Posted on Fri 17 Nov 2017, 06:51 AM

A federal judge presiding in the Abuja Division of the Federal High Court, Nnamdi Dimgba  has reversed his October 17 ruling ordering all bank accounts without BVN to be frozen. 

According to Mr. Dimgba, this decision has been taken because he learnt that his previous ruling had created an "awkward and unfortunate result."

“Having listened to all counsel on record, and with the consent of all parties represented, I hereby revise Relief 4 of the court’s order of October 17, 2017 such that the new Relief 4 shall be: ‘An interim order of the honourable court stopping all outward payments, operations or outward transactions (including any bill of exchange) in respect of the accounts pending the linking of the accounts to a Bank Verification Number,”

“In view of the above-agreed compromise revision of Relief 4, I also hereby revoke and set aside Relief 5 of the court’s order of October 17, 2017, which provides for: “An interim order of forfeiture of the monies in the said accounts without BVN to the Claimants/Applicants being accounts with insufficient Know Your Customer guidelines contrary to Section 3 of the Money Laundering Act, 2011 and CBN guidelines the determination of the originating motion on notice,”

Ths reversal is an indication that all customers who are yet to link their accounts to their BVNs will no be able to do so whenever they wanted. However, an embargo is placed on all such accounts without BVNs. No withdrawals can occur on such accounts until they are linked.

 

By Joseph Odeh

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