- The CEO of a mid-size bank faults the order of forfeiture on accounts without the Bank Verification Number
- CBN warns the general public of scammers who send unsolicited text messages to bank customers
Deposit Money Banks are mounting pressure on the federal government to rescind its decision to seize monies in the bank accounts of customers without the Bank Verification Number (BVN).
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This followed a court ruling by the Federal High Court in Abuja which ordered the forfeiture of all monies in bank accounts owned by corporate organisations, government agencies and individuals without the BVN.
The order mandated the banks to advertise the accounts without the BVN in a widely circulated national newspaper as notice to those who might have any interest in them.
But the banks are already lobbying the office of the attorney general of the federation, Abubakar Malami, to drop the planned forfeiture.
A bank executive who spoke to the Punch on Sunday, November 5, questioned the rationale behind the order.
“Most of the customers who have yet to comply have one reason or the other for not doing so. Some are abroad; some don’t have the time to link the BVN to all their bank accounts; some have issues relating to estate and the need to get a letter of administration,” the executive stated.
Similarly, the chief executive officer of a mid-size bank faulted the order of forfeiture on accounts without the Bank Verification Number.
The CEO said: “If you cannot prove that the proceeds in such accounts are from illegal sources, then it is shameful for the government to do that. Government knows how to trace those accounts with monies that are proceeds of crime. Government cannot just seize private funds.
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“It will create confidence crisis and several legal battles. We are talking to them as a group and we hope that the government will get to understand us.
“Some people have been outside the country for some time now. There are not enough centres overseas to enable them obtain the BVN there. Some have issues relating to estate. Some don’t have time to link the BVN to their bank accounts.”
Meanwhile, the Central Bank of Nigeria (CBN) has warned the general public of scammers who send unsolicited text messages to bank customers.
The apex bank in a new statement warned bank users to be mindful of these text messages on Bank Verification Number (BVN).
The statement signed by the director, corporate communications for the CBN, Ibrahim Mu'azu, said the apex bank has noticed that some individuals send these text messages to unsuspecting customers.
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Source: Naija.ng