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Economy

CBN launches new platform, targets $1bn monthly diaspora remittances

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The Central Bank of Nigeria, in collaboration with the Nigeria Inter-Bank Settlement System, has launched the Non-Resident Bank Verification Number platform, an initiative aimed at enhancing financial access for Nigerians in the diaspora.

The platform, which enables Nigerians abroad to obtain their Bank Verification Number remotely, removes the need for physical presence in Nigeria.

Speaking at the event in Abuja on Tuesday, CBN Governor, Mr. Olayemi Cardoso, described the platform as a key milestone in the country’s financial inclusion journey.

He noted that the NRBVN would ease the long-standing challenges faced by Nigerians in the diaspora who previously had to be physically present in Nigeria for BVN registration.

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“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”

The governor added that the NRBVN was not just a solution for financial access, but a step towards a more inclusive, innovative, and prosperous financial ecosystem.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he remarked. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”

Cardoso also highlighted the growth in remittance flows, which increased from $3.3bn in 2023 to $4.73bn in 2024. He attributed this rise to recent reforms, including the introduction of the willing buyer, willing seller FX regime.

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With the launch of the NRBVN, the CBN is targeting $1bn in monthly remittances.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels,” Cardoso said.

The event also featured a presentation by the Managing Director/CEO of NIBSS, Mr Premier Oiwoh, who detailed the technical and operational aspects of the NRBVN platform.

Oiwoh emphasised that the platform adheres to global standards, incorporating stringent Anti-Money Laundering and KYC compliance protocols to ensure transparency and security.

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The Deputy Governor, Economic Policy, CBN, Mr Muhammad Abdullahi, also addressed the gathering, describing the NRBVN as a transformative tool for enhancing the banking experience for Nigeria’s diaspora.

He urged stakeholders to collaborate in refining the platform to meet the evolving needs of the diaspora community.

He further emphasised that the initiative would strengthen economic ties between Nigeria and its global citizens, and ultimately drive sustainable economic growth.

“Together, we stand at the threshold of a new era, poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens,” Abdullahi said.

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The NRBVN platform is part of a broader framework that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, which provide Nigerians in the diaspora with access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, diasporans will have the flexibility to repatriate the proceeds of their investments.

The launch of the NRBVN platform marks a crucial step in the CBN’s efforts to improve financial inclusion and harness the economic potential of Nigeria’s diaspora.

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Economy

How to apply: FG opens access to 250,000 free business name registrations

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The Federal Government has opened access to 250,000 free business name registrations for eligible entrepreneurs across Nigeria as part of efforts to support the growth and development of Micro, Small and Medium Enterprises (MSMEs).

The initiative, approved under the administration of President Bola Ahmed Tinubu, is designed to ease the cost of formalising small businesses and encourage more entrepreneurs to register their businesses.

Interested and eligible entrepreneurs have been advised to apply through the official SMEDAN portal at portal.smedan.gov.ng to become beneficiaries of the programme.

The registration is completely free, with the Corporate Affairs Commission (CAC) expected to process the business name registration without charging applicants.

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The government also warned entrepreneurs to be wary of fraudsters who may attempt to exploit the programme.

Applicants have been advised not to pay anyone claiming to have the ability to fast-track or secure their registration, as no payment is required for the approved free registration.

Entrepreneurs seeking to benefit from the initiative are therefore encouraged to use only the official SMEDAN portal and avoid sharing payments or personal information with unauthorised agents.

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Over 5,000 fibre cuts recorded in six months – NCC

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The Nigerian Communications Commission (NCC) has disclosed that more than 5,000 fibre-optic cable cut incidents were recorded across the country in the first six months of 2026, with road construction, excavation and related civil works identified among the major causes.

The Executive Vice-Chairman of the NCC, Dr Aminu Maida, disclosed this on Tuesday at a stakeholders’ workshop on the protection of fibre-optic cables during road construction, excavation and other activities in Nigeria.

Maida said the high number of incidents required stronger collaboration between telecommunications operators, road contractors, government agencies, regulators and security institutions to prevent further damage to critical telecommunications infrastructure.

According to him, many of the incidents occurred because of inadequate coordination among stakeholders involved in road and other construction activities. He said the consequences of fibre cuts extended beyond the immediate physical damage to cables, stressing that they could disrupt essential services and affect millions of Nigerians.

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The NCC boss recalled the nationwide telecommunications disruption in February 2024, when fibre cuts, including those caused by road construction, affected one of the major telecommunications operators. He said millions of subscribers were unable to make calls, send messages or access the internet for several hours, while subscribers who moved to alternative networks caused congestion on those networks.

According to him, the incident demonstrated how damage to one network could quickly have wider national consequences.

“In the first six months of this year alone, more than 5,000 fibre cut incidents were reported from road excavation, construction, and related civil work. A damaged fibre cable is therefore not simply a cost to an operator, it is a cost to Nigerians and to the wider economy.

“Those affected were not numbers in an incident report. They were parents, businesses, workers, and citizens cut off from people and services on which they depended on,” Maida said.

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He stressed that preventing fibre cuts should be prioritised rather than waiting to repair damaged infrastructure after incidents had occurred.

Maida said telecommunications operators must provide accurate information on the location of their infrastructure and respond promptly when contacted before construction begins. He added that contractors must check for underground infrastructure before excavation and make adequate plans for its protection.

The NCC chief also urged regulators and security agencies to provide guidance and ensure accountability, stressing that coordination should form part of the design and execution of every relevant infrastructure project.

He said the commission remained committed to working with public and private stakeholders to make coordination a standard practice in road construction and other civil works.

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Earlier, the Director of Critical National Assets and Infrastructure Protection in the Office of the National Security Adviser, AVM Effiong Ewa, said the protection of fibre-optic infrastructure was a shared national responsibility.

Ewa noted that telecommunications infrastructure had been designated as Critical National Information Infrastructure, warning that negligence or interference that exposed the assets to damage could constitute an offence under Nigeria’s legal framework.

He called for strict adherence to established protocols, guidelines and procedures during construction and maintenance activities.

Also speaking, the Permanent Secretary, Federal Ministry of Works, Mr Rafiu Adeladan, said the ministry recognised that road and telecommunications infrastructure often operated within the same physical space.

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He said excavation, grading, reconstruction, utility relocation and other road activities could inadvertently damage vital fibre-optic infrastructure where adequate coordination and precautions were not in place.

Adeladan called for stronger mechanisms for coordination and information sharing before and during road construction activities. He said road contractors, consultants and relevant agencies should have access to accurate information on the location of telecommunications infrastructure before excavation begins.

On his part, the Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy, Engr Nadungu Gagare, said protecting telecommunications infrastructure was not the responsibility of one institution, but required collaboration among government ministries, regulators, security agencies, construction companies, utility providers and other stakeholders.

Gagare said the Federal Government had established a tripartite standing committee on the protection of fibre-optic infrastructure to strengthen collaboration and promote a coordinated approach to infrastructure protection.

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He said the committee would also promote compliance with established standards and right-of-way regulations, improve information sharing and support measures to prevent avoidable damage.

The workshop, organised by the Federal Ministry of Communications, Innovation and Digital Economy in collaboration with the Federal Ministry of Works, NCC, Office of the National Security Adviser and Nigeria Security and Civil Defence Corps, is aimed at developing practical measures to protect fibre-optic cables during road construction and other civil works.

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NRS boss, Adedeji under fire over Nigerian economy comment

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Nigerians have tackled the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji, over his recent comment about critics of economic reforms under President Bola Ahmed Tinubu.

DAILY POST reports that in a viral video, Adedeji questioned critics of Tinubu’s economic reforms about what they would have done differently.

“That is what I get worried about when I listen to some people about the economy and everything.

“Just ask them, what would they do differently? Mr President, I don’t want you to wonder. You have elevated the system from what they know and wonder,” Adedeji told President Tinubu.

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Adedeji’s comment triggered reactions from Nigerians on X.

Reacting, a development professional and former Director-General of the Bureau of Public Service Reforms, Joe Abah, described Adedeji’s comment as insensitive.

“If true, this is a deeply insensitive statement.

“But to answer the question of what I would have done differently, I can just look at the UK’s Andy Burnham, who is trying to tackle the cost of living.

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“In just 19 days, he has removed the 5 percent VAT on domestic electricity (it is 7.5 percent in Nigeria); capped bus fares at £2 per ride by reimbursing private sector operators for the difference in real costs; pledged a 20 percent cut in business rates for pubs and clubs (an important part of British social life); maintained and adjusted Universal Credit to favour the poorest and most vulnerable.

“So, I would have used the increasing tax revenue to tackle the cost of living. That is what I would have done differently at my own level. Hope that helps,” he said on X on Saturday.

Similarly, a lawyer known, Vena Ikem wrote on X: “He should ask himself what all the millions of dollars he is spending mean to the tax he is collecting even from poor people. If karma truly fulfils, this man will get his just deserts in the land of the living. This arrogance is from getting away with stealing tax money.”

Also, Adekunle Oderinde wrote on X: “The entire convoy of Zacch Adedeji is more expensive and longer than the convoy of UK Prime Minister, yet he is talking about suffering Nigerians complaining about the effects of the policies of his principal, President Tinubu, who drives an expensive and long convoy on scarce resources.”

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