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LequteMan
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A Nigerian federal judge has reversed his earlier order for bank accounts not linked to bank verification numbers to be frozen.
According to Judge Nnamdi Dimgba, his October 17 order created an “awkward and unfortunate result.”
“Having listened to all counsel on record, and with the consent of all parties represented, I hereby revise Relief 4 of the court’s order of October 17, 2017 such that the new Relief 4 shall be: ‘An interim order of the honourable court stopping all outward payments, operations or outward transactions (including any bill of exchange) in respect of the accounts pending the linking of the accounts to a Bank Verification Number,” Mr. Dimgba said at the resumed hearing on the matter Wednesday.
“In view of the above-agreed compromise revision of Relief 4, I also hereby revoke and set aside Relief 5 of the court’s order of October 17, 2017, which provides for: “An interim order of forfeiture of the monies in the said accounts without BVN to the Claimants/Applicants being accounts with insufficient Know Your Customer guidelines contrary to Section 3 of the Money Laundering Act, 2011 and CBN guidelines the determination of the originating motion on notice,” the judge added.
This means owners of bank accounts not BVN-linked will still have access to their funds.
According to Judge Nnamdi Dimgba, his October 17 order created an “awkward and unfortunate result.”
“Having listened to all counsel on record, and with the consent of all parties represented, I hereby revise Relief 4 of the court’s order of October 17, 2017 such that the new Relief 4 shall be: ‘An interim order of the honourable court stopping all outward payments, operations or outward transactions (including any bill of exchange) in respect of the accounts pending the linking of the accounts to a Bank Verification Number,” Mr. Dimgba said at the resumed hearing on the matter Wednesday.
“In view of the above-agreed compromise revision of Relief 4, I also hereby revoke and set aside Relief 5 of the court’s order of October 17, 2017, which provides for: “An interim order of forfeiture of the monies in the said accounts without BVN to the Claimants/Applicants being accounts with insufficient Know Your Customer guidelines contrary to Section 3 of the Money Laundering Act, 2011 and CBN guidelines the determination of the originating motion on notice,” the judge added.
This means owners of bank accounts not BVN-linked will still have access to their funds.
