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Dubai banks close accounts of Nigerians in UAE (DETAILS)

Dubai banks are closing bank accounts of Nigerian politicians, students and business operators.

Thousands of Nigerians with bank accounts in Dubai have received notices that their bank accounts have been closed, without explanation.

Some say the banks are trying to eliminate risk, but a source in the United Arab Emirates, ministry of finance said that the policy is to prevent money laundering, especially from Nigerian politicians hiding under the pretext of paying school fees for their children to smuggle millions of dollars into the country.

It was gathered from a top official of the Dubai Financial Services Authority, DFSA, that the move is a fallout of the country's new Central Bank Laws prohibiting Nigerians not working in the UAE from possessing accounts in any local or foreign banks.

With the new monetary laws by the Emirate apex bank, all accounts of Nigerians that are not linked to work in the UAE have been closed and cheques equivalent to the amount they have in their accounts issued in favour of the customers cashable in five working days.

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