Tuesday, November 7, 2017

Video - Nigerian banks head to court over plan to forfeit unclaimed funds

Commercial banks are lobbying the Attorney General's office to back down on the government's plan to seize money from accounts with no Bank Verification Numbers. A high court in Abuja has ordered the forfeiture of all funds in accounts owned by corporates, government agencies and individuals without B-V-Ns. The order is, however, not final yet. Clients affected have 14 days to claim ownership and show cause why the amounts in their accounts should not be forfeited to the government.

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