CBN, Gov Godiwn Emefiele, subsidy removal
Godwin Emefiele CBN Governor

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

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.

 

 

 

 

 

Deal book 300 x 250
Deal book 300 x 250
Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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