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Some owners of huge deposits in banks, have defied the registration for Bank Verification Number (BVN) for fear of being identified as owners of the huge deposit accounts.
The Guardian reports that some of these persons are politicians, exposed persons and top officers in the public service who evaded the scheme.
According the report, the revelation came to light Monday night as the Central Bank of Nigeria (CBN) extended the timeline for banks’ customers in the Diaspora to enroll for their BVN to January 31, 2016.
A competent source in the banking sector said the deposits belonging to such groups, which are still in the system, are so enormous that none of the banks associated with the lodgments would want to miss them.
According to the source, the proceeds were earlier trapped in the banking sector with the sudden policy to refuse dollar deposits and non-transfer outside the country without verifiable details of the transactions.
The source also said the development has now been compounded with the latest policy from the CBN that foreign exchange transactions must be with verified BVN, even in the purchase of foreign exchange.
It also said that the public and banking sector officials’ collaboration in illegal business of this nature, is exactly what led to idling of billions of naira belonging to government, which was exposed by the implementation of TSA.