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NIN headache: Banks may scrap 70m bank 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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Shettima in Switzerland for World Economic Forum

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Vice President Kashim Shettima has arrived in Davos, Switzerland, to lead Nigeria’s delegation at the 56th Annual Meeting of the World Economic Forum.

The forum, which brings together global political and business leaders, will be held from January 19 to 23, 2026.

Shettima arrived from Conakry, Guinea, where he represented President Bola Tinubu at the inauguration of President Mamadi Doumbouya on Friday.

According to a statement by his Senior Special Assistant on Media and Communications, the VP was received on arrival by the Minister of Foreign Affairs, Yusuf Tuggar; the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; and officials of the Nigerian mission in Switzerland.

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This year’s forum marks a milestone in Nigeria’s participation at the annual gathering, with the Federal Government establishing a dedicated sovereign pavilion on the Davos Promenade for the first time.

The facility, called “Nigeria House Davos,” was established through a Public-Private Partnership.

It will serve as a hub for ministerial engagements, investment roundtables, and cultural diplomacy throughout the week.

The Vice President is expected to commission the facility during his visit.

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Speaking to journalists after Shettima’s arrival, Oduwole said Nigeria would make a robust presentation of investment opportunities at the launch of Nigeria House.

“We will be showcasing four playbooks on President Tinubu’s efforts in re-engineering the Nigerian economy,” she said, adding, “We will present our solid minerals sector, climate sustainability, agriculture, creative and digital sectors to investors from all over the world.”

According to Nkwocha, Shettima will present Nigeria’s 2026 economic outlook to global leaders during the forum.

He will also participate in plenary sessions focusing on the responsible deployment of Artificial Intelligence, quantum computing, and biotechnology.

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The Vice President is scheduled to hold bilateral meetings with heads of state, executives from multinational corporations, and leaders of international development finance institutions throughout the week.

The World Economic Forum’s annual meeting in Davos attracts thousands of participants, including heads of government, chief executives, civil society leaders, and journalists.

The 2026 edition is expected to focus on global economic challenges, technological innovation, and climate action.

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APC rules out automatic tickets for defecting govs

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Top leaders of the All Progressives Congress (APC) have ruled out the granting of automatic tickets to governors, including Akwa Ibom State Governor Umo Eno, Taraba State Governor Agbu Kefas, and Rivers State Governor Siminalayi Fubara, who joined the party recently, as well as Kano State Governor Abba Kabir Yusuf, who is expected to join soon.

A member of the APC National Working Committee (NWC), who spoke on condition of anonymity because he was not authorised to comment on the issue, explained that defection from another political party to the APC does not guarantee an automatic ticket.

Supporting this position, the APC Director of Publicity, Bala Ibrahim, in an exclusive interview with The PUNCH, described the ruling party as democratic and progressive, stressing that all members would be allowed to fully enjoy and exercise their rights.

Reacting, the National Publicity Secretaries of the Peoples Democratic Party (PDP), Ini Ememobong, and the New Nigeria Peoples Party (NNPP), Oladipo Johnson, said the development was expected, adding that the governors involved had made the wrong decisions.

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Among the PDP governors who have defected to the APC are Umo Eno of Akwa Ibom State (South-South), Sheriff Oborevwori of Delta State (South-South), Peter Mbah of Enugu State (South-East), Agbu Kefas of Taraba State (North-East), and, most recently, Siminalayi Fubara of Rivers State (South-South).

The APC leadership in Kano State has also indicated that the defection of the state governor is imminent.

Beyond the governors, several other prominent politicians—including members of the National Assembly and State Houses of Assembly, as well as former governors, former ministers, and other party leaders—have also defected from the PDP to the APC.

Although the defectors have given various reasons for joining the ruling party, some Nigerians argue that the real motive is to secure re-election to their respective offices.

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Reacting, a member of the APC National Working Committee said the defections were driven by President Bola Tinubu’s numerous achievements, noting that it would ultimately be up to the people to decide on their re-election.

He said, “I believe it is wrong to assume that people are defecting solely to secure re-election. Many of those joining the All Progressives Congress are doing so because of the achievements of President Bola Tinubu and the Renewed Hope Agenda, which is delivering positive results across various aspects of national life.

“That said, it is important to recall that the APC, sometime last year, clearly stated its position and made it known that even the President would not be granted an automatic ticket, despite enjoying overwhelming support from the National Working Committee, members of the NEC, zonal leadership, and governors who have publicly declared their support should he choose to run again. However, this does not limit the contest solely to President Tinubu. The party has made it clear that the process will be open to any Nigerian who is a member of the APC and wishes to contest for the office of President.

“This same principle applies to all governors, whether they have been long-standing members of the party or recent entrants, including the governors of Akwa Ibom, Delta, Rivers states, and others. There will be no automatic tickets for any of them. They must contest and earn their tickets through the party’s democratic process. Their achievements in their respective states will be a major factor, as it is the party members who will ultimately decide who flies the APC flag.

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“If party members support them and they emerge successful in the process, they become the party’s candidates. However, the APC will not arbitrarily hand over tickets to anyone simply because they are governors or because they defected to the party. That is not the party’s position or intention.

“Presently, the party continues to expand its membership, with new members joining almost daily. As such, all members will be given equal opportunity to aspire to any position. Ultimately, it is the party’s membership that will determine who emerges as candidates and, together with Nigerians at large, decide who governs at the state and national levels. As a party, we will continue to support our governors in appropriate ways, respect all members, and ensure that they enjoy their rights and privileges while fully participating in every stage of this democratic journey.”

Speaking further, the Director of Publicity, in another exclusive interview with The PUNCH, stated that automatic tickets are not being considered for any governor or holder of elective office.

Ibrahim added that the APC leadership is committed to ensuring a level playing field for all aspirants, irrespective of their status.

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He said, “The issue of automatic tickets is not something that is on the table now, not just for Kano but for anybody. The party has not decided on giving anybody an automatic ticket, even in the case of the President.

“What the party said it would do, and did, was to give him a vote of confidence, in the event that he decides to enter the race for 2027 based on his performance. The party will support him, but it did not say it would stop other people from indicating interest or contesting alongside him.

“So they will be given their democratic right to contest. Now, if that position is true for the President, what about any other person below the President? The party has not looked into the issue of giving automatic tickets to governors and others. What the party has done, and still stands by, is that it will give a level playing field to everyone, regardless of status. Everyone will be given equal rights to contest.

“Where there is a need for consensus and consensus is reached, then the party will go for that option in order to have a friction-free election.”

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Attempts to reach the APC National Publicity Secretary, Felix Morka, for comments were unsuccessful, as his phone was switched off as of press time.

Reacting, the PDP Publicity Secretary said their regret was only beginning, adding that many of them would end up disappointed in the APC.

Ememobong, in an exclusive interview with our correspondent, said they abandoned the PDP for selfish reasons rather than in the interest of their people.

He said, “We have said it before that their defection is not in the interest of Nigerians or even the people they govern in their respective states. The move was purely driven by selfish motives.

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“We also know that the APC is not a party that truly values its members, so this outcome was expected. We saw it coming, and this is only the beginning of their regret. The APC will continue to treat them as outsiders, and that is simply the reality.

“Over time, they will realise that their influence within the party is limited and their expectations of preferential treatment will not be met. Their constituents, too, may begin to question their decisions, seeing the long-term consequences of abandoning the party that initially supported them.”

The NNPP Publicity Secretary said they were not surprised, noting that the APC tempted them with numerous promises that were unlikely to be fulfilled.

He said, “Well, even before now, I had asked some of the governor’s aides in Kano State as well: what is your guarantee that you will secure a second-term ticket from the party you might be joining? We must also remember that the governor himself has not spoken up until today.

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“As is usually the case in the APC, they try to lure you in, and once you are in, they do not provide the ground rules. By the time you realise, it becomes difficult to exit. We are not surprised because the APC will promise them many things, and they may not fulfil any of them.

“This situation is usually far from palatable for the governors, and it often leaves them frustrated, with their political expectations unmet and their ambitions constrained by party realities.”

(PUNCH)

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Alake re-elected African minerals group chairman

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The Minister of Solid Minerals Development, Dr Dele Alake, has been re-elected Chairman of the Africa Minerals Strategy Group, a continental forum of African ministers responsible for minerals and mining, committed to coordinated action to maximise value addition and beneficiation from Africa’s mineral resources.

The re-election was confirmed in a statement issued on Sunday by the minister’s Special Assistant on Media, Segun Tomori.

“The Minister of Solid Minerals Development, Dr Dele Alake, has been re-elected Chairman of the Africa Minerals Strategy Group, a continental ministerial forum of African ministers responsible for minerals and mining, committed to coordinated action aimed at maximising value addition and beneficiation from Africa’s vast mineral resources,” the statement partly read.

PUNCH Online reports that Alake was first elected as the pioneer chairman of the AMSG in 2024 on the sidelines of the Future Minerals Forum and retained the position at the group’s 2026 Annual General Meeting held in Riyadh, Saudi Arabia.

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As part of institutional reforms, the AGM approved the creation of additional leadership positions, including Vice-Chairman, Deputy Secretary-General and Financial Secretary, with the roles distributed across Africa’s sub-regions to promote inclusion and regional balance.

While the positions of Chairman and Vice-Chairman are elective and reserved for serving ministers, other positions are appointed by member states to which they are zoned.

Under the new structure, Alake continues as Chairman, representing West Africa. The Minister of Mines of the Democratic Republic of Congo, Louis Watum Kabamba, was elected Vice-Chairman for Central Africa. Uganda retains the position of Secretary-General for East Africa, Mauritania was appointed Deputy Secretary-General for North Africa, while South Africa holds the position of Financial Secretary.

The AGM also ratified a two-year tenure for the executive committee and agreed that zoned positions belong to member countries, such that successors automatically assume the roles when ministers are replaced.

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In his acceptance speech, Alake thanked his colleagues for the renewed confidence and called on African nations to deepen collaboration to unlock the continent’s economic potential through solid minerals development.

He urged member states to agree on minimum financial contributions and strengthen the group’s budgeting framework to improve operational efficiency.

“Once member states contribute, accountability will naturally follow. This will enhance transparency and strengthen the credibility of the AMSG before the global community,” he said.

The AGM also resolved to hold quarterly ministerial meetings and established standing committees, including Legal, Institutional Affairs and Human Resources; Sustainability and Responsible Mining; and Finance, Budget and Resource Mobilisation. Members also agreed on steps towards hosting a global minerals conference in Africa, similar to the Future Minerals Forum.

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Speaking earlier at a leadership roundtable themed ‘Africa: Unlocking Infrastructure Funding for Copper-Belt Production’, Alake stressed that mineral production alone cannot deliver lasting economic transformation without reliable infrastructure, coordinated policies and deliberate value-addition strategies.

“The real question is not whether Africa has corridors, but whether these corridors are being financed, governed and structured to support industrial growth, regional integration and long-term stability. What matters is how financing is designed to reduce risk, attract private capital and sustain commercial viability while advancing national and regional development objectives,” he said.

Alake cited successful models such as the Lobito Corridor in Angola and highlighted other opportunities, including the Lagos–Abidjan Corridor, the Walvis Bay Corridor, and the Dar es Salaam and Central Corridors. He emphasised the need for aligned rail, port, power and industrial planning to unlock capital at scale.

He also noted that offtake arrangements, harmonised regulatory frameworks and clearly defined industrial clusters are critical to attracting investment along Africa’s mineral corridors.

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“The broader vision of the AMSG is to ensure that Africa’s mineral infrastructure is strategically designed, responsibly financed and efficiently managed in a rapidly evolving global environment, not to discourage investment, but to ensure it aligns with long-term stability, transparency and shared economic prosperity,” Alake added.

Formed in 2024, the Africa Minerals Strategy Group serves as a platform for policy coordination, knowledge sharing and joint action among African states to strengthen the mining sector.

It brings together ministers from across the continent to harmonise strategies for industrial development, regional integration and infrastructure investment, as Africa seeks to move beyond raw mineral exports to higher-value processed products.

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