FG takes ownership of fund in accounts not linked to BVN

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

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.
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