Amid Rising Cyber Crime, Fraudulent Transactions, CBN Places 7,552 BVN Accounts Under Watchlist

metro

1 year ago

Amid Rising fraud-related transactions in the financial services sector, the Central Bank of Nigeria (CBN) has revealed that 7,552 Bank Verification Numbers (BVN) have been flagged and put on the watchlist as a result of fraudulent transactions.

But most Nigerians wonder what has been happening that fraudsters and even ‘pen-rubbers’ in public service, have been having field days even with the BVN that is supposed to ease their identification and subsequent punishments.

It was alleged that where some culprits or suspicious numbers were identified to the security agencies, follow-up and lack of political will have been the bane, reducing confidence in the sector as well as in the some of the policies of CBN.

For instance, it was reported last week that 37 bank accounts were linked to BVN of the chief executive officer of Rural Electrification Agency

Specifically, Realnews, an online platform reported that the 39-year- old Engr. Ahmad Salihijo Ahmad, CEO of REA, who was recently dragged before the Code of Conduct Bureau for alleged infraction, was found to be operating thirty seven bank accounts linked to his BVN .

Ahmad was accused of alleged breach of contract code.

In the latest discovery, the 37 bank accounts were in Ahmad’s name, that of a supposed relative, companies and a amorphous Non Governmental Organisation, but all with the same Bank Verification Number: 22266427052, linked to the MD’s account

The startling discovery is the result of a discreet investigation by Realnews medium.

Interestingly, the bank’s, sperintended by CBN, including Standard Chartered, Guarantee Trust, First Bank, United Bank for Africa, Fidelity, Stanbic IBTC, Jaiz, Access, Zenith and Ecobank were involved.

Insiders said the accounts have come in handy when the owner desired to conceal his shares of proceeds accruing from monkey businesses he has hands in, in the agency created in 2006 as part of the Electric Power Sector Reform Act.

More worrisome, according to some Nigerians, is the level of impunity abductors and terrorists, allegedly carry out their operations without apprehension by the regulators and the security agencies.

“It is a known fact that there are allegations of some influential Nigerians operating different BVNs for different accounts, why is CBN just telling the public that some numbers are on the watch-lists and not telling us that they have been identified and being prosecuted,?” asks a concerned Nigerian who pleaded for ananomity.

But, CBN made the revelation Tuesday, May 2, 2023, through its Director of Payment Systems Management department, Musa Jimoh, at a seminar for finance correspondents and business editors held in Calabar.

The revelation was against the heels of how suspected fraudsters use accounts for fraud related issues in the dispensation of the cashless policy.

Jimoh, explained that even though the issue of cyber threats has affected the confidence of the public, the payment system in Nigeria is very good and provides huge opportunities for economic revival and growth.

He, however, noted that the CBN is in collaborative efforts with major stakeholders in the industry to curb the activities of fraudulent people.

Jimoh, who was represented by the Deputy Director, Payment Systems Management Department at CBN, Adefuye Adeyemi, submitted that despite all the challenges in the payment system, the outlook for the payment system in Nigeria is very good and provides huge oppourtunities for economic revival and growth.

Speaking on the theme of the event, Jimoh advanced that “PSV 2025 provide key recommendations on area of focus for the payment industry in the period under scope. The industry keeps attracting new entrants who through innovation, provide new solutions to emerging problems.
ALSO READ:Buhari Approves Exclusion Of Finance Ministry From TSA
“The bank is the gate-keeper to the payment system through it’s licensing function which helps to ensure only fit and proper persons are admitted into the payment systems.

“As such, our focus in CBN will be on strengthening the institutional and regulatory frameworks that will further encourage development of the payment system and promote the usage of secure electronic payments systems enunciated in the PSV 2025 strategic plan.”

But some analysts believe that CBN must act rather that mere reeling out figures as confidence in the much touted cashless policy is fast eroding.