October 22, 2018

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BVN-related asset forfeiture may jolt banks like TSA (Guardian)

BVN-related asset forfeiture may jolt banks like TSA (Guardian)

A repeat of the credit and liquidity squeeze, which rocked the banking sector in the wake of the takeoff of Treasury Single Account (TSA), may be in the offing if the Federal Government succeeds to acquire private accounts operated without Biometric Verification Number (BVN) numbers.

The Federal High Court, Abuja, penultimate week granted the Federal Government’s prayers to have thousands of account in commercial bank, that are still without BVN forfeited if owners do not come forward to claim them in two weeks.

Trouble for this class of account holders started on October 17 this year, when Justice Nnamdi Dimgba ruled on an ex-parte motion filed by the Attorney General of the Federation (AGF), Justice Abubakar Malami. Read more

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