Opinion
Fuss Over BVN Deadline
Justice Nnamdi
Dimgba of the Federal High Court, Abuja, caused nervousness among stakeholders in Nigerian banks with his recent interim order for the forfeiture to the Federal Government of all monies in the bank accounts of corporate/governmental institutions and individuals that are without Bank Verification Numbers (BVN).
The court had also ruled that the order should be enforced two weeks from the date it was issued if owners of such accounts failed to show cause why their monies should not be relinquished.
It further ordered the 19 commercial banks in the country to disclose the details of all such accounts in their custody, the balances in the accounts, their owners and their proceeds in affidavit of compliance deposed to by their chief compliance officers, pending the determination of the substantive suit. The order followed an application by the Attorney General and Minister of Justice, Abubakar Malami, SAN, on behalf of the Federal Government.
This ruling has brought forth mixed reactions across the length and breadth of the country. The banks are already considering filing a class-action suit to prevent the Federal Government from executing the order.
The government claims that as at February 2017 there were over 51.72 million accounts in the banking sector without BVN. A statement by the Nigerian Interbank Settlement System, NIBSS, indicated that there were a total of 97.57 million accounts in the banking sector as at February with only 51.72 million of them with BVN.
The development has engendered raging debates on the legality or otherwise of the planned forfeiture of funds in accounts without BVN. Opinions are segmented while some Nigerians keep fulminating against the government; has government crossed permissive lines in the banking industry?
Many Nigerians have interrogated its legality and have reached the conclusion that the action, if implemented, will discourage financial inclusion that the nation is in dire need of. They equally fear that the seizure of these funds may also inhibit financial system stability.
As the argumentation advances, the questions to ask are, what will happen if an account holder has died and the matter is in administration or when money in an account is a subject of litigation? What will the bank do in such circumstances? Will it abdicate a customer’s deposit and face litigation?
Again, what will be the fate of Nigerians in Diaspora who have accounts domiciled in the country but are without BVNs? What about Nigerians serving long prison terms? Will they lose their deposits as well?
To me, these are questions that require immediate answers, not the uncertainties that the ordered loss may throw up. Clearly, the plan by government to take over monies in these accounts isn’t well thought-out. The scheme was rushed through to ambush funds in certain bank accounts that have not been linked to the BVN scheme.
The Federal Government needs to adopt cautious approach to the matter to avert actions that may derail the intended gains of the court order, which is to rid the banking industry of money laundry and other inappropriate practices.
There is also the apprehension that if implemented, the relinquishment order could lead to a liquidity squeeze in the country, even if it enhances honesty and transparency in the banking sector. That may eventually cause the economy to shrink again and become very complicated to manage. These options have to be carefully weighed.
What I expect the government to do is to develop policies that will embolden rather than dampen financial inclusion. Moreover, there are still challenges in the implementation of the BVN scheme which should have been corrected by now before resorting to the courts to confiscate monies without BVNs.
I am not inadvertent of the fact that the Federal Government is desperately seeking ways to broaden its revenue base. But this shouldn’t be done at the prejudice of the citizens’ constitutional rights. I agree completely with lawyers who have argued that deploying interim orders for permanent purposes such as individual or corporate assets does not forebode well for Nigerians.
After all, there is no provision in the Money Laundering (Prohibition) Act (2011), that makes BVN a condition precedent to operate a bank account in Nigeria. BVN is a mere policy decision of the Central Bank of Nigeria, CBN, and so lacks the force of law. As such, it may not be expedient for a competent court of law to base its decision on an executive policy not backed by law.
The truth is that the CBN has to grant all account holders sufficient time to comply with its directive. Enforcing the order of forfeiture without an Act of the National Assembly amounts to illegality and an infraction of the constitutional rights of citizens and the corporate bodies involved.
Rather than seize funds in the accounts, the government should restrict access to non BVN accounts, especially if it vigorously suspects that they are being utilised for money laundering and other illegal activities.
By: Arnold Alalibo
Opinion
Why Reduce Cut-Off Mark for C.O.E ?
Opinion
Welcome! Worthy Future For R/S
Opinion
Restoring Order, Delivering Good Governance
The political atmosphere in Rivers State has been anything but calm in 2025. Yet, a rare moment of unity was witnessed on Saturday, June 28, when Governor Siminalayi Fubara and Minister of the Federal Capital Territory, Chief Nyesom Wike, appeared side by side at the funeral of Elder Temple Omezurike Onuoha, Wike’s late uncle. What could have passed for a routine condolence visit evolved into a significant political statement—a symbolic show of reconciliation in a state bruised by deep political strife.
The funeral, attended by dignitaries from across the nation, was more than a moment of shared grief. It became the public reflection of a private peace accord reached earlier at the Presidential Villa in Abuja. There, President Bola Ahmed Tinubu brought together Governor Fubara, Minister Wike, the suspended Speaker of the Rivers State House of Assembly, Martin Amaewhule, and other lawmakers to chart a new path forward.
For Rivers people, that truce is a beacon of hope. But they are not content with photo opportunities and promises. What they demand now is the immediate lifting of the state of emergency declared in March 2025, and the unconditional reinstatement of Governor Fubara, Deputy Governor Dr. Ngozi Odu, and all suspended lawmakers. They insist on the restoration of their democratic mandate.
President Tinubu’s decision to suspend the entire structure of Rivers State’s elected leadership and appoint a sole administrator was a drastic response to a deepening political crisis. While it may have prevented a complete breakdown in governance, it also robbed the people of their voice. That silence must now end.
The administrator, retired naval chief Ibok-Ette Ibas, has managed a caretaker role. But Rivers State cannot thrive under unelected stewardship. Democracy must return—not partially, not symbolically, but fully. President Tinubu has to ensure that the people’s will, expressed through the ballot, is restored in word and deed.
Governor Fubara, who will complete his six-month suspension by September, was elected to serve the people of Rivers, not to be sidelined by political intrigues. His return should not be ceremonial. It should come with the full powers and authority vested in him by the constitution and the mandate of Rivers citizens.
The people’s frustration is understandable. At the heart of the political crisis was a power tussle between loyalists of Fubara and those of Wike. Institutions, particularly the State House of Assembly, became battlegrounds. Attempts were made to impeach Fubara. The situation deteriorated into a full-blown crisis, and governance was nearly brought to its knees.
But the tide must now turn. With the Senate’s approval of a record ?1.485 trillion budget for Rivers State for 2025, a new opportunity has emerged. This budget is not just a fiscal document—it is a blueprint for transformation, allocating ?1.077 trillion for capital projects alone. Yet, without the governor’s reinstatement, its execution remains in doubt.
It is Governor Fubara, and only him, who possesses the people’s mandate to execute this ambitious budget. It is time for him to return to duty with vigor, responsibility, and a renewed sense of urgency. The people expect delivery—on roads, hospitals, schools, and job creation.
Rivers civil servants, recovering from neglect and under appreciation, should also continue to be a top priority. Fubara should continue to ensure timely payment of salaries, address pension issues, and create a more effective, motivated public workforce. This is how governance becomes real in people’s lives.
The “Rivers First” mantra with which Fubara campaigned is now being tested. That slogan should become policy. It must inform every appointment, every contract, every budget decision, and every reform. It must reflect the needs and aspirations of the ordinary Rivers person—not political patrons or vested interests.
Beyond infrastructure and administration, political healing is essential. Governor Fubara and Minister Wike must go beyond temporary peace. They should actively unite their camps and followers to form one strong political family. The future of Rivers cannot be built on division.
Political appointments, both at the Federal and State levels, must reflect a spirit of fairness, tolerance, and inclusivity. The days of political vendettas and exclusive lists must end. Every ethnic group, every gender, and every generation must feel included in the new Rivers project.
Rivers is too diverse to be governed by one faction. Lasting peace can only be built on concessions, maturity, and equity. The people are watching to see if the peace deal will lead to deeper understanding or simply paper over cracks in an already fragile political arrangement.
Wike, now a national figure as Minister of the FCT, has a responsibility to rise above the local fray and support the development of Rivers State. His influence should bring federal attention and investment to the state, not political interference or division.
Likewise, Fubara should lead with restraint, humility, and a focus on service delivery. His return should not be marked by revenge or political purges but by inclusive leadership that welcomes even former adversaries into the process of rebuilding the state.
“The people are no longer interested in power struggles. They want light in their streets, drugs in their hospitals, teachers in their classrooms, and jobs for their children. The politics of ego and entitlement have to give way to governance with purpose.
The appearance of both leaders at the funeral was a glimpse of what unity could look like. That moment should now evolve into a movement-one that prioritizes Rivers State over every personal ambition. Let it be the beginning of true reconciliation and progress.
As September draws near, the Federal government should act decisively to end the state of emergency and reinstate all suspended officials. Rivers State must return to constitutional order and normal democratic processes. This is the minimum requirement of good governance.
The crisis in Rivers has dragged on for too long. The truce is a step forward, but much more is needed. Reinstating Governor Fubara, implementing the ?1.485 trillion budget, and uniting political factions are now the urgent tasks ahead. Rivers people have suffered enough. It is time to restore leadership, rebuild trust, and finally put Rivers first.
By: Amieyeofori Ibim
Amieyeofori Ibim is former Editor of The Tide Newspapers, political analyst and public affairs commentator
-
Business2 days ago
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
News2 days ago
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute
-
Niger Delta2 days ago
Police Rescue Kidnap Victim, Recover Pistol In A’Ibom
-
Politics2 days ago
INEC Trains Political Parties Officials On ICNP Use Ahead By-Elections
-
Business2 days ago
Industry Leaders Defend Local Content, … Rally Behind NCDMB
-
Business2 days ago
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
-
Niger Delta2 days ago
C’River Hands Over Rubber Plantation to Private Company
-
Rivers2 days ago
Macobarb CEO Cries Out, Says No Indigenous Contractor Can Win Case Against NLNG Or Oil Majors in Nigerian Courts …As Justice Nwogu Throws Out Macobarb’s N5.74bn Claim