The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) may bar individuals or corporate convicted of committing economic crimes from opening bank accounts.

In a statement released on Thursday by Isaac Okorafor, CBN’s director of corporate communications, the apex bank said it is working with the EFCC over the proposal.

He did not give further details. Currently, assets of individuals undergoing corruption trial are seized as provided for under executive order no. 6.

Both institutions held a meeting at the CBN headquarters in Abuja where they shared experiences and peculiar challenges in the fight against economic-related crimes.

“The two agencies adopted strategies aimed at curtailing the unwholesome activities of economic saboteurs which include smuggling of commodities like rice, textile materials, fertilizer, wheat and other items on the prohibition list for accessing foreign exchange through the official window, as well as tracking illicit financial flows,” the statement read.

They also agreed to work together on anti-money laundering and monitoring politically exposed persons in the country.

The inter-agency meeting, chaired by the director, governors’ department of the CBN, Jeremiah Abue, also agreed to improve on the level of information-sharing and surveillance of the financial sector.

This not the first time this kind of threat has been issued; the bankers’ committee of the CBN had earlier made the same statement warning people to desist from economic crimes.

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