BVN: Observe due process in seizure of bank accounts, Expert tells Federal Govt

An economic expert, Charles Nwekeaku, has advised the Federal Government to follow due process in getting the forfeiture of monies in accounts without Bank Verification Numbers(BVN) to the government.

Nwekeaku, an Associate Professor at the Nassarawa State University, Keffi, made the call in an interview on Sunday in Abuja.

The Federal Government recently instituted an action in a court for the forfeiture of any balance in bank accounts without BVN.

An interim order of forfeiture was granted by the court on Oct. 17 for the various Deposit Money Banks (DMBs) to show cause within 14 days why the balances in such accounts should not be forfeited.

The current practice is that banks only permit deposits into such accounts without withdrawal.

Therefore, if the Federal Government succeeds, the money is forfeited…