Banks Begin Compilation of Accounts Without BVN As Deadline Exceeds

Banks on Friday began compilation of customers’ accounts without Bank Verification Numbers, after the Nov. 3 Deadline elapsed.

The lists, according to bank executives, are being prepared for onward transfer to the Federal Government through the Central Bank of Nigeria. Top bank officials said barring any last minute change of the course of the ongoing matter, the list might be published in newspapers in line with a recent court ruling.

The Federal High Court in Abuja had on October 17, ordered the Central Bank of Nigeria and the 19 commercial banks in the country, to disclose all accounts in their custody and the balances in such accounts. The banks were also directed to disclose “any investments made with funds from these accounts without BVN in any products.”

A banking sector analyst, Mr. Johnson Chukwu, said the CBN and banks needed to take the campaign to rural dwellers and every part of the country in local languages to enable every Nigerian to obtain the BVN. He said he agreed with the need to freeze the accounts. However, on forfeiture of accounts, he said that could not happen soon. The court will decide on whether customers will forfeit their deposits on November 16.