Posted on Mon 23 Oct 2017, 07:23 AM

Following the court ruling that ordered commercial banks in the country to freeze bank accounts with no Bank Verification Number, BVN, and publish names and details of the customers, 19 Deposit Money Banks in the coountry will meet on Tuesday to draw modalities.

The meeting is said to be holding in a bid to fashion out directions in order to be able to comply with the court order which was given by The Federal High Court in Abuja. The order directe4d the Central Bank of Nigeria and the commercial banks to disclose all accounts in currently in their custody withou BVN numbers.

As stated by the order, the banks are equally requiresd to freeze all forms of transactions on such accounts.The order directed a forfeiture of the balances in such accounts to the Federal Government.

Speaking with journalists, some bank officials said they have no choice than to comply with the directive except there is another to negate the current ruling by the Federal High Court in Abuja. Oyinade Adegbite, spokesman for Guaranty Trust Bank said "we have started taking steps towards compliance. We have been trying to collate the names and bank accounts that will be affected. If there is no contrary order, we will comply."

There are however some calls for more time for the implementation of the BVN policy. According to some, although the policy is a good one, there is a need for the Federal Government to give more time to enable rural dwellers to comply.


By Joseph Odeh

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