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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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Disability rights group says Cyber Security Act protects politicians more than vulnerable citizens

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In Kasama, the Disability Inclusion-Friendly Barn Development Foundation, dedicated to addressing the challenges faced by individuals with disabilities, says the Cyber Security Act primarily benefits politicians rather than ordinary citizens, particularly those with disabilities.

Amos Chileshe, the Chief Executive Director of the organisation, conveyed these concerns in an interview with Zambia Monitor.

Chileshe emphasized the Foundation’s focus on child welfare, including screening and assessment programmes tailored to children with disabilities.

He highlighted the alarming prevalence of cyberbullying targeting this vulnerable demographic, often overlooked by mainstream media.

“Despite our efforts to provide counseling and support services,” Chileshe lamented, “many instances of cyberbullying against individuals with disabilities remain unaddressed, unlike cases involving public figures.”

He underscored the disparity in media coverage, noting the tendency to portray persons with disabilities negatively, particularly those with intellectual disabilities, perpetuating stigma and shame, particularly in rural areas.

Calling for the safeguarding of individuals with disabilities online, Chileshe urged authorities to take decisive action against cyberbullying, stating its detrimental impact on their well-being.

Regarding media freedoms, Chileshe advocated for unrestricted licensing of media outlets to ensure comprehensive nationwide coverage.

“Media freedom is essential for democracy, development, and human rights.

“When people are denied the freedom to express themselves, constructive criticism becomes impossible, hindering progress and accountability,” he said.

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

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Nigerian govt denies bribery allegation by Binance CEO

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The Nigerian government has countered allegations by the CEO of cryptocurrency exchange giant, Binance, Richard Teng, that some government officials demanded a $150m bribe to settle the ongoing criminal charge filed against the firm.

In a publication carried by by the New York Times on Tuesday, Teng had alleged that unknown persons made the bribe demand to Binance officials shortly after they held a meeting with Nigerian lawmakers on January 8.

In the article, Teng accused the unidentified individuals of acting on behalf of government officials to demand $150m in cryptocurrency to resolve the tax evasion and money laundering case against the company and its officials.

Teng also claimed that the purported agent demanded “a significant payment in cryptocurrency to be paid in secret within 48 hours to make the issues go away.”

But in a statement on Wednesday, Minister of Information and National Orientation, Mohammed Idris, described the allegations as blackmail aimed at tarnishing the image of the country.

The Minister further dismissed the claims as “baseless and part of a wider attempt by Binance to evade accountability for alleged criminal activities.”

The minister noted that ongoing investigations against Binance in Nigeria centred on allegations of money laundering, terrorism financing, and illegal trading activities facilitated through its platform, stressing that it would not succumb to blackmail or coercion.

“This claim by Binance CEO lacks an iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria,” Idris said.

“They lack any evidence and are merely a diversionary tactic employed by Binance to deflect attention from the serious charges it faces in the country.

“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.

“The Nigerian government, therefore, pledged to address the legal issues surrounding Binance operations in the country.

“The government of Nigeria will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign,” the Minister added.

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