Nigeria Content Online

Some
bank customers have challenged the Central Bank and commercial banks to
step up the publicity of the account update ordered by the regulator
last November.

The
Central Bank had directed bank customers to update their account
information by December 31, 2010, failing which such accounts would be
suspended with effect from January 1. But on January 3, the Central
Bank extended the deadline to January 31.

Some
banks have sent text messages to their customers while others are yet
to do so. There is, however, a caveat that the accounts of those who
failed to update them will be frozen.

Aduke
Olaide, a bank customer, said she withdrew her entire money from her
bank account so that she could think through the news properly. Another
customer, Femi Adewale, a finance executive with a public relations
firm in Lagos, said he is yet to get an alert from Ecobank but has
received series of text messages from Stanbic IBTC.

“One
thing is sure: this threat cannot work here. I am waiting to see the
person that would tamper with my money in my account. If someone thinks
he can sit somewhere and threaten Nigerians that if something does not
happen, another thing would happen, that must be a big joke,” Mr.
Adewale said.

“The
reason may be tangible, but this method is not it. The highest they can
do is through persuasion. Let people know why they should do that and
what can be achieved if they do so, not to say that some accounts would
be frozen,” he added.

‘We
are doing our best’ While some customers said they are not aware of the
directive, some banks claimed that they are doing their best to get the
information to the public as effectively as they can through their
websites, e-mails, and text messages.

They,
however, expressed reservations about the extended deadline because of
customers who are not in the country and who might not be in the
country before the January deadline.

“A big issue is our customers who are not in the country” a source at Spring Bank said.

“Some
of them don’t even have the course to be in the country in the next few
months, so handling such cases would be challenging. We cannot just
close or freeze their accounts like that without giving these people
adequate time for them to also have their update done. I have a feeling
that the date might still be shifted yet again,” he said.

“Since it is a Central Bank’s idea, they should also participate actively in the enlightenment,” he added.

Mohammed
Abdullahi, the Central Bank spokesperson, neither picked his calls nor
responded to text messages sent to him on the concerns of customers who
are currently out of the country and CBN’s part in enlightening the
public.