Is FG justified to seek cash forfeiture of unregistered accounts?
That is completely wrong. Which law gives them such power? What right do they have to do that? What they should do is to urge people to register and find other ways within the law to address it; but to say they are seizing the hard-earned money of innocent people because they failed to register at the right time is wrong.
I hope the banks and the owners of the money will challenge this in court. As far as I am concerned, it is unlawful. Does the CBN have the right to seize people’s money because they refused to adhere to an administrative government policy? Banks have no right to seize people’s money unless the money is believed to be the proceeds of crime and even when that is the case, you have to go to court to do it.
But freezing an account is different from seizing money. It is a very dangerous thing and it gives the government so much power over the individual and it is a power that will be abused. They always say they are doing this because they trying to stop looters, but there are better ways of doing things. Are you saying every account that has no BVN is being used to store stolen government funds?
Most of it is even private sector money and not government money. So, the looting is from where? They keep using this excuse to justify their barbaric actions. Meanwhile, they are the greatest looters and this has been proved over the last couple of years.
They keep using the word ‘looter,’ to violate people’s rights, people’s civil liberties and take people’s hard earned money. How much of the money comes from the public sector? So, it is absurd. It is just an attempt to squeeze people and take their money away. It is unheard of.
If they believe the money in an account is stolen from the government, let them go to court and prove it and then the money will be returned to the government instead of just seizing people’s money • Chief Femi Fani-Kayode (A former Minister of Aviation)
I think it is justifiable for the Federal Government to seek the forfeiture of money of unregistered bank customers. The government should not allow abandoned cash in banks for easy management of the economy.
Forfeiting such money will also help in the area of crime control because such money could get into the hands of criminal-minded persons and they would use it to perpetrate crimes which can make the country ungovernable for those in power and even make life tough for citizens.
The process of ensuring the forfeiture should be immediate. The BVN registration has been on for many months and some deliberately decided to ignore it. Some of these customers that refused to get registered may have things they are trying to hide.
That is why the government must move immediately to ensure the forfeiture of such money. Six months after completion of the BVN registration, I think the government does not need to waste time any longer before moving to seize such money because of the negative effects it may have on the management of the economy. • Mr. Wale Bolorunduro, (Ex-Commissioner for Finance, Osun State)
Yes, the Federal Government is justified to do so after giving people more than enough time to regularise their accounts. The move is with respect to the anti-corruption crusade and I support it totally because some people are just waiting for this government to leave town so that they can go back and recoup their loot which they have kept in various accounts.
Anybody who has genuine claims should come forward. It is not an ambush, because time has been given for those with genuine claims to come forward. Anybody who has a genuine case should come forward and his case will be looked into. But anybody that does not come forward, has something to hide.
So, I support it totally. The Central Bank of Nigeria is empowered by law to give directives and so anything it says is backed by law. It is a form of subsidiary legislation. It is people who are hiding under the guise of being human rights activists that are supporting corruption and those who stole money. They are not looking at the overall picture of how this policy will help in the fight against corruption.
Let those who will be affected come and lodge complaints and the claims will be looked into. I support in entirety anything that will aid in the fight against corruption and the recovery of loot. We have twisted philosophies these days being perpetuated by supposed human rights activists who are actually supporting corruption. • Festus Keyamo, (A Senior Advocate of Nigeria)
Our government is expected to make policy for the good governance and betterment of this nation. I know that this policy must have come about through some sound processes of looking at how we are going to come out of the economic crisis that we are in.
If this is and if there is a very good and thorough process that led to this recommendation, I have no objection to it because I believe that we need to have an economy that is guided by laws.
Remember the crisis in the United States in 2001 that affected their economy; there was so much crisis that many banks were collapsing. One of the things that led to the election of Barrack Obama was part of it because the then government of George Bush could not defend some of its policies. One of the allegations that was levelled against the US government then was that it allowed the banks to have too much and that there was no clear government control of what was going on.
So, Obama introduced many of these regulations. I am hoping that the Federal Government of Nigeria is introducing the policy for those kinds of reasons to ensure that we come out of the crisis we are in. If that is the case, I will support it, but if that is not the case, I will plead with the government to go back and do its homework.
What is the benefit of this policy? Is it going to ensure that we have a buoyant economy? Is it going to ensure that the government is going to plan well by knowing how much money is being controlled by Nigerians from within and outside? If these are true and if the policy is to engender or to further ensure that the economy booms and allows for good planning, then I will support.
But if it is not, then they should relate this policy with the needs of the economy. There is no way you bring a policy without adequate enlightenment and enough time. I know that Nigerians have done it before. For instance, when they wanted to change currency in the past, the government just announced and changed it. Sometimes, they feel that people could use the window to commit some atrocities, so sometimes, they do it suddenly.
I hope that is not the reason the government is doing this. But if at all you want to make a policy, it is always good to give people enough time so that those who may not be aware could adjust and comply. • Prof. AbdulRasheed Na’Allah, (Vice-Chancellor, Kwara State University)
The Federal Government is justified to seek the forfeiture of unregistered customers’ money. The government has been talking about Bank Verification Number for a long time. So, I don’t see the reason why the people in diaspora are making a fuss about it.
The BVN will help the government to detect people who have money and where the money is. It will help the streamlining of accounts. My only plea is that those who have yet to get their BVN should be given two months to do so. Nigerians in diaspora complaining about the BVN issue should just stop complaining and do the right thing. If after the deadline expires some people still fail to comply, then they should forfeit whatever money they have in such accounts. There is no reason such money will be idle in such accounts without anybody being linked to them. Those in diaspora do not need to come back home to do their biometrics; they can do it through correspondent banks or through the branches of the banks abroad. • Sheriffdeen Tella (Professor of Economics, Olabisi Onabanjo University, Ago Iwoye, Ogun State)
That is completely wrong. Which law gives them such power? What right do they have to do that? What they should do is to urge people to register and find other ways within the law to address it; but to say they are seizing the hard-earned money of innocent people because they failed to register at the right time is wrong.
I hope the banks and the owners of the money will challenge this in court. As far as I am concerned, it is unlawful. Does the CBN have the right to seize people’s money because they refused to adhere to an administrative government policy? Banks have no right to seize people’s money unless the money is believed to be the proceeds of crime and even when that is the case, you have to go to court to do it.
But freezing an account is different from seizing money. It is a very dangerous thing and it gives the government so much power over the individual and it is a power that will be abused. They always say they are doing this because they trying to stop looters, but there are better ways of doing things. Are you saying every account that has no BVN is being used to store stolen government funds?
Most of it is even private sector money and not government money. So, the looting is from where? They keep using this excuse to justify their barbaric actions. Meanwhile, they are the greatest looters and this has been proved over the last couple of years.
They keep using the word ‘looter,’ to violate people’s rights, people’s civil liberties and take people’s hard earned money. How much of the money comes from the public sector? So, it is absurd. It is just an attempt to squeeze people and take their money away. It is unheard of.
If they believe the money in an account is stolen from the government, let them go to court and prove it and then the money will be returned to the government instead of just seizing people’s money • Chief Femi Fani-Kayode (A former Minister of Aviation)
I think it is justifiable for the Federal Government to seek the forfeiture of money of unregistered bank customers. The government should not allow abandoned cash in banks for easy management of the economy.
Forfeiting such money will also help in the area of crime control because such money could get into the hands of criminal-minded persons and they would use it to perpetrate crimes which can make the country ungovernable for those in power and even make life tough for citizens.
The process of ensuring the forfeiture should be immediate. The BVN registration has been on for many months and some deliberately decided to ignore it. Some of these customers that refused to get registered may have things they are trying to hide.
That is why the government must move immediately to ensure the forfeiture of such money. Six months after completion of the BVN registration, I think the government does not need to waste time any longer before moving to seize such money because of the negative effects it may have on the management of the economy. • Mr. Wale Bolorunduro, (Ex-Commissioner for Finance, Osun State)
Yes, the Federal Government is justified to do so after giving people more than enough time to regularise their accounts. The move is with respect to the anti-corruption crusade and I support it totally because some people are just waiting for this government to leave town so that they can go back and recoup their loot which they have kept in various accounts.
Anybody who has genuine claims should come forward. It is not an ambush, because time has been given for those with genuine claims to come forward. Anybody who has a genuine case should come forward and his case will be looked into. But anybody that does not come forward, has something to hide.
So, I support it totally. The Central Bank of Nigeria is empowered by law to give directives and so anything it says is backed by law. It is a form of subsidiary legislation. It is people who are hiding under the guise of being human rights activists that are supporting corruption and those who stole money. They are not looking at the overall picture of how this policy will help in the fight against corruption.
Let those who will be affected come and lodge complaints and the claims will be looked into. I support in entirety anything that will aid in the fight against corruption and the recovery of loot. We have twisted philosophies these days being perpetuated by supposed human rights activists who are actually supporting corruption. • Festus Keyamo, (A Senior Advocate of Nigeria)
Our government is expected to make policy for the good governance and betterment of this nation. I know that this policy must have come about through some sound processes of looking at how we are going to come out of the economic crisis that we are in.
If this is and if there is a very good and thorough process that led to this recommendation, I have no objection to it because I believe that we need to have an economy that is guided by laws.
Remember the crisis in the United States in 2001 that affected their economy; there was so much crisis that many banks were collapsing. One of the things that led to the election of Barrack Obama was part of it because the then government of George Bush could not defend some of its policies. One of the allegations that was levelled against the US government then was that it allowed the banks to have too much and that there was no clear government control of what was going on.
So, Obama introduced many of these regulations. I am hoping that the Federal Government of Nigeria is introducing the policy for those kinds of reasons to ensure that we come out of the crisis we are in. If that is the case, I will support it, but if that is not the case, I will plead with the government to go back and do its homework.
What is the benefit of this policy? Is it going to ensure that we have a buoyant economy? Is it going to ensure that the government is going to plan well by knowing how much money is being controlled by Nigerians from within and outside? If these are true and if the policy is to engender or to further ensure that the economy booms and allows for good planning, then I will support.
But if it is not, then they should relate this policy with the needs of the economy. There is no way you bring a policy without adequate enlightenment and enough time. I know that Nigerians have done it before. For instance, when they wanted to change currency in the past, the government just announced and changed it. Sometimes, they feel that people could use the window to commit some atrocities, so sometimes, they do it suddenly.
I hope that is not the reason the government is doing this. But if at all you want to make a policy, it is always good to give people enough time so that those who may not be aware could adjust and comply. • Prof. AbdulRasheed Na’Allah, (Vice-Chancellor, Kwara State University)
The Federal Government is justified to seek the forfeiture of unregistered customers’ money. The government has been talking about Bank Verification Number for a long time. So, I don’t see the reason why the people in diaspora are making a fuss about it.
The BVN will help the government to detect people who have money and where the money is. It will help the streamlining of accounts. My only plea is that those who have yet to get their BVN should be given two months to do so. Nigerians in diaspora complaining about the BVN issue should just stop complaining and do the right thing. If after the deadline expires some people still fail to comply, then they should forfeit whatever money they have in such accounts. There is no reason such money will be idle in such accounts without anybody being linked to them. Those in diaspora do not need to come back home to do their biometrics; they can do it through correspondent banks or through the branches of the banks abroad. • Sheriffdeen Tella (Professor of Economics, Olabisi Onabanjo University, Ago Iwoye, Ogun State)
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