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CBN to seize bank accounts without BVN after August

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CBN to seize bank accounts without BVN after August

Despite the fact that the Bank Verification Number (BVN) exercise in the country ended in June 2016, the Central Bank of Nigeria (CBN) says it has extended it till August 2017 for final rectification of unclaimed accounts within the banking system.

As at November 2016, an estimated N2.5 billion related to accounts were said to have not been linked with the BVN of their supposed owners.

But commercial, and other deposit banks, have refused to disclose the real identity of the institutions and individuals whose names are associated with the accounts.

However, the CBN said it is extending the deadline to enable such account owners come up for them, following fresh appeals by both the bankers committee and other stakeholders that another opportunity be given for such accounts, failure of which government would assume that the monies are illegally lodged.

Read also: FG’s reform reduces business registration from 10 to 2days

The CBN spokesman, Isaac Okoroafor, said “the apex bank is not extending the deadline for BVN exercise, nor are we restarting the process, as being reported, rather we are introducing a human face to the programme.”

Investigation reveals that most of the affected bank accounts affected without BVN are largely those, which commercial banks’ system errors are responsible for.

A Lagos-based senior journalist, Jumoke Aina said she was recently embarrassed when her bank refused to honour a cheque she issued to someone and on inquiry, at Ajao Estate branch of her bank, they told her that there was a mix up over what is actually her surname.

“That was not the first time that I have been summoned by the bank over some issues relating to my account, meaning that there might have been several of such cases being erroneously classified as accounts without BVN,” she explained.

Others complained of receiving text messages telling them that their bank accounts had been suspended by CBN for some inconsistency with their BVNs.

But there is the belief in official quarters that the introduction of the bank identification number in the system has helped in discouraging corrupt officials from maintaining multiple accounts with fictitious names.

This, they said is largely paying off as some large cash being found in homes and non banking settings by the security agencies in the past months are as a result of BVN.

 

 

 

 

 

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0 Comments

  1. Animashaun Ayodeji

    April 25, 2017 at 6:39 pm

    Some people are naturally sick! CBN made alot of noise about the BVN, if by now, some people are yet to register for BVN, CBN should not pity them, their bank acoounts should be closed and all the monies should go to the federal government

    • Agbor Chris

      April 25, 2017 at 6:57 pm

      The Nigerian government is very generous, they will still give them more time to register.

  2. seyi jelili

    April 25, 2017 at 6:39 pm

    By next week, bank will be full with customers registering for their Bvn and thereby causing confusion in the bank. Our people don’t take things serious until it is getting out of hand.

    • Anita Kingsley

      April 25, 2017 at 6:51 pm

      Some Nigerians can only hear, but they were naturally born deaf. This BVN started over two years ago with massive campaign across all media, yet the deaf Nigerians refused to register, our attitudes to serious issues in this country are at times very poor

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  4. Balarabe musa

    April 25, 2017 at 9:17 pm

    How many people even have money in Banks again in this hard time. So many people have nothing more than the #500 or #1000 which is even the bank money. If they like make them do am.

  5. yanju omotodun

    April 25, 2017 at 10:00 pm

    Surely am sure there will be extension beyond August, it is just to scare and hasten people to have their Bvn.

    • JOHNSON PETER

      April 25, 2017 at 10:10 pm

      And what if there is no extension? Don’t encourage people to do the wrong thing, let them go do it promptly

    • Nonso Ezeugo

      April 26, 2017 at 2:58 am

      That is Nigerian new style of winning there customers mind so that things can be done fast without delay

  6. Fada4Life

    April 26, 2017 at 10:35 am

    what children accounts

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