BVN: First generation banks to suffer biggest losses

The biggest casualties in terms of deposit loss, should the Federal Government go ahead to implement the court order on funds forfeiture for Bank Verification Number (BVN) non-compliant accounts, will be the first generation banks, The Nation has learnt.
These banks, according to a source who spoke anonymously, seem to have the largest number of customers that has stayed with them for close to or over 100 years.

Justice Dimgba Igwe of the Federal High Court, ruling on an ex parte application filed by the Federal Government through the Office of the Attorney-General of the Federation on October 21, granted the temporary forfeiture of funds in accounts not linked to BVN within two weeks unless the owners justify their ownership of such accounts. The deadline for compliance ended yesterday.

The source said it would be very difficult to put a figure to the 46 million accounts not linked to BVN, adding that: “The first generation banks are believed to have largest number of dormant accounts, although that has not been established. These banks have the largest number of dormant accounts because of how long they have been in the business,” he said.

The Nation, November 4, 2017

 

 

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