Banks in Dubai are Closing Nigerians’ Bank Accounts!

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Banks in Dubai are Closing Nigerians’ Bank Accounts!

According to the Street Journal.org, quoting from journalist Fidelis Mbah’s tweet on Thursday, 7th May, the Central Bank of United Arab Emirates (UAE) has issued directives to Banks to close all accounts of Nigerians’ account holder who do not work in the Kingdom.

The tweets mentioned that the directives is to prevent money laundering by Nigerians. He further state that the Banks in UAE will be sending out notices to close their accounts and will be issuing checks equivalent to the amount in their accounts.

In reaction, the Director General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, told Daily Independent on telephone, Thursday night, that the decision is commendable, which must have resulted from a realization by the UAE monetary authorities that so much slush funds laundered globally flow through Dubai, a major financial hub. This, he noted, is why there is the possibility that corrupt people would want to take money from their countries and put it there before now, as reported in the Street Journal.org.

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