The clamour for every account holder in the banks to have Biometric Verification Number (BVN) came to an end recently when federal government secured a judgement for the forfeiture of all balances lying idle in banks without BVN.
In view of this, the banks have 14 days of grace to persuade their customers without BVN to rectify any discrepancies relating to their BVN in their accounts otherwise it will be forfeited to the federal government.
This is for the attention of all bank customers particularly those living outside Nigeria that the Federal Government instituted an action in court for the forfeiture of any balance in a bank account without a BVN.
An interim order of forfeiture was granted by the court on the 17th October, 2017 for the banks to show cause within 14 days why the balances in such accounts should not be forfeited.
The present practice is that banks only permit deposits into such accounts. No withdrawal is allowed. Should the Federal Government succeed, the money is forfeited permanently.
Although the banks may challenge the action up to the Supreme Court, it is advisable for anyone who has not registered for the BVN to urgently take steps to do so immediately.
Banks have started sending sms to their customers to regularise their BVN to forestall forfeiting their money to government.
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