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CBN blocks accounts found sabotaging the economy

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Godwin Emefiele

Governor of Central Bank of Nigeria (CBN) Mr Godwin Emefiele made a statement during a consultative round table meeting with some stakeholders in Lagos on Saturday, June 8, titled “Going for Growth”.

Emefiele said CBN has identified smuggling and dumping as major challenges wrecking Nigeria’s economic policies and because of this discovery, some companies’ bank accounts have been blocked.

According to Emefile, CBN has decided to use border control as a means to get information about smugglers, then consequently get their banks to provide all details about them.

The accounts will be investigated and any account found in economic sabotage, boarding, smuggling and dumping in Nigeria will not only be blocked, but their accounts will also be closed in all the Nigerian Banks simultaneously.

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Commercial Banks have been asked to close any company account suspected of these acts, he added.

The names of those who have been identified will be collated and after proper investigation, any account found committing the offense would face the consequences.

The CBN forbids any Nigerian Bank from maintaining accounts for them.

The round table was held to highlight important building blocks that will lead to greater economic growth in the country.

Emefiele also listened to their ideas and views on how productivity and investments by companies operating in Nigeria can be improved.

How to reduce the nation’s dependence on imported goods and increase exports of non-oil goods and services were discussed as well.

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