CBN seeks approval to freeze bank accounts ‘linked to criminals’

Looking for job? your search ends here! Visit https://recruitmentportalngr.com/  to apply now OR Send us a WhatsApp Message here!




CBN seeks approval to freeze bank accounts ‘linked to criminals’ – The Central Bank of Nigeria is seeking sweeping powers to freeze bank accounts “linked to criminals in the country via an amendment of the Bank and Other Financial Institutions Act (BOFIA) of 2004.

The CBN’s Director Legal Services, Mr Kofo Salam-Alada, who made the representations at the National Assembly seek for the power to apply to the court for orders to freeze accounts which are deemed to be linked with criminal and other civil infractions.

The CBN is increasingly seeing itself as not just an enforcer of monetary policy but a major stakeholder in curbing the activities of fraudsters looking to exploit the financial banking system.

Thus, the CBN needs not wait for anti-corruption bodies like the EFCC to seek court orders to freeze bank accounts that they suspect of being used for fraudulent activities.

34 Nigerians arrested for cyber crime in U.S
CBN seeks approval to freeze bank accounts ‘linked to criminals’

The CBN is also calling for a provision that will allow it to change the administration of dormant accounts in the banking sector.

“The provisions should address such requirements as the criteria for determining dormancy, the processes for managing the funds in dormant accounts and procedure for reclaiming funds by beneficiaries.”

It appears the CBN wants to have a more direct control over how dormant accounts are managed by banks in Nigeria. It is thought that some of the older generation banks keep tens of billions of naira in dormant account deposits that may not be reclaimed in the foreseeable future.

The CBN also wants an amendment to the law to give it options to managing systemic crises and failed banks without seeking funding from taxpayers.




About Sam Gabriel 755 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670
guest
1 Comment
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Janet Blessing
Janet Blessing
July 19, 2020 6:01 PM

NIGERIA CUSTOMS BEGINS ONLINE AUCTION OF SEIZED VEHICLES, GOODS…. AUCTION AUCTION AUCTION (07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW FOR SALES, APPROVED BY THE FEDERAL GOVERNMENT AT A CHEAPER AND AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS SHOULD CONTACT ME ON (07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!! THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!! BAGS OF RICE =N10,000 KEG OF OIL=N7,500 CAR FEATURES AND PRICES BELOW GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000 Toyota Camry Big Daddy=N650,000. Toyota Camry Tiny-Light=N450,000. Toyota Avensis=N550,000. Toyota Hilux=N1M Toyota Avensis=N650,000. Toyota Camry Muscle=N 600,000. & Spider=N600,000. Toyota Avalon=N550,000 Toyota Rav4 SUV=N800,000. Toyota Sienna=N850,000. Toyota 4Runner=N850,000. Toyota Tundra=N1.5M Toyota picnic=N450,000. Toyota Highlander=N1M. Toyota Corolla=N550,000. Toyota Prado=N2M Toyota LandCruisser=N2.8M. Toyota Yaris=N500.000. Toyota Matrix=N450,000. Toyota Haice Bus=N950,000 Acura MDX =N900,000. Acura ZDX=N970,000 Acura TL=N850,000. Honda… Read more »