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NIN linkage: Banks may block 70 million accounts

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Over 70 million bank customers are at risk of losing access to their accounts when the Central Bank of Nigeria’s directive on restricting accounts without Bank Verification Numbers and National Identification Numbers goes into effect.

The CBN had on December 1, 2023, in a circular directed that a ‘Post no Debit’ restriction be placed on all bank accounts without the BVN and NIN from Friday, March 1, 2024.

‘Post No Debit’ is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from such accounts. This measure effectively freezes the funds in the account, rendering them inaccessible for the duration of the restriction.

The circular, jointly signed by the Director, Payments System Management Department, Chibuzo Efobi; and Director, Financial Policy and Regulation Department, Haruna Mustapha, read, “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 & 3 accounts and wallets for individual accounts to have BVN and NIN.

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“For all existing Tier-1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted. The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024.”

The circular went on to warn banks in the country that a “comprehensive BVN and NIN audit shall be conducted shortly and where breaches are identified, appropriate sanctions shall be applied.”

As the deadline approached, some banks sent out messages to their customers to regularise their accounts in line with the new CBN directive. While some asked customers to visit their physical branches, others made provisions for customers to update their accounts online.

FirstBank Nigeria in an email to customers said, “Please ensure that your Bank Verification Number and National Identification Number are linked to your account number on or before February 29, 2024.

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“You can seamlessly update your account information with your BVN and NIN by visiting any FirstBank branch close to you. Please note that the Central Bank of Nigeria through its circular: PSM/DIR/PUB/CIR/001/053 dated December 1, 2023, has directed that effective March 1, 2024, all funded accounts without BVN shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted.”

Ecobank Nigeria wrote, “Please be informed that the Central Bank of Nigeria through its circular dated December 1, 2023, has announced that all accounts without Bank Verification Number and/or the National Identity Number would not be able to carry out transactions from March 1, 2024.

“Consequently, you will be required to update your account information with your National Identification Number and Bank Verification Number if you have not done so already.” It, however, offered an online solution.

Fintech firm, OPay, also called on its customers to complete the regularisation of their accounts by linking their BVN or their NIN as mandated by the apex bank, offering them both online and offline options.

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A Tier-1 account refers to a bank account that can be opened with minimal or no form of documentation. Such an account can be opened with a passport photograph and has a limit of N50,000 deposit and an operating balance of N200,000 and is mostly not linked to the BVN and is targeted at the unbanked population.

This space is dominated by fintech firms and there are concerns that the lax Know Your Customer requirements are loopholes that are being used to perpetuate fraud.

The National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafadeen Fasasi, who called for an extension of the deadline, said while the policy was a good move to improve banks’ KYC requirements, its implementation was worrisome.

He said, “We are all aware that it is a good policy for the system for us to have good KYC, but unfortunately, what we have a challenge with is the implementation. This is another wrong implementation. Before you give a deadline, you must have provided the access points. As of today, we have about 104 million NINs out of 200 million people expected to have NINs. So, there is a gap of about 100 million.

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“It is the same thing with the BVN, which as of the last report was about 59.9 million out of 134 million expected bank accounts. That means we have over 70 million accounts, which will be affected.”

According to data from Statista, as of 2021, the number of active bank accounts in the country was around 133.5 million, with savings accounts making up about 120 million.

Fasasi claimed that the National Identity Management Commission lacked the capacity to deliver 100 million NINs within the required timeframe.

He said, “The question is, can the NIMC deliver the gap of about 100 million NINs within the deadline? The answer is no, so why should this drive Nigerians into another problem? For BVNs, we have a huge gap to deliver and only bank branches can enrol BVN as of today.

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“Based on our research, about 300 local government areas out of the 774 LGAs in Nigeria have no bank branches; so, who are those who are going to provide BVN enrolment at those LGAs? It means that people are going to run into trouble.

“Also, the highest that the banks have done is 500,000 enrolment per month. We are not ready for this. Why the rush? Why not plan that every month, this is what we want to achieve based on our capacity and access points?”

He lamented that this was coming at the same time as the National Communications Commission had directed telecom companies to bar mobile lines without the NIN.

“Who is pursuing us in Nigeria in this critical period where everyone is groaning under adverse economic conditions? They want to add extra trauma; I think we need to reconsider this,” he concluded.

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The Chairman, Consumer Rights Awareness, Advancement and Advocacy Initiative, Moses Igbrude, said the apex bank ought to assess the level of compliance before wielding the big stick.

He said, “You must check the challenges and the parties who are responsible for the NIN and BVN. What of Nigerians in the Diaspora? They should give more time for this linkage so that they will not disrupt the banking system.

“It is a multifaceted issue involving many players. What is the infrastructure required for them to work? Otherwise, they will use a legal way to disenfranchise a lot of people.”

The President, Bank Customers Association of Nigeria, Dr Uju Ogubunka, called for an extension of the deadline to enable more bank customers regularise their accounts in line with the CBN directive.

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Ogubunka told the pres “We know that some of our members have linked their accounts with the BVN/NIN as directed by the CBN. At this point, I think it will be wise to give an extension, because the telecom network has been a bit inclement and, then of course, you talk about power; some of us were unable to charge our phones for some time because there was no power. And these things are happening almost everywhere.

“People are willing to do what they’re supposed to do, but conditions within the environment are a bit difficult. So, I will personally suggest that we consider what is happening and give some extension.”

He went on to suggest that a test run where restrictions would be placed on some affected accounts might be of help in sensitising people to the importance of the directive.

“Another thing that they can do is maybe do a test run so that people will know that it is something that can be done. Some people may not even believe that it is possible to restrict transactions. So, if you do a test run for one day or even a few hours, you announce that those who have not linked up will be unable to access their accounts temporarily, maybe for 24 hours or 12 hours, then give an extension. That should help,” Ogubunka added.

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He stated that there had been no reports that banks had started to restrict bank accounts without the BVN and NIN.

“No one has reported that to us yet. But then, they may not know until they want to make use of the accounts. It is not as if they are using the bank accounts every minute of the day. It is only when they want to make use of it and then see that they can’t get through, that is when they have an issue. So far, we don’t have any report on that,” he said.

Multiple bankers, who spoke with journalists on condition of anonymity, said the banks had not yet started to restrict accounts without the BVN and NIN.

They said directives had been issued from their headquarters to create a seamless linking process to avoid account deactivation.

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A bank official said, “No one is deactivating accounts yet. They have been sending emails to customers to calm down so that a more seamless linking process will be communicated to customers. They will be reached via text and email. Some people used the NIN to open or update their accounts already so they won’t need to do it again.”

On the number of possible affected customers, the official stated, “We haven’t got the affected number yet. It has to be spooled by our IT team from the backend.”

Another official confirmed the directive to assist more customers via email.

“The deadline still stands; however, not all accounts are blocked because some opened theirs with the national ID from the inception. But we will be reaching out via email and text,” the official wrote to one of our correspondents.

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A News Agency of Nigeria report on Friday revealed that customers continued to besiege various bank branches in Lagos to meet the CBN deadline for linking BVN and NIN to their accounts.

The customers also asked the CBN to extend the deadline for them to link their BVNs and NIN with their accounts.

With the implementation of the directive, there was a significant gathering of customers at various banks as early as 8am on Friday to link their NINs with their bank accounts.

A security officer at a Guaranty Trust Bank branch in the Abule Egba area, while addressing customers who were eager to gain entry into the banking hall, said the message sent out by the bank to its customers concerning the directive was a random one.

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He said not all customers that got the message were affected by the directive. This got the customers infuriated, as they said the bank should have sent out messages to only those affected. At another GTB branch in Egbeda, the bank advised customers to register online using specified codes displayed on the walls outside the banking hall.

However, at Polaris Bank, the crowd was not allowed to converge, and those who went into the banking hall were told by the customer service desk to produce their NIN slips.

Those without the slips were turned back. Customers who explained their mission to the bank’s security officers before entering the banking hall were told to get the slips.

Two bank employees used mini computers to do the first registration at the entrance before the security guards allowed the customers into the banking hall.

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At Providus Bank on Nnamdi Azikiwe Road, customers were given forms and were assisted with registration simultaneously. The situation was similar at Wema Bank on Broad Street and other banks visited on Lagos Island.

Meanwhile, calls and text messages sent to the CBN spokesperson, Hakama Sidi, yielded no response as of the time of filing this report.

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Reps Minority Caucus stage Walk Out as House Passes Tinubu’s State Police Bill

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…allege constitutional breaches in voting process as 311 lawmakers back landmark amendment

…reaffirm their support for state policing in principle

By Gloria Ikibah

The Minority Caucus in the House of Representatives on Thursday staged a dramatic walkout during plenary in protest against the passage of President Bola Tinubu’s Executive Bill on the establishment of State Police, accusing the House leadership of violating constitutional provisions and the chamber’s Standing Orders.

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Despite the protest, the House approved the Constitution Alteration Bill after 311 lawmakers voted in its favour, marking a major milestone in the ongoing effort to decentralise policing and strengthen Nigeria’s security architecture.

The Executive Bill, transmitted to the National Assembly by President Tinubu last week, seeks to amend the 1999 Constitution to create a constitutional framework for the establishment of State Police Services. The proposal followed months of debate over the need for a multi-layered policing system to tackle rising insecurity across the country. It also replaced an earlier version of the bill previously passed by the House after lawmakers rescinded their earlier resolution to accommodate the President’s proposal.

Speaking to journalists shortly after leading members of the caucus out of the chamber, Minority Leader, Rep. Fredrick Agbedi, said their action was not a rejection of state police but a protest against what they described as the disregard for due legislative process.

He argued that the Speaker, while presiding as Chairman of the Committee of the Whole, ignored the constitutional requirements governing amendments to the Constitution.

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He said: “The Constitution is the grand norm. It is the rule book from which even our Standing Orders derive their powers. For the Speaker, acting as Chairman of the Committee of the Whole, to disregard the clear provisions of Section 9(2) of the 1999 Constitution, as amended, is a great affront to the workings of the House of Representatives.”

Agbedi maintained that attendance in the House is determined through members’ registers signed on each legislative day and not by names read during proceedings.

The Minority Caucus also insisted that every clause of a constitutional amendment bill must be considered individually and supported by a two-thirds majority, as required by both the Constitution and the House Standing Orders.

Quoting Order 13 Rule 15(a) of the House Rules, the lawmakers stated:
“In the clause-by-clause consideration in the Committee of the Whole, a clause shall be deemed passed only if supported by a positive vote of two-thirds majority of members of the House.”

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The caucus faulted the decision to pass the bill through a voice vote after only the long title was read, without detailed consideration of each clause.

Reaffirming their support for state policing in principle, the lawmakers stressed that procedure should never be sacrificed.

“We are not against the creation of state police. Whatever will help address insecurity in Nigeria, we are prepared to support. But every action taken by Parliament must follow due process”, he added.

According to the minority leader, they had earlier held discussions with Speaker Abbas Tajudeen on aspects of the bill that required amendments, and believed there was an understanding that those concerns would be addressed.

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The lawmaker warned that failure to comply with constitutional procedures could undermine the credibility of the National Assembly and Nigeria’s democratic institutions.

“Mr. Speaker even identified areas where we could intervene, but when he sat as Chairman of the Committee of the Whole, he simply read the long title and put the question through a voice vote. That is absurd.

“When the rules and regulations are not complied with, it affects the credibility of the institution as well as the credibility of Nigeria and our democracy”, Agbedi stated.

The caucus further alleged that the Speaker denied them the opportunity to raise constitutional points of order before the vote was taken.

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“As Minority Leader, I raised a point of order, but before hearing me, the Chairman ruled me out of order. Which order was he ruling me out of? He ought to have heard my point of order first before deciding whether it complied with our rules or the Constitution”, he said.

The caucus also questioned how the constitutional requirement of a two-thirds majority could have been met after opposition lawmakers had left the chamber.

“If we walked out of the House, where are our votes? Can you count our votes? Can anybody decide a constitutional amendment with a voice vote? It is not possible”, he asked.

Describing the development as a dangerous precedent, the Minority Caucus accused the ruling All Progressives Congress (APC) of weakening democratic institutions.

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“We stand on the side of Nigerians. We stand on the side of the rule of law. We stand on the side of what will make Nigeria a great nation and not what will diminish the integrity, progress and development of this country”, the minority leader noted.

The lawmakers urged Nigerians to remain vigilant, insisting that while they support the establishment of state police, any constitutional amendment must strictly comply with the provisions of the Constitution and the House Standing Orders.

Meanwhile, the House proceeded with the consideration and adoption of the report of its Committee on the Review of the 1999 Constitution, chaired by Deputy Speaker Benjamin Kalu.

At the conclusion of the exercise, Speaker Abbas Tajudeen announced that 311 members voted in support of the bill, comprising 276 lawmakers physically present in the chamber and 35 who participated virtually.

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The bill, titled “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Provide for the Establishment of State Police Services and for Related Matters (HB. 2797),” now moves to the next stage of the constitutional amendment process.

In forwarding the legislation to the House, President Tinubu said the proposal builds on previous work by lawmakers while introducing additional safeguards to ensure the effective implementation of a dual policing system.

“This bill builds on the significant work already done in this regard by the House of Representatives and incorporates additional safeguards to ensure that the creation of a dual policing structure to address our nation’s evolving national security challenges can be achieved quickly and effectively to the benefit of all Nigerians.

“The proposed legislation is a critical component of our administration’s strategy to reorganize Nigeria’s security architecture to better protect our citizens, and I am confident that the House of Representatives will act quickly to consider and pass this Bill.

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“While I look forward to expeditious consideration of this submission by the House of Representatives, please accept, Rt. Honourable Speaker, the assurances of my consideration and best regards”, he said.

Following receipt of the Executive Bill, the House rescinded its earlier resolution of 11 June 2026 on the establishment of State Police Services and dissolved the 12-member Conference Committee constituted on 9 July 2026, paving the way for consideration of the President’s revised proposal.

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CBN Assures Senate of Sustained Economic Stability, Projects Single-Digit Inflation

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured the Senate that the country’s economy remains resilient despite persistent global uncertainties, expressing confidence that ongoing monetary and financial sector reforms will deliver sustained macroeconomic stability and reduce inflation to single digits over the medium term.

Speaking while presenting the Bank’s Mid-Year 2026 Economic Report before the Senate Committee on Banking, Insurance and Other Financial Institutions, Cardoso said Nigeria’s economy recorded steady growth in the first half of the year, supported by strong performance across key sectors, improved foreign exchange market conditions and a stable banking system.

According to him, although geopolitical tensions, particularly the conflict in the Middle East, generated temporary inflationary pressures through higher energy costs and supply chain disruptions, the underlying disinflationary trend has remained intact due to coordinated fiscal and monetary policies.

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He said the Monetary Policy Committee (MPC) adopted a data-driven approach throughout the review period, easing monetary conditions in February to support economic growth before retaining the Monetary Policy Rate (MPR) at 26.5 per cent in May to consolidate gains against inflation.

Cardoso disclosed that headline inflation, which rose from 15.06 per cent in February to 15.93 per cent in May following global energy market disruptions, declined slightly to 15.91 per cent in June, signalling a return to its downward trajectory.

“This outcome demonstrates the effectiveness of our monetary policy stance in containing second-round inflationary pressures and anchoring inflation expectations. We remain fully committed to restoring price stability and achieving single-digit inflation over the medium term,” he said.

The CBN Governor told lawmakers that reforms introduced in the foreign exchange market had significantly improved transparency, liquidity and investor confidence.

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He noted that the launch of the fourth edition of the Foreign Exchange Manual, implementation of the Nigeria Foreign Exchange Code and deployment of an electronic foreign exchange matching system had strengthened governance and improved price discovery in the market.

According to him, the naira appreciated by about 7.95 per cent during the first half of 2026, with the average exchange rate improving to about ₦1,370.40 per United States dollar from ₦1,490.21 recorded in the second half of 2025.

Cardoso also reported a significant increase in diaspora remittances through official channels, rising from approximately 200 million dollars to over 600 million dollars monthly following exchange rate reforms and the introduction of the non-resident Bank Verification Number (BVN).

He said the apex bank is targeting diaspora remittance inflows of one billion dollars per month by the end of 2026.

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The Governor further disclosed that Nigeria’s external reserves increased to approximately 52.73 billion dollars as of July 9, 2026, reflecting stronger foreign exchange inflows and improved market fundamentals.

On the banking sector, Cardoso described the successful completion of the banking recapitalisation programme in March 2026 as one of the country’s most significant financial sector achievements.

He said the exercise mobilised ₦4.65 trillion in fresh capital, with over 72 per cent coming from domestic investors and about 27 per cent from foreign investors, resulting in 33 banks meeting the new minimum capital requirements.

He added that discussions were ongoing to resolve the status of a few non-compliant institutions in a manner that would safeguard financial stability and protect depositors.

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Cardoso also highlighted the launch of the Payments System Vision 2028, describing it as a strategic roadmap aimed at building a secure, inclusive, innovative and globally competitive digital payments ecosystem.

He said Nigeria’s improved sovereign ratings by Fitch, Moody’s and Standard & Poor’s further reflected growing international confidence in the country’s macroeconomic management and reform agenda.

Looking ahead, the CBN Governor said the Bank would focus on strengthening post-recapitalisation supervision, deepening foreign exchange market reforms, advancing its transition to an inflation-targeting framework, implementing the Payments System Vision 2028 and preserving financial system stability.

He reiterated the Central Bank’s commitment to maintaining price stability, safeguarding the financial system, strengthening external sector resilience and supporting sustainable economic growth.

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Cardoso expressed optimism that with continued collaboration between the National Assembly, fiscal authorities and other stakeholders, Nigeria would consolidate recent gains and build a stronger, more competitive economy.

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Police Nab 22 Suspected Drug Dealers In Delta, Rescue Two Minors

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Operatives of the Delta State Police Command have arrested 22 suspects and rescued two minors during an intelligence-led raid on suspected illicit drug dens and criminal hideouts in Ozoro and Abraka communities.

The operation, carried out on July 21, was part of the command’s ongoing campaign against illicit drug trafficking and related crimes across the state.

The Police Public Relations Officer, SP Bright Edafe, disclosed this in a statement released on Thursday, saying the operation was led by the Deputy Commissioner of Police in charge of the Department of Operations.

Edafe said, “On 21st July 2026, at about 1500 hours, the Deputy Commissioner of Police, Department of Operations, led operatives of the Command on a coordinated raid of identified illicit drug dens and criminal hideouts at Ofagbe Community, Ozoro, Ekrejeta, and the NUT Area, Abraka, following credible intelligence.

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“The operation led to the arrest of 22 suspects, comprising 19 males and three females, for offences relating to the sale, possession, and distribution of illicit drugs.

“During the operation, operatives also rescued two minors who were found in a suspected drug den allegedly operated by their father.

“The children have been taken into protective custody. They will be handed over to the Delta State Ministry of Women Affairs for appropriate care and safeguarding, while investigations into the activities of the suspects are ongoing.”

Reacting to the operation, the Commissioner of Police, CP Yemi Oyeniyi, described the discovery of minors in a suspected drug environment as “deeply disturbing.”

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He reaffirmed the command’s commitment to dismantling drug trafficking networks and protecting vulnerable persons.

The commissioner also urged parents, guardians and community leaders to continue supporting the police with useful information, assuring residents that “the Command will sustain intelligence-led operations to rid Delta State of illicit drug activities and other forms of criminality.”

On July 10, the Yobe State Police Command arrested 14 suspected drug dealers during a coordinated raid on criminal hideouts and drug joints in Jakusko Local Government Area of the state.

The officers also recovered over 300 sachets and packages of suspected illicit drugs, including Tramadol, Vega tablets, Indian hemp and other prohibited.

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