Mix Reactions trail Court order on bank accounts without BVNs

Mixed reactions have trailed the directive given by a Federal High Court in Abuja to the Central Bank of Nigeria CBN and all nineteen money deposit banks to freeze accounts without Bank Verification Number BVN

 

A constitutional lawyer, Mr. Chukwuma Chinwo says is a welcomed development.

Speaking in an interview with THE EMERALD HUB Mr. Chukwuma Chinwo explained that the banking industry is a regulated trade hence those who intend to use the services offered ought to observe those regulations for the best interest of all.

Mr. Chinwo stated that there are many reasons why people object to the Bank Verification Number procedure but the banks have the right to put these laws in place and see that customers comply.

Reacting to a statement by the CBN to appoint a bank examiner to examine the books of all nineteen banks, he however advised the apex bank to make sure that inflow and out flow of money are properly regulated thereby fortifying the economy

Its baseless – University Don

Head of Economics department, University of Port Harcourt, Mr. Godly Otto has expressed his dissatisfaction over the decision

Mr. Otto in a telephone interview, Wednesday in Port Harcourt, described the move as baseless and lacks sound economic judgment and could even amount to stealing from the people

The HOD said the two-week timeframe given for people to come forward and lay claims to the accounts is insufficient.

The move is Anti-People – Andy Akpotive

Also a Political Commentator and Ex- Banker Andy Akpotive decried the move, saying it spells doom for the banking industry.

Mr. Andy made this known in Port Harcourt, Tuesday, described it as Anti-People said the move will make banks insolvent and vulnerable, and will be unfair to people who are incapable of laying claims to their money due to some health or distance constraints

He said the move should be overhauled and the time frame should be extended.