CBN Blocks Smugglers, Dumpers Account

Agency For Border Control To Be Created

by Doris Ukaonu

CBN Blocks Smugglers, Dumpers Account

Godwin Emefiele, Governor of the Central Bank of Nigeria yesterday, 9th of June identified smugglers as a major accomplice crippling Nigeria’s economy in the textile, rice and palm oil industry and that they have been blocked by the banking sector.

The governor said this during an interview after a round table session titled “Going for Growth” which was organised in Lagos. The symposium whose aim was to provide solutions for greater growth and job creation in Nigeria had in attendance renowned men and women from the financial sector.

Emefiele said that the names of the smugglers account identified are currently being scrutinised so that eventually when it is released, none of them can refute it. “We are investigating those accounts and as information becomes clearer and as we can clearly say they have committed the offence, we will go to the next round which is to forbid any Nigerian banks from opening any account with them.” He said.

Emefiele acknowledged that Nigeria makes excellent economic policies but it is usually sabotaged by smugglers and dumpers who must be dealt with. He revealed that in a strategy currently being made, an agency of the government which will be responsible for border control will be created to tackle the situation. If eventually the smugglers and dumpers pass through the border control CBN will use their position as regulators to get details of the smugglers and dumpers. “We will use the instrumentality of being the regulator and head of the banking system, to get the banks to provide all the details of these smugglers and dumpers. We will investigate the accounts, and if they are found culpable in economic sabotage bordering on dumping and smuggling in Nigeria, we will not only block their accounts, we will close their accounts in all the banks in Nigeria.” The CBN governor said.


News Source- Punch Newspaper