CBN blocks smugglers’ accounts in textile, rice, palm oil industries

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The Governor, Central Bank of Nigeria, Godwin Emefiele, has said the bank has blocked the accounts of some smugglers sabotaging Nigeria’s economy in the textile, rice and palm oil industry.

Emefiele said this, during an interview at the roundtable session on developing a road map for greater growth and job creation in Nigeria, which was attended by eminent personalities in the financial sector on Saturday.

He said, “In due course, we will come up with the names of those identified but we want to be sure that we have come up with something that is credible and that you cannot deny. At this stage, we have already blocked the accounts of some in the textile, rice and palm oil industries. “But If these people pass through the border control, 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.

Emefiele said that the interactive session was important in light of the challenges that confronted the nation, following the massive drop in crude oil prices between 2015 and 2017.

 

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