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Court unblocks bank accounts not linked to BVN

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A Federal High Court inAbuja has reversed its earlier decisionwhich granted an order for bank accounts not linked to bank verification numbers to be frozen.

The presiding judge, Justice Nnamdi Dimgba, who gave the previous judgment said he later realised that his past judgment created an awkward and unfortunate result, Premium Times reports.

He said:“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 shallbe: ‘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,” Mr. Dimgba said at the resumed hearing on the matter Wednesday.

“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,”the judge added.

Following the reversal of the earlier judgment, bank customers who have not linked their bank accounts will now be able to do so at their convenient time.

However, customers would only be ableto withdraw unlinked accounts, after such accounts have been linked to theirBVN.

Meanwhile, the Central Bank of Nigeria (CBN) haswarned the general public of scammers who send unsolicited text messages to bank customers.

The apex bank in a new statement warned bank users to mindful of these text messages on Bank Verification Number (BVN).

The statement signed by the director, corporate communications for the CBN, Ibrahim Mu’azu, said the apex bank has noticed that some individuals send these text messages to unsuspecting customers.

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