Nigeria’s Apex monetary authority; The central bank of Nigeria (CBN) has blocked the accounts of some smugglers sabotaging Nigeria’s economy in the textile, rice and palm oil industry, The CBN Governor, Godwin Emefiele, said.

The Governor said this, during an interview at the round-table session on developing a road map for greater growth and job creation in Nigeria, which was attended by eminent personalities in the financial sector.

The event was organised to allow stakeholders in the private sector to air their views and also provide some inputs into the road map to be revealed in due course for achieving greater growth and job creation in Nigeria.

Emefiele 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.

“We are investigating those accounts and as information becomes clearer and as we can clearly say they have committed the offence, we will go to the next round which is to forbid any Nigerian banks from opening any account with them.”

He further said, “Nigeria is very good at making brilliant economic policies, but we have identified smugglers and dumpers as those who sabotage these policies and we will deal with them. In our strategy, we will not bother ourselves because there is an agency of government responsible for border control.

“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.

“We will close the accounts of the owners of such companies, and we will close the accounts of top management members of those companies because they know that their companies are involved in smuggling and they should not be supporting such.”

He said that smuggling and dumping had sabotaged economic policies in Nigeria.

The CBN governor highlighted 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.