COURT ORDERS FORFEITURE OF MONIES IN BANK ACCOUNTS NOT LINKED TO BVN
A Federal High Court in Abuja has ordered the forfeiture of all monies in bank accounts owned by corporate organisations, government agencies or individuals that are without bank verification number (BVN). The forfeiture order, which was issued by Justice Dimgba Igwe, while ruling on an exparte application filed by the Federal Government through the Office of the Attorney General of the Federation, is not final yet. The owners of the accounts will have 14 days to claim ownership of same and show cause why the proceeds in the accounts should not be permanently forfeited to the Federal Government. The Federal Government had sought an interim order directing all the money deposit banks (commercial banks) to disclose/declare all individual and corporate accounts in their custody not covered by BVN and for an interim order of forfeiture of the monies therein being accounts with insufficient know your customer guidelines contrary to the directive of the CBN and Section 3 of the Money Launder