Government Taking Over Money in Bank Accounts Without B.V.N.

NIgeria Government Seizing Bank Accounts

Justice Nnamdi Dimgba of Abuja Federal High Court, over the weekend ordered a “temporary” forfeiture of deposits of accounts in 19 Banks not covered by the Biometric Verification Number (BVN), on the request of the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami.

The decree will affect individuals, corporate bodies and even government agencies that lacks BVN coverage in Nigeria.

Until the 19 banks files an affidavit of disclosure before the court, an affidavit deposed to by the Chief Compliance Officer of all accounts of those the orders affects, all outward payments operations, or transactions will be restricted.

The affidavit should include the names of the accounts, account numbers, outstanding balances, domiciliary accounts and the branch/location where the accounts without BVN are domiciled.

The Central Bank will help enforce the order.

Owners of the accounts without a BVN will have a window of 14 days to reclaim the account, after which the federal government will permanently take over the deposits.

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