WE DIDN’T AUTHORIZE BANKS TO CLOSE COMMUNITY ASSOCIATIONS’ ACCOUNTS – CBN
The Central Bank of Nigeria (CBN) says it did not direct Deposit Money Banks to seize fund in Community Associations’ Savings Accounts, but that holders of such account should try and regularised the account, nothing more
GREATRIBUNETVNEWS recalls that there had been concerns among members of Community Development Associations, Cooperative Societies and Social Clubs over reports that accounts held by such organizations which were not properly registered with the Corporate Affairs Commission (CAC) or appropriate government agencies would be closed and their funds seized by banks on the behest of the apex bank
Anxiety among members of the affected associations heightened following a podcast which has gone viral in the social media on the subject.
A lady had claimed in the podcast that all associations which failed to regularise their documentation before July 12 , 2022 would lose their funds and advised them to quickly withdraw their savings.She reportedly attached a letter written by a DMB to its corporate account holders as proof.
But a senior official of CBN said there no such directive by the apexa bank,adding that the apex bank and commercial banks have no locus to withhold anybody’s money.
“How can a bank takeover anybody’s or group’s money? That’s not possible. What the bank said was that associations and the likes should regularize their accounts in accordance with CAMA provisions and nothing more
