Business
CBN Urges Banks to Obtain Customers’ Social Media Handles For easy Identification
All Financial institutions across the country have been mandated by the Central Bank of Nigeria (CBN) to obtain the social media handles of customers for the purpose of identification.
It also asked financial institutions to obtain e-mail addresses, telephone numbers, and residential addresses, among other things, from customers.
This is contained in the new CBN customer due diligence regulations aimed at further strengthening the identification process in the banking system.
These regulations shall apply to all financial institutions under the purview of the CBN, as noted in the document.
The apex bank published the ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document on its website on Friday.
According to the CBN, the new regulation was designed to provide additional customer due diligence measures for financial institutions under its regulatory purview.
The objective of the regulations the apex bank noted includes, “To provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT and CPF Regulations) and international best practices.
“And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”
The apex bank, under its customer identification column, said financial institutions must identify their customers (whether permanent or occasional, and whether natural or legal persons or legal arrangements) and obtain the following information:
“For Individuals — legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address, and social media handle; date and place of birth, Bank Verification number; Tax Identification number; nationality; occupation; public position held; and name of employer.”
It also noted that an individual must have “an official personal identification number or other unique identifier contained in an unexpired document issued by a government agency that bears the name, photograph, and signature of the customer, such as a passport, national identification card, residence permit, social security records, or drivers’ license.”
Part of the requirement includes “Type of account and nature of the banking relationship, and signature, and politically exposed person status.
The regulator also maintained that financial institutions shall not establish or keep anonymous accounts, numbered accounts, or accounts in fictitious names.
Business
Governor Otti Commissions Ultimum Manufacturing Plant in Aba
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.
Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.
Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.
Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.
“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.
Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.
The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.
“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.
This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”
The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.
“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.
Business
Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.
Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.
But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.
“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.
Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.
( VANGUARD)
Photo: Ambassador Idaere Gogo Ogan
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled plans to attract up to five billion dollars structured investments to the oil-producing region in five years.
The Chairman of NDCCITMA, Ambassador Idaere Gogo Ogan, made the disclosure at a pre-summit conference ahead of the Niger Delta Economic and Investment Summit in Port Harcourt, Rivers State.
He said that the initiative would catalyse no fewer than 500,000 direct and indirect jobs as well as spur investments and create wealth.
He said the summit with the theme, “Driving Investment, Innovation, and Industrial Growth in the Niger Delta”, slated for Port Harcourt, would deliberate on investment mobilisation, enterprise growth, industrial expansion, and regional coordination.
Governor Otti Commissions Ultimum Manufacturing Plant in Aba
CAF appoints Nigeria’s Samson Adamu as acting secretary general
JUST IN: Kwankwaso Set to Join ADC on Monday
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Crime3 days agoVietnam Police Dismantle Multi-Billion Dollar Cryptocurrency Fraud Operation
-
News2 days agoKano Deputy Governor Resigns
-
News3 days agoSoludo Orders Suspension of Absentee Workers After Surprise Secretariat Visit
-
News3 days agoAbia State Holds State Burial for Renowned Evangelist Rev. Dr. Uma Ukpai
-
Politics17 hours agoJUST IN: Kwankwaso Set to Join ADC on Monday
-
Sports5 hours agoCAF appoints Nigeria’s Samson Adamu as acting secretary general
-
News2 days agoEl-Rufai’ loses mother, Hajiya Umma
-
Business4 hours agoGovernor Otti Commissions Ultimum Manufacturing Plant in Aba