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Home Business News

Banks hand over details of customers with no BVN to CBN

Onome Ohwovoriole by Onome Ohwovoriole
November 13, 2017
in Business News, Company News
CBN, Gov Godiwn Emefiele, subsidy removal

Godwin Emefiele CBN Governor

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In an apparent move to comply with the court order obtained by the government, commercial banks in the country have handed over details of customers without Bank Verification Numbers (BVN) to the Central  Bank of Nigeria (CBN). A spokesman for FBN Holdings Mr Babatunde Lasaki and the Head of Corporate Communications for Skye Bank Rasheed Bolalinwa have confirmed this. The CBN is yet to publish a copy of the circular on its website.

The Federal Government had in October obtained a court order seeking the interim forefeiture of funds in bank accounts with no BVN or KYC documentation.  The government also obtained the approval to obtain details of any investments made by banks with these funds and to prevent any outward movement from the accounts. Several legal experts, financial analysts and the general public have criticised the order.

Appeal moves have begun

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Despite complying with the order, the banks have begun moves to appeal the court order and have hired a lawyer to represent them. The banks have also sent messages to customers having issues with their BVN to come forward and regularize them.

 

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