₦airaland Forum

Nigerians have continued to react with outrage to a court order obtained by the Federal Government to seize funds in accounts with no BVN/incomplete KYC documentation. The court order, which was obtained last week mandates the commercial banks in the country to freeze such accounts and make the balances known to the government. The banks are also expected to give details of revenues made from such funds.

Here are 10 reasons why the order may be faulty:

-BVN is not a prerequisite to opening and operating a bank account.
-There is no statute providing that money in account not linked to BVN should be forfeited to the federal government.
-The FG not being the owner of the money has no locus to institute the action.
-The money in those accounts does not belong to the CBN or the commercial banks.
-The banks under banking laws are debtors to depositors and not to the FG.
-The owners of the accounts are necessary parties and not joined in the suit.
-The owners of those accounts are denied the right to fair hearing.
-Orders of court must be specific and definite.
-Courts cannot make orders to bind parties that are not before it.
-The owners of the accounts have been found guilty without trial.

amicable09:
Tell them!

This so called BVN that was haphazardly done. I've not seen anything with as much errors at the time of enrollment in my life than BVN.

Federal Government should continue to look for money in other places and stop making citizens wary of putting their monies in banks. Too much money under people's mattresses instead of bank accounts.

Trust Nigerians sha, where there's a will, there's a way. They'll outsmart FG.

SweetWJ:
They are looking for ways to accumulate money for 2019 elections.

ofuonyebi:
every supporter of fraud and corrupt activity in this country should cover their face with shame!

how many among u did not hav BVN on their account....those who chose not to have a BVN since all these yrs has something to hide

like those aiding them...the law is clear...if u think the law was wrong then, there is no need howling like a baby...just go to court..

Nigerians always like to hide under on finger to evade the laws of the land....let those involved face the music of their hypocrisy..

ozoemenaca:
What about those who has been in Abroad for the past ten years now but has money in their account. Some even remit money into those account but they have not visited Nigeria since they left the country. Buhari policies would never have human face

columbus007:
This govt is a big fraud,what about so many Nigerians living outside the shores of this country?would they now begin to loose their hard earned money to the pulse of the govt? What nonsense

ozoemenaca:
What about those who has been in Abroad for the past ten years now but has money in their account. Some even remit money into those account but they have not visited Nigeria since they left the country. Buhari policies would never have human face