Connect with us

News

FAKE NEWS ALERT: No Expiry Date for BVN, Valid for Lifetime – CBN

Published

on

384 Views

The Central Bank of Nigeria (CBN) yesterday clarified that the Bank Verification Number (BVN) issued by the bank in collaboration with the Nigeria Inter Bank Settlement System (NIBSS) and has no expiry date.

The central bank’s explanation came against the backdrop of misleading reports in a viral video suggesting that the BVN would expire after a 10- year period.

However, in a statement yesterday, CBN acting Director, Corporate Communications Department, Dr. Isa AbdulMumin,  said “Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.”

AbdulMumin,  further clarified that the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities

The apex bank, therefore, urged customers in the country, especially those whose biometrics had been captured by the system, to continue using their unique identifiers as they last their entire lifetime. 

The apex bank in collaboration with the Bankers’ Committee, deployed a centralised Bank Verification Number (BVN) System in February 2014.

This was part of the overall strategy of ensuring effectiveness of Know Your Customer (KYC) principles, and promotion of safe, reliable and efficient payments system.

The BVN system gives each customer in the Nigerian banking industry, a unique identifier number.

News

Nigerian Press Urges FG, NASS to Act Swiftly Against ‘Big Tech Threat’

Published

on

39 Views

Major Nigerian media and journalism organizations have issued a strong call to the Federal Government (FG) and the National Assembly (NASS) to take immediate legislative and regulatory action against what they describe as an existential threat posed by Big Tech companies to the country’s information sovereignty and media industry.

In a joint statement released recently, leading press bodies—including key associations representing publishers, editors, and journalists—warned that unchecked dominance by global technology giants such as Google, Meta, and others is eroding Nigeria’s control over its digital information ecosystem.

They highlighted how these platforms dominate digital advertising revenue, divert traffic from traditional news sources, and increasingly use Nigerian-generated content to train artificial intelligence models without fair compensation or permission.

The groups emphasized that the situation risks surrendering Nigeria’s information sovereignty to foreign entities, potentially undermining national security, cultural values, and the economic viability of local media houses.

They pointed to declining revenues for publishers, with some facing up to 90% drops in traffic due to AI-generated summaries and algorithmic changes on search and social platforms.

The press bodies urged lawmakers to enact robust regulations, including frameworks for content remuneration, data usage restrictions, algorithmic transparency, and mechanisms to ensure fair competition in the digital space.

They called for urgent collaboration between the executive and legislature to address these challenges before irreversible damage occurs to Nigeria’s media landscape and democratic discourse.

This appeal comes amid broader global debates on Big Tech accountability and follows Nigeria’s ongoing efforts to strengthen its digital economy governance, including recent pushes toward comprehensive AI and data regulations.

Stakeholders view the statement as a pivotal moment for protecting indigenous media in an era of rapid technological disruption.

The Federal Government and National Assembly have yet to issue an official response, but the call aligns with growing concerns over digital monopolies and their impact on developing economies.

Media experts anticipate intensified discussions in the coming weeks as Nigeria navigates its position in the global tech landscape.

Continue Reading

News

US sends troops to Nigeria

The top commander made the confirmation during a press briefing, yesterday, but did not provide further details about the size and scope of their mission.

Published

on

By

49 Views

The general in charge of the U.S. command for Africa (AFRICOM), General Dagvin Anderson, confirmed that United States has sent troops to Nigeria.

The top commander made the confirmation during a press briefing, yesterday, but did not provide further details about the size and scope of their mission.

He emphasised that the decision to send troops to Nigeria was after both countries agreed that more needed to be done to combat the terrorist threat in West Africa.

“That has led to increased collaboration between our nations to include a small US team that brings some unique capabilities from the United States,” General Anderson said.

According to Reuters, Nigeria’s Defense Minister, Christopher Musa, confirmed that a team was working in Nigeria but did not provide further details.

The development is the first acknowledgment of U.S. forces on the ground since US airstrikes targeting terrorists in Nigeria’s North-West on Christmas Day, 2025.

President Donald Trump, who announced that he ordered the airstrikes on what he described as Islamic State targets, had said there could be more U.S. military action in Nigeria.

Continue Reading

News

How To Treat Snake Bites

Snake bite is not a home -treatable condition; only hospital treatment can saves life.

Published

on

By

46 Views

Snake bite is not a home -treatable condition; only hospital treatment can saves life.

Continue Reading

Trending