Bvn forfeiture news
You're looking for news related to BVN (Bank Verification Number) forfeiture. Here are some recent updates:
Latest News:
- FG Forfeits N1.4bn to Federal Government: The Federal High Court in Lagos has ordered the forfeiture of N1.4 billion to the Federal Government, which was allegedly linked to a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke. The money was traced to a bank account linked to her. (Source: Vanguard)
- EFCC Forfeits N1.2bn to FG: The Economic and Financial Crimes Commission (EFCC) has forfeited N1.2 billion to the Federal Government, which was allegedly stolen from the National Health Insurance Scheme (NHIS). The money was recovered from a bank account linked to a former NHIS boss. (Source: Punch)
- Court Forfeits N500m to FG: A Federal High Court in Abuja has ordered the forfeiture of N500 million to the Federal Government, which was allegedly linked to a former Minister of State for Defence, Musiliu Obanikoro. The money was traced to a bank account linked to his company. (Source: ThisDay)
Background:
The Bank Verification Number (BVN) is a system introduced by the Central Bank of Nigeria (CBN) to identify and verify bank customers. The BVN is linked to a customer's bank account and is used to track and monitor transactions.
The BVN was introduced to combat financial crimes, including money laundering and terrorism financing. The system requires banks to verify the identity of their customers and link their accounts to the BVN.
Forfeiture Process:
The process of forfeiting funds linked to a BVN involves the following steps:
- Investigation: The EFCC or other anti-graft agencies investigate allegations of financial crimes and trace the funds to a bank account linked to a BVN.
- Freezing: The bank account is frozen, and the funds are placed under a "moral embargo" to prevent further transactions.
- Forfeiture: The court orders the forfeiture of the funds to the Federal Government, and the bank account is closed.
- Recovery: The recovered funds are paid into the Federal Government's account.
Conclusion:
The BVN has been instrumental in tracking and recovering stolen funds in Nigeria. The forfeiture of funds linked to a BVN is a significant step in combating financial crimes and recovering stolen assets. The EFCC and other anti-graft agencies continue to work to recover stolen funds and bring perpetrators to justice.