Nigeria’s apex bank, Central Bank of Nigeria and the 19 commercial banks have been ordered by the Federal High Court in Abuja to disclose all accounts in their custody and the balances in such accounts.
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.
The banks were also directed to disclose “any investments made with funds from these accounts without BVN in any products”.
Such investments to be disclosed by the banks as directed by the court include “fixed/term deposits and their liquidation and interest incurred, bank acceptances, commercial papers and any other relevant information related to the transaction made on the accounts”.
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The court also directed the CBN and the Nigeria Interbank Settlement Systems “to validate the information contained in the affidavit of compliance/disclosure filed by the respective 19 banks” within seven days from the date of service of the orders on them.
Justice Nnamdi Dimgba had made the orders on October 17, 2017 upon an ex parte motion filed on behalf of the Federal Republic of Nigeria and the Attorney General of the Federation.
Named as defendants are Access Bank Plc, Citi Bank Nigeria, Diamond Bank Plc, Ecobank Nigeria, Fidelity Bank of Nigeria Plc, First Bank of Nigeria Plc, First City Monument Bank Plc, Guaranty Trust Bank Plc and Heritage Bank Plc.
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Other banks are Keystone Bank, Skye Bank Plc, Stanbic IBTC Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc and the CBN.
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