The ongoing issue around a court order asking the Central Bank of Nigeria and 19 Deposit Money Banks to release the details of all accounts without the Bank Verification Number with a view to seizing the funds in them took a new twist on Monday as indications emerged that the lenders named in the suit had engaged the services of a top law firm to address the matter.

Already, the law firm has approached the court for an extension of time to appeal the court order.

Top bank executives privy to the development told our correspondent that all the affected lenders were ready to appeal the court order and had instructed the law firm to file for an extension of time to do so.

“All the banks are ready to appeal the court order. We have engaged the services of a law firm to begin that process. The legal firm is expected to have filed the papers for an extension of time at the court. This will help us prepare for the proposed appeal,” a top executive of a tier-1 bank told our correspondent under the condition of anonymity on Monday.

A Federal High Court in Abuja had on October 17 ordered the forfeiture of all monies in bank accounts owned by corporate organisations, government agencies and individuals without the BVN.

The forfeiture order, which was issued by Justice Dimgba Igwe, while ruling on an ex parte application filed by the Federal Government through the Office of the Attorney General of the Federation, is not final yet.

The accountholders had 14 days to claim ownership of same and show cause why the amounts in them should not be permanently forfeited to the Federal Government.

The court also ordered the banks to advertise the accounts without the BVN in a widely circulated national newspaper as notice to those who might have any interest in them.

The court gave the order on October 17 following an application that was filed on September 28.

Justice Dimgba adjourned until November 16 for the hearing of the substantive application seeking the forfeiture of the sums in the accounts without the BVN.

The judge ordered the banks to file an affidavit of disclosure before the court, showing the names of the affected accounts, the account numbers, outstanding balances, domiciliary accounts and the bank branches where the accounts were domiciled.

The court directed that the order be equally served on the Central Bank of Nigeria.

Our correspondent gathered on Sunday that although the banks had started compiling the lists of accounts without the BVN, they were not in a hurry to publish the details of such accounts, especially before the November 16 scheduled for the substantive hearing on the case.

Meanwhile, the DMBs are also lobbying the Office of the Attorney General of the Federation to back down on the plan by the Federal Government to seize monies in the bank accounts of customers without the Bank Verification Number.

Source:- http://www.exclusivepp.com.ng/bbvn-banks-engage-law-firm-appeal-court-ruling/

I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.



Modified
For those of you quoting me, I feel your pain as I know it will affect innocent ones but I can assure you that if they add up all the money in these accounts, the innocent ones amount will not be up to 1% of the total sum.
I know it's your hard earned money but if you say they should freeze the account pending when you're available or be able to link your account, I can guarantee you that whenever there's a change of government, so many fraudsters will use this means to their advantage.
I pray God help the innocent ones because after forfeiting this money, someone will still loot it. Sense and conscience fall on Nigerians

Neutral15:
I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.

FTC twale

If the CBN governor had any dignity, he will resign.
The amount of fvckery and confusion emanating from the government and his institution on monetary and fiscal policies show just how incompetent he is.

GEJ and Jim Ovia did this nation a great disservice by employing Emefiele, then Buhari hit the final blow by hiring Adeosun; the unintelligent polytechnic grammarian.


I wish I could unlink my BVN from my accounts.
This is a potential money making avenue.
The FGN will need to take a loan from the World Bank to settle the myriads of compensations from litigation that this will spring up.

What do u expect wen d banks r using d money for business

Those are accounts owned by looters of the treasury meanwhile many of the bank executives are beneficiaries of the looting of Nigeria treasury so for them going to court is not surprising .
BARAWO GOATS .

Banks are one of Nigeria's major issues.

This is going to be interesting

Hmm

All accounts without BVN are blocked. No transactions can be done on those accounts. The Fed Govt is hiding behind BVN to try to steal money from individuals. How will you feel if your old grand parent has their money seized because they are too frail to go to the bank to register for BVN? Or you live abroad and they seize your money because you have not been able to do bvn? This is a precedent to test whether the govt can seize things by court order. If the banks and CBN don't challenge it, very soon they will move to other things. It may not affect you today because you have BVN but when it affects you tomorrow you won't know this BVN issue was the beginning.

oweman:


Those are accounts owned by looters of the treasury meanwhile many of the bank executives are beneficiaries of the looting of Nigeria treasury so for them going to court is not surprising .
BARAWO GOATS .

There are people who are abroad for years and have their savings in those accounts.

Before you quote the list circulating around compare the number of countries on that list against the number of countries where Nigerian missions are.

I would think it would have been great if it could have done in all Nigerian embassy abroad that would reach a wider audience. Anyways not like anyone in government is listening it seems they are bent on settling score but some innocent people are going to take a hit on this one.

Neutral15:
I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.

Only foul play? Why you no smell chicken play too?

Is it the FG's money?

Why should you forcefully take other people's money?

Simply suspend transactions on all accounts without BVN

The owners or their next of kins will come... Days, weeks, months or years from now

This APC led government are crooks!

Change the heading jhoor,Politically Exposed Persons(most of our polithiefcians). Are the ones supporting these banks. Since they are majorly the rich, the court might keep dragging on this. Also, why haven't they linked their account since. I doubt if any poor Nigeria don't have BVN, because it was almost a requirement for sharing party jollof rice sef.

Govt are thieves joor.

Neutral15:
I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.

Mind you some of those accounts are own by some Nigerians in diaspora and some of them has no legal paper to travel.
I can tell you that 80% of people i knew in south korea are being affected because they cant do it here in south korea and these people has no valid paper to travel.
Mind you that is a criminal act, frozening an individual account because he/she did not do BVN. Simple the account should be place under restriction untill the person does his/her BVN, he/she cant have access to it.

livgenius:
All accounts without BVN are blocked. No transactions can be done on those accounts. The Fed Govt is hiding behind BVN to try to steal money from individuals. How will you feel if your old grand parent has their money seized because they are too frail to go to the bank to register for BVN? Or you live abroad and they seize your money because you have not been able to do bvn? This is a precedent to test whether the govt can seize things by court order. If the banks and CBN don't challenge it, very soon they will move to other things. It may not affect you today because you have BVN but when it affects you tomorrow you won't know this BVN issue was the beginning.

And banks are challenging it because they like your grand parents?... nah.. that's what banks like first bank live on... money of dead, money unclaimed...

damola1:



And banks are challenging it because they like your grand parents?... nah.. that's what banks like first bank live on... money of dead, money unclaimed...

Banks are challenging it to avoid setting a precedent. Once this case succeeds it sets a precedent that any future govt will rely on

I pity this government. You don't squeeze money from banks unnecessarily. It is what keeps them afloat. There are better ways to do it. Watch the economy heed back deeper into recession.

damola1:



And banks are challenging it because they like your grand parents?... nah.. that's what banks like first bank live on... money of dead, money unclaimed...

Just leave the shallow minded "small pikins" flooding Nairaland alone. Most of them comment based on hatred for the ruling government and not out of proper understanding of situation at hand.

The banks are the real thieves. They feed fat on free funds that can't be accessed by anybody and they want it to remain so. They aided looters to steal from Nigerians and want to help them hold on to it till another GEJ-like regime will be in power for the owners to take possession again.

As for the dead people's money, it is time that the banks let go. They are notorious for frustrating next of kin from having access to such fund (that is if they are even aware of it at all).

However, the down side for people in diaspora must be addressed by FG too.

Pigs and idiots are grunting over money that doesn't concern then

Both parties are thief, they are only trying to buy themselves time, to know how to siphon peoples money to their personal use.

FGs target are the looters of the nation's treasury, their money is hiding in banks, they are scared of linking their BVN to the accounts to avoid being traced to them. THERE IS NO HIDING PLACE FOR THE CRIMINALS!!!!

Neutral15:
I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.

Do you know that I haven't been able to get my BVN due to issues encountered during the registration 2014?
I have written to all my banks and even CBN, no meaningful response for almost 3 years.
I haven't been able to access the money in the accounts till date due to some glitch from CBN and Banks.
And you will call it foul play?

Wow!!
Good court order i must say but let look at its merits nd demerits.

Merits:
1. Hidden funds from corrupt proceeds would be unearth.
2. The FG would recover more of our stolen fund stashed in fiticious account.
3. The banks would stop hiding their incompetence by declaring dead men money as profit.
4. The bank might now get across to the families/nxt of kin of those account or the newspaper publication would alert families/nxt of kin to come claim such funds they dont even know existed(a win for such families).

Demerit:
1. Nigerians outside the shore who ve not linked their account would suffer from such policy, (i know quite a number of them who still transfer into those account).
2.Banks would retrench because they would no longer live big with dead men funds.

Conclusion:
Since the merits out weigh the demerits, i support the court oder nd pray the Nigeria Legal system wont stop this good policy, afterall our major problem is the Nigeria Legal system.

Neutral15:
I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.

90% of the accounts have been dormant for years..

Dead men's monies
Stolen and hidden funds
Forgotten funds like small amounts
Etc

That's what pays bankers salaries.

Neutral15:
I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.

Man let me ask you how about those abroad,who worked hard and send some money and deposited it into their account,but the account was opened 10 years ago no BVN and the man/woman has spent 9yrs abroad yet not knowing when he/she will be back,That money in his savings account in Nigeria is dormant ,but he keeps saving so that when he /she comes back the money will be up to some amount he/she will use to establish him/herself in Nigeria.

1. Tell the Nigeria Government to open centers all over the world where her Citizens resides or Embassy will be used so that every one will be carried a long.

2.I have not done BVN but i did not kept quite i tried to call my Bank but all and all the Country i live in Not BVN Center there.
3.All my concern is let the Government not defraud innocent citizens their hard earned savings because many people will die,
4.Let them give those abroad some options not to seize their money like that.
that all i want to say,dear let us not be wicked,you good suggestion can help thanks.

Neutral15:
I smell a foul play here
Why are these account holders yet to link their account with their BVN for over how many years now?
Are they still alive?
Is anyone still operating their account?
I thought their account should be dormant by now.

you have little idea about this bvn issues. some citizens have not been able to link bvn to their account because of change of name palava which is never an easy process for ordinary citizens. some account holders are out of the country; in fact, a parent was recently lamenting that the proposed forfeiture will affect the bank accounts he opened for his two children who are schoolin abroad. so not all bank account not linked belong to fraudsters

God abeg,divide this useless country nah. Haba!!

amunkita:
Wow!!
Good court order i must say but let look at its merits nd demerits.

Merits:
1. Hidden funds from corrupt proceeds would be unearth.
2. The FG would recover more of our stolen fund stashed in fiticious account.
3. The banks would stop hiding their incompetence by declaring dead men money as profit.
4. The bank might now get across to the families/nxt of kin of those account or the newspaper publication would alert families/nxt of kin to come claim such funds they dont even know existed(a win for such families).

Demerit:
1. Nigerians outside the shore who ve not linked their account would suffer from such policy, (i know quite a number of them who still transfer into those account).
2.Banks would retrench because they would no longer live big with dead men funds.

Conclusion:
Since the merits out weigh the demerits, i support the court oder nd pray the Nigeria Legal system wont stop this good policy, afterall our major problem is the Nigeria Legal system.

Man whatever Nigerian government is doing they should give those abroad option that is my take