FG To Confiscate Fund In Bank Accounts Without BVN


LAGOS OCTOBER 22ND (NEWSRANGERS)-Sequel to the Abuja Division of the Federal High Court approval of a request by Attorney General of the Federation, Abubakar Malami, for a temporary forfeiture of all funds held in bank accounts not linked to BVNs — and whose ownership could not be absolutely identified, the Federal Government would soon commence seizure of all such funds.
Also to be seized by the Federal Government are funds held in bank accounts without sufficient know-your-customer credentials.
But some bankers who spoke to our correspondent on condition that their names would not be published, expressed strong reservations about a lack of specific legal framework for the unprecedented forfeitures and potential coercion of banks by the federal government.
No estimates were immediately available at press time, but it is widely held that billions of naira remained trapped in the unlinked bank accounts since 2015 when the Central Bank of Nigeria (CBN) ordered commercial banks to stop attending to new enrollees.
The order followed an originating motion of notice filed by the AGF on behalf of the Nigerian government on September 28.
Nnamdi Dimgba, the Federal High Court judge who presided over the ex-parte motion, granted all the nine reliefs sought by Malami —himself represented by a lawyer, Usman Dakas— on October 17.
The court ordered all the 19 deposit money banks, DMBs, operating in the country to release to the federal government the names of the accounts not yet connected to BVN; account numbers; their outstanding balances; domiciling locations; and domiciliary accounts without BVN and where they are domiciled.
Nigeria deposit money banks that were listed as respondents in the ex-parte suit are: Access Bank, Citi Bank, Diamond Bank, Ecobank, Fidelity Bank, First Bank and First City Monument Bank.
Others are: Guarantee Trust Bank, Heritage Bank, Keystone Bank, Skye Bank, Stanbic IBTC Bank, Standard Chartered Bank, Sterling Bank, Union Bank and United Bank for Africa.

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Posted by on Oct 22 2017. Filed under State. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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