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Bank customers lose to FG funds in accounts not linked to BVN

- The order was issued by Federal High Court, Abuja judge Nnamdi Dimgba

- Judge Dimgba granted all prayers by government against the use of the unlinked accounts

- The forfeiture is temporary but experts say it is a worrying move by the government

A Federal High Court in Abuja has granted a request by Attorney General of the Federation Abubakar Malami for temporary forfeiture of all funds in bank accounts not linked to BVNs.

Premium Times reports that also to be seized by the Nigerian government are funds in bank accounts without sufficient.

The forfeiture followed an order which originated from a motion of notice filed by Malami on behalf of the Nigerian government on September 28.

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Federal High Court judge Nnamdi Dimgba granted all the prayers sought by Malami through a lawyer Usman Dakas on October 17.

The court ordered that all 19 deposit money banks should release to Nigerian government names of accounts not yet connected to BVN; account numbers; their outstanding balances; domiciling locations; and domiciliary accounts without BVN and where they are domiciled.

Premium Times says financial experts are concerned about lack of specific legal framework for the sudden forfeitures.

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NAIJ.com had earlier reported that commercial banks in the country will soon crack down on customers' accounts following a directive by the CBN.

According to the report, the is already updating the Bank Verification Number (BVN) rules in order to forestall fraudulent activities in the Nigerian banking system.

The report noted that there were about 45.85 million total bank accounts unlinked, but when compared with the active accounts the number dropped to 15.72 million unlinked to BVN as of February 2017.

The record further shows that as of October 8, the total BVN issued were 30,511,506.

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Source: Naij.com

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design &development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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