FG accuses banks of shielding owners of accounts without BVN

The Federal Government on Friday accused commercial
banks in the country of shielding owners of accounts without Bank
Verification Numbers (BVN) in a bid to frustrate the intention of
the policy which is to curb the flow of illicit funds and
corruption.

The federal government stated this at the hearing of the suit
filed through the Attorney General of the Federation and Minister
of Justice, Abubakar Malami, against the 19 commercial banks and
the Central Bank of Nigeria (CBN).

Lawyer to the federal government, Ade Okeaya-Inneh (SAN), said
“our contention is that the banks do not have the locus (legal
right) to defend this action (suit).

“Our contention is that the plaintiff has a public duty to
ensure that a law made by the federal government through the CBN is
obeyed. The problem is if the directive to have BVN is not complied
with, what is the implication? What is before the court is the
implementation of a regulation.

“If the defendants say they did not know who own the money in
the accounts without BVN, how can they then come to defend the
case?

“What locus do they have if they did not disclose the owners of
the money despite the order of the court to that effect? If they
are to be heard, on whose behalf?

“They (the lawyers representing the respondents) are defending
the suit on behalf of the bank, but the action and the order of the
court is not against the banks per se, it is against the supposed
owners of the funds.

“The court’s order was for them to verify the owners of the
accounts. They have not done that and did not disclose any body as
the owners of the accounts.

“So, we are arguing that they cannot act for unknown persons,
whose identities they have not disclosed. If they do not know who
their customers are, then they cannot defend the suit.”

He urged the court to reject all the processes filed by the
defendants in the case.

The Federal Government on Friday accused commercial
banks in the country of shielding owners of accounts without Bank
Verification Numbers (BVN) in a bid to frustrate the intention of
the policy which is to curb the flow of illicit funds and
corruption.

The federal government stated this at the hearing of the suit
filed through the Attorney General of the Federation and Minister
of Justice, Abubakar Malami, against the 19 commercial banks and
the Central Bank of Nigeria (CBN).

Lawyer to the federal government, Ade Okeaya-Inneh (SAN), said
“our contention is that the banks do not have the locus (legal
right) to defend this action (suit).

“Our contention is that the plaintiff has a public duty to
ensure that a law made by the federal government through the CBN is
obeyed. The problem is if the directive to have BVN is not complied
with, what is the implication? What is before the court is the
implementation of a regulation.

“If the defendants say they did not know who own the money in
the accounts without BVN, how can they then come to defend the
case?

“What locus do they have if they did not disclose the owners of
the money despite the order of the court to that effect? If they
are to be heard, on whose behalf?

“They (the lawyers representing the respondents) are defending
the suit on behalf of the bank, but the action and the order of the
court is not against the banks per se, it is against the supposed
owners of the funds.

“The court’s order was for them to verify the owners of the
accounts. They have not done that and did not disclose any body as
the owners of the accounts.

“So, we are arguing that they cannot act for unknown persons,
whose identities they have not disclosed. If they do not know who
their customers are, then they cannot defend the suit.”

He urged the court to reject all the processes filed by the
defendants in the case.