Bank Heads Hold Emergency Meeting Over BVN Court Ruling
One would think that by now that all bank customers would have gotten their bank verification numbers, BVN.
But it appears not to be the case.
This may never have come to light but for a court ruling in Abuja last week which ordered the Central Bank of Nigeria, CBN and the commercial banks to disclose all accounts in their custody and the balances in such accounts.
The banks are in a frenzy trying to determine the best course of action.
It has been gathered that the company secretaries and legal teams of Nigeria’s 19 Deposit Money Banks will on Tuesday hold an emergency meeting to fashion out modalities to comply with the order.
Who Has Something To Hide?
Recall that the Abuja High Court order directed commercial banks to freeze bank accounts without the BVN and publish names and details of the customers.
The court also ordered the banks to disclose the details of all such accounts, their owners and their proceeds in their affidavit of compliance deposed by their chief compliance officers.
It also made an interim order directing the banks to freeze all the said accounts by stopping “all outward payments, operations or transactions”.
This hearing will follow a substantive application seeking the forfeiture of the balances in the accounts to the Federal Government.
The banks were also directed to disclose “any investments made with funds from these accounts without the BVN in any products."
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