The Federal High Court division in Abuja has ordered the Central Bank of Nigeria (CBN) and the 19 commercial banks in Nigeria to disclose all accounts in their custody and forfeit the accounts to the Federal Government.
The court ordered the banks to disclose the details of all such accounts, their owners and their proceeds in their affidavit of compliance deposed to by their Chief Compliance Officers.
It also made an interim order directing the banks to freeze all the said accounts by stopping “all outward payments, operations or transactions” pending the hearing of the substantive application seeking the forfeiture of the balances in the accounts to the Federal Government.
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CAMPUS94
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