Connect with us

News

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

Published

on

792 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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

President Tinubu Performing Umrah

The President is expected to return to Nigeria next week after completing the religious exercise.

Published

on

By

15 Views

Photo: President Tinubu I Makkah

President Bola Tinubu on Friday commenced performing Umrah at Makkah in Saudi Arabia, praying for the nation and for every Nigerian to live in peace and harmony.

Tinubu on Thursday evening arrived in Saudi Arabia, landing at the King Abdulaziz International Airport in Jeddah.

He was received by Nigeria’s ambassador to Saudi Arabia, Yakubu Gambo, and the Saudi head of royal protocol Ahmad bin Thafir.

Thursday’s trip marks the second time Tinubu has travelled to Makkah to perform Umrah since assuming office on May 29, 2023.

President Tinubu visited the holy city in November 2023, shortly after attending the Saudi-African Summit in Riyadh, where he also prayed for divine guidance in leading Nigeria.

The latest trip is part of a series of foreign engagements undertaken by Tinubu since becoming president. He has visited more than 30 countries in over 50 unique and recurring trips.

The President is expected to return to Nigeria next week after completing the religious exercise.

Continue Reading

News

State police ready by December — Senate Leader

Highlighting the historic milestone, Bamidele explained that the 30 state approvals comfortably satisfy the two-thirds concurrency requirement mandated by Section 9(2) of the 1999 Constitution (as amended).

Published

on

By

20 Views

Senate Leader Opeyemi Bamidele has expressed conviction that the proposed state police will be ready on or before December 2026, given that 30 State Houses of Assembly have officially approved the State Police Constitution Alteration Bill, 2026.

Speaking on the Bill on Thursday, the Leader of the Senate declared that multi-tier policing in Nigeria has moved from a recurring political promise into an actionable constitutional reality.

Bamidele, who also serves as the Vice Chairman of the Senate Committee on the Review of the 1999 Constitution, made the disclosure while delivering a paper at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State.

He addressed participants of the Senior Executive Course (SEC) 48 on the topic, “Improving the Efficiency and Effectiveness of Governance through Proactive Lawmaking.”

Highlighting the historic milestone, Bamidele explained that the 30 state approvals comfortably satisfy the two-thirds concurrency requirement mandated by Section 9(2) of the 1999 Constitution (as amended).

Continue Reading

News

Nigeria Debt Concerns Mount as Tinubu Seeks Fresh $20.5bn, €1bn Loans

Published

on

39 Views

President Bola Tinubu’s request for approval to borrow $20.52 billion and €1.045 billion has intensified debate over Nigeria’s rising debt burden and its long-term implications.

Nigeria’s external debt climbed from $43.16 billion in June 2023 to $54.52 billion in June 2026 — an increase of $11.36 billion, or 26.3%. Over the same period, total public debt rose from ₦87.38 trillion to ₦166.79 trillion, a jump of roughly 90.9%.

When the latest loan request is combined with previously approved but undrawn financing, potential external debt exposure could reach about $81.96 billion if all facilities are fully drawn and there is no overlap. Officials stress this remains an illustrative figure rather than current outstanding debt.

The government says the new borrowing will finance critical development projects. Critics, however, are demanding greater transparency. They want clear evidence of what earlier loans have delivered — completed roads, functional hospitals, power projects that have increased electricity supply, and measurable gains for businesses and households facing high living costs.

Questions are also being raised about the scale of new borrowing at a time when government revenues are reported to be rising, and amid concerns from lawmakers about inadequate capital releases to ministries under previous budgets.

Opposition voices and civil society groups are calling for the National Assembly to insist on full disclosure before approving further loans. They want a project-by-project register of external loans since May 2023, showing amounts borrowed and disbursed, loan terms, project locations, implementation status and independently verified results. They also seek a clear assessment of future debt-service obligations and the risks from exchange-rate movements.

Borrowing can support development when investments produce measurable returns and repayment remains sustainable. The central issue, observers say, is not only how much more debt Nigeria can carry, but what citizens receive in return.

The National Assembly is expected to subject the requests to rigorous scrutiny.

Continue Reading

Trending