BVN: Politicians afraid to register due to large amounts in bank accounts

According to reports, some politicians and public officers are refusing to register for Bank Verification Numbers (BVN) to avoid being identified as owners of huge sums in bank accounts.

The fear of being found out has therefore led the individuals in question to evade the registration process, The Guardian reports.

A source in the banking sector reportedly told The Guardian that the amounts in the said accounts are so large that none of the banks associated with the deposits would want to lose them.

The Central Bank of Nigeria (CBN) has mandated all Nigerian account holders to register for the BVN or have their accounts restricted.

The CBN gave an initial deadline of June 30, 2015 which it later extended to October 31 to ensure maximum compliance.

Customers flood banks as BVN deadline expires
(Twitter)

Despite the expiration of the deadline however, registration is expected to continue for customers whose accounts have been so restricted in banks across the country.