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ProfRem
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From November 2017, the federal government may take over funds kept in accounts without bank verification number (BVN).
An Order papers seen by TheCable show that 19 banks across the country were given an ultimatum of 14 days to advertise accounts without BVN in a national newspaper.
The order issued on October 17 was signed by Nnamdi Dimgba, a judge of the federal court, Abuja.
During this period, owners of such accounts are expected to show cause why the money should not be forfeited.
The Central Bank of Nigeria (CBN) and Nigeria Interbank Settlement Systems (NIBSS) were directed to verify the data provided.
“That an interim order is herey made granting leave to the applicants or any officer authorized by them to advertise the accounts without BVN disclosed by the banks in a widely circulated national newspaper as notice to any person or body corporate or financial institution who may have any interest in any of the said accounts to claim ownership of same within 14 days of the publication of the order and show cause why the proceeds in the account should not be permanently forfeited to the federal government of Nigeria.”
The BVN registration exercise began in February 2014 to curb theft and fraud. Earlier in 2017, the CBN extended the registration exercise to microfinance banks and other financial institutions on the request of Kemi Adeosun, minister of finance.
An Order papers seen by TheCable show that 19 banks across the country were given an ultimatum of 14 days to advertise accounts without BVN in a national newspaper.
The order issued on October 17 was signed by Nnamdi Dimgba, a judge of the federal court, Abuja.
During this period, owners of such accounts are expected to show cause why the money should not be forfeited.
The Central Bank of Nigeria (CBN) and Nigeria Interbank Settlement Systems (NIBSS) were directed to verify the data provided.
“That an interim order is herey made granting leave to the applicants or any officer authorized by them to advertise the accounts without BVN disclosed by the banks in a widely circulated national newspaper as notice to any person or body corporate or financial institution who may have any interest in any of the said accounts to claim ownership of same within 14 days of the publication of the order and show cause why the proceeds in the account should not be permanently forfeited to the federal government of Nigeria.”
The BVN registration exercise began in February 2014 to curb theft and fraud. Earlier in 2017, the CBN extended the registration exercise to microfinance banks and other financial institutions on the request of Kemi Adeosun, minister of finance.
