GTB 737 banner
Court revokes order on BVN non-compliant accounts

By Grand News on 16/11/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 639

The interim forfeiture order placed on bank accounts without bank verification number (BVN) has been revoked after the federal high court in Abuja modified the order given on October 17. The federal government had obtained a court order directing 19 commercial banks to freeze accounts without BVN and ultimately forfeit the funds in such accounts.

PUNCH reports that Nnamdi Dimgba of the federal high court said some parts of the initial order has been posing some “practical problem” hence the need for modification.

He was quoted as saying: “Court engaged with all counsel to understand the practical problems posed by the Order of October 17, 2017, to the extent that it provides in Relief 4, ‘An interim order of the honourable court freezing the said accounts by stopping all outward payments, operations or transactions (including any bill of exchange) in respect of the accounts pending the hearing and determination of the substantive application.’

“It was generally agreed that this relief as currently couched creates an awkward and unfortunate result such that even when parties have gone to the banks to undertake their BVN registration, they still will not be able to operate the accounts because doing so will be in violation of the order of court. Parties agreed that the said Order No 4 should be revised to eliminate this problem, in the interim.

“Having listened to all counsel on record, and with the consent of all parties represented, I hereby revise Relief 4 of the court’s order of October 17, 2017 such that the new Relief 4 shall be: ‘An interim order of the honourable court stopping all outward payments, operations or outward transactions (including any bill of exchange) in respect of the accounts pending the linking of the accounts to a Bank Verification Number.’

“In view of the above agreed compromise revision of Relief 4, I also hereby revoke and set aside Relief 5 of the court’s order of October 17, 2017, which provides for: An interim order of forfeiture of the monies in the said accounts without BVN to the claimants/applicants being accounts with insufficient Know Your Customer guidelines contrary to Section 3 of the Money Laundering Act, 2011 and CBN guidelines the determination of the originating motion on notice.”

Adeniyi Adegbonmire, counsel for the 19 commercial banks, said he had filed an application to challenge the power of the court to grant all the orders issued on the matter. Joseph Tobi, who represented Abubakar Malami, attorney general of the federation, confirmed that he was served the processes on Monday and the matter was adjourned to December 11.

Source Grand News

Posted 16/11/2017 5:01:01 PM


Share on facebook Yahoo mail icon Gmail icon


You may also like...
Delta Budgets N389bn For 2020

Dickson Offers Automatic Employment To Bayelsa 1st Class...

PDP warns against imposition of new taxes on...

Positioning Nigeria for a prosperous future

INEC disappoints hackers

Trouble brews in S/W PDP leadership ahead party...

2019: Opposition Of Planning Widespread Violence- Lai Mohammed...

2019: REC alleges cloning of PVCs in Imo...

Tinubu: Cabal in Aso Rock fake news

Delta State Begins Another Round Skill Training

Wike Tasks NBA Over Alleged Intimidation Of Judiciary...

FG, UNIDO sign $60m new country programme


Trending News Group Throws Weight Behind Oyo Govt’s Efforts To Clean-Up Ibadan • Govt Issues 48hrs Ultimatum To Owners Of Abandoned Trucks We Won’t Repeal Ex-govs’ Pension Law - Lagos Assembly UPU: Olorogun Moses Taiga Emerges PG Unopposed • 9 Other Excos Members, Too Makinde, Appeal Court And The ‘Axis Of Evil’ Dearth And Death Of Character Sowore: Amnesty Int’l, SERAP, Others Hold Press Briefing Today Sowore: Falana Faults DSS Story, Insists Service Apologized To Judge Over Court’s Invasion • Says DSS Argument Is As Unfortunate As Pitiable Lagos closes 24 Health Facilities Over Illegal Operations Pray For Your Country, Okowa Urges Nigerians You Have ‘Everything’ To Lose Through Hostile Acts, Trump Warns N-Korea DSS Can Arrest Sowore Without President’s Permission, Says Garba Shehu Water Supply To Ilorin Resumes Monday • As Kwara Fixes Geri Alimi Underpass


Most Read Asaba Masacre: Indigenes recall sad experience, warn IPOB against drums of war (339,549 views) Asaba Genocide : Soyinka, Kukah, Duke, others to speak at colloquium * Organisers roll out projects to immortalise victims. (337,611 views) Delta LG polls holds Jan. 6, 2018 (337,221 views) Bayelsa @ 21: Dickson calls for renewed hope (336,492 views) NIGERIA @ 57: Rededicate yourselves to Nigeria’s growth, Okowa tells elite (336,106 views) The Vagabonds Of Sambisa (3,338 views) BREAKING : Obiano wins Anambra governorship election (3,062 views) One On One Session With Atiku Abubakar, GCON (2,915 views) UNBELIEVABLE : Ghost Companies Lift N1.1tr Crude Oil In 10 Months (2,889 views) Glo-sponsored Onitsha Ofala Festival Begins (2,788 views) RUSSIA 2018: Nigeria in ‘trouble’ (2,678 views) The Rise And Fall Of Jacob Zuma (2,651 views)


SECTIONS News (1,029) Breaking News (27) Business & Economy (336) Politics & Policy (575) Niger Delta (274) Interviews (3) Sports (202) Entertainment (53) Stock & Forex Watch (0) Foreign (220) Sound Bite (6) Health (41) Editorials (1) Columnists (6) Letters (1) Opinions (29) Cartoons (0)



Rochas Okorochas Declare War On Buhari, Tinubu & Oshiomohole


APO Group Partner