NewStats: 3,261,878 , 8,175,426 topics. Date: Friday, 30 May 2025 at 09:07 PM sn4i

Bukola Idowu


As the anti-corruption crusade of the federal government continues to gather momentum, especially with the introduction of the whistleblowing policy recently, some bank depositors, especially looters of public treasury, have devised new ways of concealing funds, which involve moving ill-gotten monies away from the banking system.

Checks by LEADERSHIP revealed that the corrupt individuals now move huge sums of money in their s from the banks secretly, with the help of some bank officials.

It was also gathered that for fear of losing high net worth customers, some bank officials disconnect s of some of these corrupt persons from their Bank Verification Number (BVN) to allow transactions, involving huge sums of cash and then reconnect them after the transactions have been completed.

Enveloped in apprehension of being tracked with the aide of whistle-blowers, the corrupt public officers now prefer stashing their looted funds in several abandoned property across the country.

The BVN is a tool put in place by the Bankers Committee, led by the Central Bank of Nigeria (CBN), to combat electronic fraud in the nation’s banking system as well as ensure that every bank customer is identifiable and transactions easily traced.

Rattled by the introduction of this tracking numbers, looters and money launderers resorted to stashing money in places other than the banks.

Recently, the Economic and Financial Crimes Commission (EFCC) recovered $9.2 million and £750,000 stored in a safe by a former group managing director (GMD) of the Nigerian National Petroleum Corporation, Mr Andrew Yakubu and another N1.25 billion from a public servant.

Confirming the new tricks adopted by this category of bank depositrs to LEADERSHIP yesterday, former president of the Chartered Institute of Bankers (CIBN), Mazi Okechukwu Unegbu, said the BVN had been a major setback for looters in the Nigerian financial system.

According to him, the looters of the nation’s treasury had been in the system before BVN was implemented and when BVN came, “they moved their monies outside of the banking system, which is why we can see them storing cash in their homes like the one that was recently discovered.”

He, however, said, “BVN or no BVN, people are still looting; there is still corruption in the system, only that they are using more of cash now.”

Also, a banker who spoke to our correspondent over the weekend noted that, while it is a punishable offence for any bank to operate an without BVN, there are instances where bankers connive with customers to operate s without BVN.

He explained that, not wanting to lose high net worth customers, some bank officials unblock s to allow transactions and then block it after the transaction has been consummated. ‘‘While it is rare, it is also not unusual to find bank officials waive certain KYC as favours to allow the customers consummate transactions,” the banker who does not want his name in print stated.

Although the BVN rule stipulates that there will be no withdrawal, banks are allowed to still take deposits into those s, even as some customers who have fictitious s have continued to make deposits into those s without BVN.

According to Nigeria Inter Bank Settlement System (NIBSS), the custodian of banking industry data, total bank s in the country stands at 95.22 million as at December 2016.

Active s as at December 2016 stood at 65.48 million, while the number of s linked to BVN at the end of last year was 49.99 million. This figure has, however, risen to 50.92 million as at last month, leaving about 14.56 million active s that are without BVN.

Some bank officials who spoke to LEADERSHIP, however, denied that it was possible to operate bank s without BVN, as the CBN is strict on the implementation of BVN. An official of a top tier bank who insisted on remaining anonymous, said the apex bank had directed that BVN should be part of the Know Your Customer (KYC) requirements in opening bank s.

The BVN which is an addition to the Know Your Customer requirement is to ensure that the bank knows who is who and also serve as a fraud management tool in the industry by ensuring that s used for fraudulent purposes are identified and blacklisted, giving rise to the framework on watch-list.

According to the exposure draft issued by the CBN, the watch-list is a database of bank customers identified by their Bank BVNs who have been involved in confirmed fraudulent activities.

The watch-list for the Nigerian banking system was introduced by the apex bank to address the increasing incidence of fraud/forgeries and other unethical practices, with a view to engendering the needed public confidence that will ensure a safe and sound financial system.

It was also learnt that although the deadline for the registration for BVN has elapsed, about 14.56 million active s are still being operated without BVN.

Registration for BVN had elapsed last year January for customers within the country and, according to the directive of the CBN, s without BVN are not to be allowed to make withdrawals, either cash or transfers.

Following the expiration of the registration deadline, many s had become dormant and some had been closed. Also, there had been an increased number of change of names and the BVN along with the Treasury Single (TSA), which had exposed ghost workers in many states.

http://leadership.ng/news/574316/anti-graft-war-depositors-evade-bvn-move-cash-out-of-banks

lalasticlala

Never has there been a time when crooks had it so hot in this country. This is the reason they desperately wanna put out the source of this ragging inferno threatening to consume them- Magu!

We pray the momentum is sustained so they continue to run from pillar to post until they run out of steam and the law catewalks with measured swagger to catch up with them.

It shall be well with Nigeria.

It's gonna be bumper to fender

No hiding place for the wicked

Pmb firing from all cylinders

wetin. concern Me

the thing is every nigerian is totally corruption, fight them in one way, they'll find other ways of getting back to evil and on a higher level.

#progress

Until death penalty is introduce, we will continue to move in a circle.

Whatever it takes, to fight corruption to a standstill is a task for every patriotic citizen that must be ed.

This regime is doing great in that regard.

God bless Nigeria

Until Cmds of teaching hospitals are in efcc net. No one can tell me that corruption is been fought in this country

you in business for profit


every Nigerian is corrupt in his or her way

Really!!!

I pity small businesses

Them go die lefam.

The money that would ve help put this country in order. Some few criminal are embezzling it

omenkaLives:
Never has there been a time when crooks had it so hot in this country. This is the reason they desperately wanna put out the source of this reging inferno threatening to consume them- Magu!

We pray the momentum is sustained so they continue to run from pillar to post until they run out of steam and the law catewalks with measured swagger to catch up with them.

It shall be well with Nigeria.

well saıd bro...u have spoken well,but watch out..some ımbecıles are approachıng.

989900:
#progress

Boleyndynasty2:
the thing is every nigerian is totally corruption, fight them in one way, they'll find other ways of getting back to evil and on a higher level.

*totally corrupt

Corruption truly is fighting back

Nigeria no de carry last

corrupt peoples

Boleyndynasty2:
the thing is every nigerian is totally corruption, fight them in one way, they'll find other ways of getting back to evil and on a higher level.

My dear you are correct. The most difficult part of fighting corruption is we accepting it as a social norm by calling those who engage in such as "sharp guy or correct babe" while we villify those who chose not to partake as lilly livered or dull. With this culture of adulation towards corruption we are setting up the coming generation to tow same path.

We as a nation need a total shift from how we react to issues of fraudulent behaviour at social levels only then are we in path of recovery.

One of the easiest way to make it now in this country is burglary theft on abandoned buildings or properties. Na to go buy big cutter beater welding machine and Lockhole pick be that

omenkaLives:
Never has there been a time when crooks had it so hot in this country. This is the reason they desperately wanna put out the source of this ragging inferno threatening to consume them- Magu!

We pray the momentum is sustained so they continue to run from pillar to post until they run out of steam and the law catewalks with measured swagger to catch up with them.

It shall be well with Nigeria.

Same reason they want Buhari to die or fail so the masses can return the looting right to them.

Chei!!

corruption is the life wire of Nigeria. How do we eradicate it without killing the country??

i just tire

Is this really happening? My God ! Where is the heart of people?

wow! why are we like this? is it that Nigerians have got no conscience or what? why did we just make it a birthright to steal? if all these stolen money were used the proper way...I swear we wouldn't have much problems in Nigeria starting from the time of Geg to Pmb now. we will just be worrying about policies they make.

biliions everytime! if u spend 50,000 daily for 54yrs out of 1billion ,u will still have some millions left o. How much more when it is 9 billion...10 billion?

I am angry!

Sad.

I want d govt to be sincere abt d fight against corruption simple, don't give hiding place to any politician irrespective of their political party

omenkaLives:
Never has there been a time when crooks had it so hot in this country. This is the reason they desperately wanna put out the source of this ragging inferno threatening to consume them- Magu!

We pray the momentum is sustained so they continue to run from pillar to post until they run out of steam and the law catewalks with measured swagger to catch up with them.

It shall be well with Nigeria.

Your Magu is a crook, Nuhu Ribadu who jailed his boss Tafa was more effective.

Corruption is a mosquito feeding vigorously on our balls, we want to kill it but don't know how to go about it without breaking the balls.......God help us in our kontri