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UAE Again: Orders non-resident Nigerians to close bank accounts
His Majesty Sheikh Mohammed

UAE Again: Orders non-resident Nigerians to close bank accounts

First it was a restriction on certain category of Nigerian travellers, now the United Arab Emirates has taken another step specifically targeting Nigerians.

Nigerians, who are not working in the UAE but hold  accounts in any branch of a local or  foreign bank domiciled there,  have been instructed to withdraw their funds!

The Central Bank there has given a directive prohibiting Nigerians and already UAE banks have sent notices to some of the affected clients, informing them that their accounts in the country’s commercial capital have been closed without further explanation.

In addition, all those who have their accounts closed have been issued cheques to the value of the amount they have in their accounts and have been given 5 working days to cash their monies of forfeit them.

Insiders reveal that the measure is geared at tackling money laundering  and it has been observed a trend where Nigerians have been depositing large sums on the guise of paying children school fees and all manner of phony  businesses.

We have been told that the government of Nigeria can actually request the list of its citizens whose accounts have a been closed with a view of investigating the sources of the funds and possibly repatriate same back home.

With this new attitude, Dubai which over the years has become  a hit among many Nigerians may soon be unattractive especially as a holiday destination-and the stringent laws may save the nation some much-needed foreign exchange.

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