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CBN introduces non-resident Nigerian accounts to boost diaspora investments

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The Central Bank of Nigeria (CBN) has announced the launch of two specialised accounts, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).

The bank disclosed this on Friday in a circular signed by its Acting Director of Trade and Exchange Department, W.J Kanya.

According to the circular, the initiative is aimed at fostering greater economic participation by Nigerians in the diaspora while enabling them to manage funds and invest in Nigeria with ease.

The NRNOA allows Non-Resident Nigerians (NRNs) to remit foreign earnings to Nigeria and manage their finances in both foreign and local currencies.

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On the other hand, the NRNIA is designed to facilitate investments in Nigerian assets using either foreign currency or naira.

“The NRNOA enables Non-Resident Nigerians (NRNs) to remit their foreign earnings to Nigeria and manage funds in both foreign and local currencies, while the (NRNIA) enables Non-Resident Nigerians (NRNs) to invest in assets in Nigeria in either foreign currency (FCY) or locai currency (Naira). Account holders may maintain both a foreign currency (FCY) account and/or a local currency (Naira) account to facilitate transactions and participate in diverse investment opportunities,” it read.

Through the NRNIA, diaspora Nigerians can invest in a range of financial instruments, including government securities, equities, and Nigeria’s diaspora bond, with a focus on enhancing their contribution to the nation’s socio-economic development.

The accounts will provide a direct, secure channel for managing funds, reducing reliance on intermediaries, and promoting transparency in financial transactions.

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The CBN stated that these accounts offer significant benefits, including improved access to the Nigerian economy, increased diaspora contributions, and streamlined processes for fulfilling local commitments such as education and healthcare expenses.

The NRNOA facilitates the remittance of foreign income such as salaries, allowances, dividends, and rental earnings.

Account holders can fully repatriate their FCY balances without restrictions and convert funds into naira at prevailing exchange rates.

Similarly, the NRNIA supports investments in both local and foreign currency-denominated assets, with profits and principal also repatriable without limitation.

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To ensure compliance with global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards, the accounts are subject to strict regulatory oversight.
Additionally, tax policies will apply to interest and investment earnings, except for exemptions such as government bonds.

Account holders may maintain balances in freely convertible foreign currencies as specified by the CBN. Additionally, they have the option to maintain a Naira account for investments in local currency assets.

The NRNIA provides flexibility for investments in both local and foreign currency assets, including equities, government securities, and mortgage products. Balances are held in freely convertible foreign currencies as specified by the Central Bank of Nigeria, with the option of a Naira account for local investments.

Account holders benefit from full repatriation of funds, negotiable interest rates, and compliance with global AML/CTF standards to ensure secure transactions. Eligibility requires proof of Nigerian citizenship or residency, along with documentation such as utility bills, tax receipts, or bank statements.

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Digital platforms streamline onboarding and KYC updates, enabling efficient account management and integration with the BVN system.

Funds in NRNOA and NRNIA accounts can be freely repatriated, with Naira balances subject to proof of conversion from foreign inflows.

Local deposits are restricted to traceable proceeds linked to foreign currency transactions. Cash withdrawals must follow local regulations, and transfers to local accounts are allowed only in Naira.

NRNs can invest in both local and foreign currency instruments, though Nigerian market investments are in Naira.

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The bank said investments are subject to taxes, with exemptions for government bonds, while inquiries should be directed to the Central Bank of Nigeria’s Trade and Exchange Department.

To open these accounts, NRNs must present valid documentation, including proof of Nigerian citizenship and residency.

The CBN has also introduced digital platforms to streamline onboarding and Know-Your-Customer (KYC) updates, ensuring convenience for diaspora Nigerians.

Effective from 1 January, eligible NRNs can open these accounts through authorised banks.

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The initiative aligns with the CBN’s broader strategy to attract diaspora investments, deepen financial market participation, and bolster foreign exchange inflows.

This policy operates in tandem with the CBN’s Foreign Exchange Manual (2018), providing a structured framework for facilitating diaspora investments and financial management.

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Bauchi by-election: Police arrest 47 for impersonating state security

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The Bauchi State Police Command has arrested 47 people allegedly posing as operatives of a state-owned security outfit during the by-election in Disina State Constituency, Shira Local Government Area of the state.

The suspects were arrested at various polling units on Saturday while allegedly armed with guns, cutlasses and sticks, contrary to the Electoral Act and security directives issued ahead of the election.

The Police Public Relations Officer of the command, SP Nafiu Habib, disclosed this in a statement on Saturday.

Habib said, “Following our deployment for election duty in Disina State Constituency, Shira LGA, 47 operatives claiming to be members of a state-owned security outfit were arrested within polling units.

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“They were found in possession of guns, cutlasses and sticks, in contravention of the Electoral Act and the security directives earlier issued.”

The PPRO added that the suspects were immediately taken into custody, while firearms and other dangerous weapons were recovered from them.

He said, “The suspects were immediately taken into custody. Exhibits, including firearms and other dangerous weapons, were recovered from them.”

According to Habib, the Commissioner of Police, Sani-Omolori Aliyu, condemned the development and directed that the suspects be transferred to the State Criminal Investigation Department for further investigation.

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He quoted the CP as condemning “this blatant disregard for lawful directives and attempt to undermine the electoral process.”

Habib said the suspects had been transferred to the SCID, Bauchi, “for discreet investigation and prosecution in accordance with the law.”

The command reiterated its commitment to ensuring a peaceful, credible and hitch-free by-election.

It warned that “any person or group, regardless of status, who attempts to disrupt the electoral process or cause a breach of peace will be decisively dealt with.”

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The police also called on members of the public to remain law-abiding and report suspicious activities to the authorities.

PUNCH reports that the Bauchi State Police Command, in a statement issued on Friday, September 18, 2026, outlined security arrangements for the bye-elections in Disina State Constituency, Shira LGA, and Sakwa State Constituency, Zaki LGA.

In the statement, the command declared that “state-owned security outfits, quasi-security agencies, private security guards and vigilante groups are not allowed to participate in election security coverage.”

The command stated that only “statutorily recognised security agencies under the Inter-Agency Consultative Committee on Election Security are mandated to provide security for the elections.”

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FG Probes Deaths of 37 Suspected Illegal Miners in Minna, Names 20 Suspended NSCDC Officers

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The federal government has constituted a 10-member independent committee to investigate the deaths of the 37 suspected illegal miners detained last Thursday by the Nigerian Security and Civil Defence Corps (NSCDC) in Minna, the Niger State capital.

This development followed Friday’s directive by President Bola Tinubu for a “full and transparent” investigation into the deaths of the suspected illegal miners.

The Northern Senators Forum (NSF), Nigerian Bar Association (NBA) and the Campaign for Democracy (CD) have also called for a thorough, independent and transparent probe into the incident.
In a statement issued yesterday, the Minister of Interior, Olubunmi Tunji-Ojo, also released the names of the 21 officers suspended so far in connection with the incident.

This is just as the former military President, General Ibrahim Badamasi Babangida (rtd.), has denied ownership of the mining site in Minna where some of the suspected illegal miners were arrested before they died in the custody of the NSCDC.

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Babangida alongside former Head of State, General Abdulsalami Abubakar (rtd), also called for thorough and extensive investigations into the deaths of the 37 suspected illegal miners.

The National Human Rights Commission (NHRC) has also commenced a preliminary investigation into the incident.
On Thursday, the NSCDC said it arrested the suspects during operations conducted on September 15 and 16 around Lt. Gen. Mohammed Inuwa Wushishi Estate in Minna.

The NSCDC commandant in Niger State, Suberu Aniviye, had claimed in a statement that “scores of the detained suspects were found dead in the early hours of Thursday following a suspected outbreak of disease”.

Following the development, the federal government suspended him and ordered a full investigation into the circumstances surrounding the deaths.

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Tunji-Ojo directed the suspension of all officers involved in the incident pending the conclusion of the independent committee’s investigation.

“The minister directed the committee to determine responsibility, complicity, negligence, and misconduct, and to recommend appropriate action, compensation where applicable, and measures to prevent a recurrence,” the statement reads.
The minister also warned that “any attempt to destroy or conceal evidence, intimidate witnesses or obstruct the investigation will be treated as a serious offence.”

A retired deputy director-general of the Department of State Services (DSS), Jonathan Kure, chairs the committee. In contrast, former director-general of the Nigeria Law School Isa Hayatu Chiroma will serve as secretary.
Other members include retired Assistant Inspector-General of Police (AIG) Hosea Karma; former chief medical director of the University of Ilorin Teaching Hospital, Olayinka Buhari; a representative of the Minna Emirate Council; and a representative of the Niger State government.

Also on the list are National Secretary of Miners Association of Nigeria, Liman Sulaiman; human rights lawyer, Deji Adeyanju; Zainab Suleiman Okino of Blueprint Newspaper; and a public affairs analyst, George Agbakahi.

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The full list of the officers so far suspended, in addition to the Niger State NSCDC Commandant, are: Officer-in-Charge (O/C) Station Guard, SC Usman Isah Ndamaka; Station Guard, ASCI Hassan Mohammed; Station Guard, CCA Bala Mohammed; Arresting Officer/O/C Investigation, CSC Oluwadare Sunday; Arresting Officer, DCC Obafemi Elvis; Arresting Officer, CSC Annas Shitto Lamino; O/C Legal, ACC Stephen Tsado; and HOD INT/INV, DCC Philip Ajayi.

Others are: Day/Night Duty Officer, ASCI Alhassan Mohammed; Guard Duty, IC Abdullahi Sale; Guard Duty, IC Mohammed Sonfada; Guard Duty, CAI Liman Abubakar; Guard Duty, CAI Bala Usman; Guard Duty, IC Mohammed Jiya; Guard Duty, DSC Isah Suleiman; Guard Duty, CAI Ahmed Wushishi; Guard Duty, IC Sale Adamu; Guard Duty, IC Haruna Mohammed; Guard Duty, ASCI Aliyu Sallah; and Guard Duty, CAI Isah Sanusi.

Meanwhile, NHRC has also commenced a preliminary investigation into the incident.

Executive Secretary of the NHRC, Mr Tony Ojukwu, condemned the incident and expressed concern over the loss of lives in state custody, particularly as the precise cause of death remains subject to investigation.

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According to the commission, the bodies of the deceased were deposited at the General Hospital, Minna, for medical examination, while security authorities have initiated separate investigations.

Ojukwu, in a statement issued by the organisation’s Director, Corporate Affairs and External Linkages, Fatimah Mohammed, directed the Commission’s preliminary investigation to establish the circumstances leading to the deaths.
He also called for an independent forensic autopsy and the preservation of all relevant evidence.

He further stressed that the investigations already ordered by the Minister of Interior and the NSCDC must be conducted transparently, thoroughly and in accordance with international standards governing investigations into potentially unlawful deaths in custody.

“Citizens who are arrested on suspicion by law enforcement agents are by law expected to enjoy the full complement of their fundamental human rights in accordance with national and international human rights instruments,” Ojukwu said.

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Northern Senators, NBA, CD Demand Independent Probe

Meanwhile, the Northern Senators Forum (NSF) has demanded an immediate, transparent and independent investigation into the incident.

The senators also called for independent autopsies on all the victims. They demanded that anyone found culpable of criminal negligence, unlawful detention, reckless conduct or any deliberate act that contributed to the deaths should be prosecuted, irrespective of rank or position.

The Chairman of the Northern Senators Forum, Senator Abdulaziz Musa Yar’adua, in a statement issued yesterday, said the circumstances surrounding the deaths were “deeply disturbing and unacceptable.”

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He stressed that no Nigerian should lose his life in the custody of an agency established to protect lives and property.
The senators also demanded answers to questions surrounding the alleged distress calls, including when they were made, who heard them and what action was taken before the deaths occurred.

The President of the NBA, Mrs Oyinkansola Badejo-Okusanya (SAN), has also called for a thorough, independent and transparent investigation into the deaths of the 37 suspected miners.
The association said it had deliberately refrained from reaching conclusions on the cause of the deaths pending the outcome of investigations, stressing that the incident required evidence-based findings.
The NBA said the prompt response by the authorities was commendable but stressed that the credibility of the process would depend on the independence and thoroughness of the investigations.

“The true measure of the response will ultimately not be the speed with which investigations are announced, but rather the independence and thoroughness with which they are conducted, the transparency with which their findings are made known, and the accountability that follows from those findings,” it said.

The association also called for an investigation into wider illegal mining operations, including those who may have owned, financed, controlled, or profited from the activities.

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Similarly, the CD has called on the National Security Adviser (NSA), Mallam Nuhu Ribadu, and other senior security officials to institute an independent investigation into the incident.

The group also called for the immediate suspension of the NSCDC Controller-General, pending the outcome of the investigation, arguing that such a step would help ensure the credibility and independence of the probe.

In a statement issued yesterday by its National President, Reverend Ifeanyi Odili, the CD said the circumstances surrounding the reported deaths required urgent clarification, transparency and accountability.

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2027: INEC assures Nigerians of electoral integrity

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The Independent National Electoral Commission has assured Nigerians of its commitment to electoral integrity ahead of the 2027 general elections.

The INEC Chairman, Prof. Joash Amupitan, SAN, gave the assurance on Saturday while presiding over operations at the Commission’s National Situation Room at its headquarters in Abuja.

According to a statement issued and signed by the Chief Press Secretary and Media Adviser to the INEC Chairman, Adedayo Oketola, Amupitan said operational bottlenecks identified before the by-elections held in Gombe, Kano, Bauchi and Delta states were swiftly addressed.

“Our primary mandate in the Situation Room is monitoring and proactive crisis resolution.

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“Whatever administrative or field challenges arose in before the day of the elections, the Commission was able to nip them in the bud effectively. We remain committed to refining our processes so that every subsequent exercise reflects higher standards of efficiency and public confidence.”

The Commission conducted four legislative by-elections in the Gombe/Kwami/Funakaye Federal Constituency in Gombe State, Dawakin Kudu State Constituency in Kano State, Sakwa and Disina State Constituencies in Bauchi State and Udu State Constituency in Delta State on Saturday.

Amupitan described the by-elections as crucial operational tests that would provide lessons for the 2027 general election.

He said every off-cycle election was an important dress rehearsal for the general election, stressing that no electoral contest should be regarded as trivial or routine.

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“These four bye-elections provide indispensable operational lessons for the Commission as we systematically chart our roadmap toward the 2027 general election.

“We must resist the temptation to view any exercise as merely an ordinary bye-election. Every election is a critical component of our broader preparations for the 2027 general election, allowing us to continuously audit our logistics framework, stress-test our technological deployment, and evaluate administrative field readiness,”

The INEC chairman, accompanied by National Commissioners and senior management officials, monitored the elections as operational reports were received from the various states.

Amupitan thanked officials in the Situation Room, particularly the technical team, for enabling the Commission to monitor the multi-state exercise seamlessly and assess field performance without any hitch.

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