By Emman Ovuakporie
ABUJA—THE House of Representatives has asked the Central Bank of Nigeria, CBN, to direct Diamond Bank, in the overriding interest of 60,000 Nigerian subscribers, to release facility to Cashflowabi to disburse N12 billion Crypto currency to the depositors.
This was contained in a four-page report and recommendation adopted by the House, following series of investigations conducted by Economic and Financial Crimes Commission, EFCC, on all transactions engaged by Cashflowabi Network Plc, which found to be genuine and not in breach of any law.
While conducting an 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, and Ibrahim Magu, acting EFCC Chairman, to ascertain the level of their involvement in the transactions.
The House recommended that CBN, which had been “publicizing and sensitizing people on bitcoin and crypto currency (though have not lisensed anybody nor forbids the trade), and EFCC (which had investigated the matter while the Police hd participated in court processes) to 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 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 of 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 has asked for a peaceful resolution between the parties, in line with resolving the matter amicably to benefit the citizenry.
“Granted that 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 noted.
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 May 27, 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 in Diamond Bank Plc. The court on September 6, 2013, ordered that all accounts belonging to Cashflowabi be unfrozen to enable the company pay over 60,000 of its depositors,” the petitioner said.
R EO Uzoma Nkem-Abonta, PDP, Abia, Chairman, House Committee on Public Petition, told Vanguard that the promoter of Cashflowabi Network Plc was currently enjoying police protection, sequel to the intervention of the committee, to forestall mob-attack from aggrieved subscribers.
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