Justice Nnamdi Dimgba of the Federal High Court has revoked the interim forfeiture order placed on bank accounts without Bank Verification Number (BVN) on October 17 – saying some parts of the initial order has been posing some “practical problem” hence, the need for modification. Why this matters: The federal government had obtained a court order directing... Read More

Bank Verification Number (BVN), Commercial banks

October 22, 2017

0 Comment

Court orders banks to forfeit accounts without BVN

A Federal High Court in Abuja has granted a temporary forfeiture order on bank accounts owners who are yet to have a Bank Verification Number (BVN) unless they can justify their ownership of such accounts. It also restrained commercial banks from operating such accounts for the meantime and directed them to disclose the owners of... Read More

The News Blog

Bank Verification Number (BVN), CBN, Commercial banks

October 20, 2017

0 Comment

Banks to begin crackdown on customer’s accounts, as CBN rolls out strict rules

Following new directives from the Central Bank of Nigeria (CBN) yesterday, on Bank Verification Number (BVN) operations and watch-list for the banking industry, banks will soon crack down on customer’s accounts. Details: Records from the Nigeria Inter-Bank Settlement System (NIBSS) show that there were about 45.85 million total bank accounts unlinked, but when compared with... Read More

The News Blog

Bank Verification Number (BVN), Central Bank of Nigeria (CBN)