House of Reps Move to Probe CBN Over 45 Million Accounts not Linked to BVNPAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! About N1.2 billion is stashed in about 45 million bank accounts that are not linked to Bank Verification Numbers (BVN) and Nigeria’s lower legislative house want to know what has happened to the money in them. The Committee in charge of Funds not collected in Nigerian Commercial Banks and Infractions by the Central Bank of Nigeria of the House of Reps has started a probe into the funds stuck in those accounts in various banks in Nigeria because of alleged failure to link them to BVN and the federal government’s Treasury Single Account (TSA) policy. Recommended for you No old notes yet from CBN, banks begin ration of old notes, Supreme Court s... The committee is probing over 45 million accounts that reportedly hold funds worth over N1.2 billion PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG! On January 26, 2022, the House moved a motion instituting a committee to probe questionable and unclaimed funds stashed in various accounts. The House also asked the committee to probe monies not collected on behalf of ministries, departments and agencies of the Nigerian government. According to the House, several offences by the apex bank against the provisions of the enabling Act and Laws of the Federal Republic of Nigeria and the good people of Nigeria, especially in the area of projects and programs.” These resolutions were hinged on a proposal by Dachung Bagos, a House member. Legit.ng has reported that the Central Bank of Nigeria has published an updated revised regulatory framework for Bank Verification Number(BVN) operations warning violators will be sanctioned. Recommended for you “Hand dey scratch baba”: Davido mistakenly posts video of him getting massa... According to the CBN, the framework specifies the activities of BVN, as well as the formation and operation of a Watch-list for the Nigerian Banking Industry, in order to combat the rising acts of fraud and boost public trust in the banking sector. The CBN made this announcement in a circular sent to all deposit money banks, mobile money operators, super agents, and payment service providers on Tuesday, October 12th, headlined 'Issuance of the new regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry'. Source: Legit.ng The Central Bank of Nigeria may have to explain to the House of Representatives what has happened to the funds held up in 45 million accounts without BVN An Ad hoc committee set by the House has invited the CBN, MDAs of the federal government and other stakeholders to come and explain what happened to funds A member of the House of Representatives, Dachung Bagos submitted the proposal to lower legislative chamber PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG! Legit.ng