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Nigeria’s apex bank sets date to freeze accounts without BVN, NIN

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The Central Bank of Nigeria (CBN) has revealed it will freeze bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from March 1, 2024.

In a circular jointly signed by the Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, on Friday, the apex bank notified Nigerians that accounts without the two identification documents would be restricted from April 2024.

“Effective March 1, 2024, all funded accounts or wallets shall be placed on Post No Debit or Credit and no further transactions permitted,” the circular said.

“It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN. It remains mandatory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.”

The CBN further warned that the BVN or NIN attached to or associated with all accounts and wallets must be electronically revalidated by January 31, 2024, while also announcing that no new Tier 1 accounts and wallets should be opened without BVN or NIN.

“A comprehensive BVN and NIN audit will be conducted shortly and where breaches are identified, appropriate sanctions will be applied,” the bank said.

According to the CBN, the move is part of the bank’s efforts to promote financial stability in the country, and therefore warned that it would enforce section 1.5.3. of the Regulatory Framework of Bank Verification Number (BVN) and Watch-List for the Nigeria Banking Industry to implement the new policies.

What this means is that all existing customer accounts and wallets for individuals with validated BVN shall be profiled in the NIBSS’ ICAD within 24 hours of opening the account.

Furthermore, the apex bank warned that any account holder that violated the stipulated guidelines would have their account placed on “Post no Debit or Credit” until the new process was satisfied.

Lastly, the CBN noted that all financial institutions under the apex bank must adhere to the new guidelines pertaining to limits of transaction values and cumulative balance.

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Nigeria loses N1.29trn annually to crude oil theft, vandalism— Reps Speaker

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Speaker of Nigeria’s House of Representatives, Hon. Abbas Tajudeen, has revealed that the country loses a whopping sum of N1.29 trillion to crude oil theft, pipeline vandalism and other forms of criminality in the oil sector.

Tajudeen, who spoke at the commissioning of the Nigerian Navy Training Command at Eleme, Rivers State in South-South Nigeria on Friday, said about 300,000 barrels of crude oil were also lost per day to oil theft by bunkerers.

Tajudeen who was represented at the event by the Chairman, House of Representatives Committee on Defence, Hon. Babajimi Benson, stated that the crude oil theft and pipeline vandalization has continued to pose a challenge to the Nigerian Navy which has hindered the service from rising up to its mandate of contributing to the survival of the national economy.

“Unfortunately, it is estimated that Nigeria loses over 300,000 barrels of crude oil daily to oil theft, pipeline vandalism and other forms of criminality. This has led to revenue losses estimated at N1.29 trillion annually,” the Lower Chamber Speaker said.

Speaking further on steps taken to curb the menace, Abbas said:

“Concerned about the adverse effects of oil theft in Nigeria, I inaugurated a special committee on Crude Oil Theft Loses on November 22, 2023, to determine decisive remedial actions to be taken.

“I commend the Nigerian Navy on the steps taken so far, and I urge the Navy to sustain the momentum.”

Also speaking, Nigeria’s Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, thanked the Rivers State Government for the donation of the entire complex to demonstrate the existing cordial relationship between the Nigerian Navy and Rivers State.

Ogalla said the relocation of the Headquarters Naval Training Command from Lagos to Ebubu-Eleme in Rivers State would bolster human capacity development of personnel of the Nigerian Navy.

“It will also assist in providing the enabling environment for learning and enable us to carry out the statutory manning of the entire state, and national security of our country.

“This is in line with Mr President’s mandate given to us to provide the enabling environment for the harnessing of the enormous economic potential inherent in our blue economy for the overall good, national prosperity and development.”

The Naval chief assured that the Nigerian Navy would continue to carry out operations to ensure security of the nation’s maritime domain as well as secure Rivers State and the entire Niger Delta region.

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‘Cyber Act fails to protect the vulnerable,’ Student demands media inclusivity for persons with disabilities

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Peter Libila, a student at Icof University’s Chipata campus, highlights the lack of awareness among individuals with disabilities and those residing in rural areas about their digital rights, resulting in limited access to media platforms for free expression.

Libila underscored the marginalization of people with disabilities in discussions on community development, leading to their exclusion from voicing their perspectives.

In an interview with Zambia Monitor in Eastern Province, Libila discussed the discrimination and stigma faced by individuals with disabilities in the media landscape.

Read More: Differently-abled person speaks on challenges impacting freedom of expression in rural areas

“Persons with disabilities are often overlooked when it comes to community developments,” he emphasized.

Moreover, as someone with a physical disability, Libala pointed out shortcomings in the Cybersecurity Act which failed to adequately address online barriers to freedom of expression.

“The act fails to ensure online safety for all; it only offers protection to certain groups while neglecting others,” he asserted.

He stressed the importance of bridging these gaps to foster inclusivity within the media.

“There’s a lack of sign language interpreters in most media outlets, which poses challenges for the deaf community,” he observed.

Libila also emphasized the necessity of providing braille reading materials and writing tools for individuals who are blind.

“Even basic resources like braille books are often unavailable for the blind,” he lamented.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

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