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Economy

CBN sets 18 as minimum age for BVN registration

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The Central Bank of Nigeria (CBN) has set 18 years as the minimum age for Bank Verification Number (BVN) registration, as part of new measures aimed at strengthening identity verification and improving security in the Nigerian banking system.

The directive forms part of a set of circulars issued by the apex bank to banks, other financial institutions and payment service providers on March 12, 2026.

Under the new rule, only individuals who are 18 years and above will be allowed to enrol for a BVN. The CBN said the decision is intended to strengthen customer identification processes and reduce the risk of misuse of bank accounts for fraudulent activities.

The bank also introduced new controls within the BVN system to tighten monitoring of suspicious financial transactions across the banking industry.

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According to the circular, financial institutions are now required to create a temporary watchlist for BVNs linked to suspected fraudulent transactions. A BVN may remain on the watchlist for a period of up to 24 hours while the affected customer is contacted to clarify the transaction in question.

The CBN explained that the measure will allow banks respond quickly to suspicious activities while still giving customers the opportunity to explain legitimate transactions.

In another change to BVN operations, the apex bank placed restrictions on modifications to phone numbers linked to BVN records.

Under the new directive, customers will only be allowed to change the phone number associated with their BVN once. The CBN said the measure is intended to prevent fraudsters from repeatedly altering phone numbers in order to bypass security checks.

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The bank also stated that access to the BVN database will remain strictly limited to financial institutions licensed by the regulator. However, the CBN noted that it may grant access in special circumstances in accordance with existing laws. The new BVN rules are scheduled to take effect from May 1, 2026.

Alongside the BVN reforms, the apex bank also introduced new security measures for instant payment services used for electronic money transfers across Nigerian banks.

The CBN directed all financial institutions offering instant payment services to introduce additional safety features that will allow customers control how their accounts are used for electronic transfers.

Under the new arrangement, customers will be able to voluntarily opt out of instant transfer services if they wish to temporarily stop online transfers from their accounts.

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The CBN said once the opt-out option is activated, the customer will not be able to carry out electronic transfers either within the same bank or to other banks.

However, the account holder will still be able to visit a bank branch physically to carry out a transfer.

The apex bank explained that the opt-in and opt-out process must be protected by multi-factor authentication to ensure that only the account owner can activate the feature.

Customers will also be allowed to set their own transfer limits for instant payments. While the existing maximum limits of N25 million for individuals and N250 million for corporate accounts remain unchanged, customers may decide to set lower limits to reduce their exposure to fraud.

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According to the circular, any change to transaction limits must pass through enhanced verification procedures and risk assessment by the financial institution.

The CBN also instructed banks to deploy enterprise fraud monitoring systems capable of tracking both incoming and outgoing transactions in real time to detect suspicious activities quickly.

In addition, banks must strengthen identity checks when customers open accounts online or attempt to reactivate inactive accounts.

The apex bank said accounts opened online must undergo liveliness checks, while customer details must be validated immediately against the BVN and National Identity Number databases.

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Enhanced authentication tools such as biometric verification, soft tokens and hard tokens are also expected to be used during online account reactivation. The regulator further directed banks to tighten security around mobile banking applications.

Under the new rules, a mobile banking app will only be allowed to operate on one device at a time, meaning customers will not be able to use the same banking application simultaneously on multiple phones.

When a customer switches to a new device, the application will require fresh authentication before it becomes active.

The CBN also introduced temporary transaction limits for newly activated mobile banking applications.

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For the first 24 hours after activation, the maximum amount that can be transferred will not exceed N20,000, whether the account is new or an existing account being accessed on a new device.

Similarly, customers accessing internet banking on a new device for the first time will be required to complete additional authentication steps. The instant payment rules will take effect from July 1, 2026.

In a separate circular, the CBN also reviewed guidelines on the management of dormant bank accounts and unclaimed balances in the banking sector.

The apex bank said banks will now be allowed to accept requests for the reactivation of dormant accounts through alternative channels instead of insisting only on physical visits to bank branches.

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Financial institutions may adopt these alternative channels provided they put in place strong identity verification measures to ensure that the request is coming from the rightful account owner.

The CBN also removed the requirement for customers to provide an affidavit when reactivating dormant accounts, provided the funds in the account have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account.

However, the bank clarified that affidavits will still be required when customers are reclaiming funds that have already been transferred to the trust fund pool account.

The regulator also directed banks and other financial institutions to improve transparency by publishing information about dormant accounts and unclaimed balances.

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Under the directive, banks must display certain details on their official websites, including the name of the account holder, the type of account, the name of the bank and the branch where the account is domiciled.

Financial institutions without operational websites are expected to publish the information on the websites of their industry associations.

Banks are also required to publish the list of dormant accounts once every year in at least two national daily newspapers.

Where the list is very long, the CBN said the bank may publish a short notice directing customers to a section of its website where the full details are available.

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State and unit microfinance banks are not required to publish the information in newspapers but must display the details at their business locations.

The apex bank explained that the publication of such information does not violate the Nigeria Data Protection Act 2023 because the law allows personal data to be processed when it is necessary to comply with legal obligations.

The CBN added that its authority to issue the directive is supported by provisions of the Banks and Other Financial Institutions Act 2020, which empowers the regulator to issue guidelines on the management of unclaimed funds held by financial institutions.

The circular on dormant accounts takes immediate effect and replaces an earlier directive issued in February 2025.

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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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Economy

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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