech

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Wednesday, November 1, 2017

Reps Ask CBN to Enable Access to N12bn Cryptocurrency Account


The House of Representatives has called Central Bank of Nigeria (CBN) to direct Diamond Bank to release the allotted token to Cashflowabi Network Ltd, to enable it access and pay over N12 billion accrued into the cryptocurrency account to over 60,000 depositors in overriding public interest.


According to the 4-page report and recommendation adopted by the House, and obtained by BusinessDay, series of investigations conducted by Economic and Financial Crimes Commission (EFCC), all transactions engaged by Cashflowabi Network Plc were genuine and not in breach of any law.


During the investigative hearing on the petition on the crisis, the House Committee on Public Petitions had invited Godwin Emefiele, Governor of Central Bank of Nigeria (CBN), Ibrahim Magu, acting EFCC Chairman to ascertain the level of their involvement in the transactions.


The House observed that CBN which has been “publicizing and sensitizing people on bitcoin and cryptocurrency (though have not lincesed anybody nor forbids the trade), and EFCC (who had investigated the matter while in Police and participated in Court process) do direct Diamond Bank to oblige the petitioner the facility by reopening the account for Cashflowabi Network Limited to conclude the trading that will lead to disbursement of over N12 billion to the depositors across the nation in overriding public interest.”


The Committee further observed that the “parties agreed and had terms of settlement which became the consent if judgement of the Court.


“More so, since both EFCC and Police are not claiming any criminal liability and had since ordered the bank (Diamond Bank) to refreeze all Cashflowabi accounts. Hence the Court have asked for a peaceful resolution between the parties in line with resolving the matter amicably to benefit the citizenry.


“Granted the Cashflowabi used Diamond facility/platform to trade in bitcoins and crypto currency without a proper understanding with Diamond Bank.


The Committee however noted that Diamond Bank being aggrieved and suspicious of Cashflowabi closed the facility and platform used by Cashflowabi to trade shut down Cashflowabi’s platform thereby putting over 60,000 depositors across the nation in jeopardy.


“The over 60,000 depositors of Cashflowabi should not be made to suffer for no fault of theirs,” the House maintained.


In its submission during the investigation, Nigeria Police stated that “the closure of accounts and detention of funds belonging to Cashflowabi Network Ltd by Diamond Bank was carved out by Economic and Financial Crimes Commission and not the police force.


“The charge filed against Cashflowabi Network Ltd before Kaduna State High Court was done by the EFCC and not the Nigeria Police force.


“There is no document to show in the petition that EFCC contracted the Nigeria Police Force to seize, return and close the accounts of Cashflowabi Network Ltd,” the committee noted.


According to the petitioner, EFCC in conjunction with Nigeria Police had on the 27th May, 2012 ordered the closure of Cashflowabi’s accounts domiciled with Diamond bank Plc, and filed a charge against the operator before Kaduna State High Court for operating an illegal bank account.


“Consequent upon these findings, the EFCC discharged its exparte order freezing Cashflowabi’s accounts I Diamond Bank Plc. The court on 6th September, 2013 ordered that all accounts belonging to Cashflowabi be unfrozen to enable the company pay over 60,000 of its depositors,” the petitioner said.


According to Uzoma Nkem-Abonta, Chairman, House Committee on Public Petition, promoter of Cashflowabi Network Plc is currently enjoying police protection sequel to the intervention of the Committee to forestall mob-attack from aggrieved depositors.



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