CBN freezes accounts without BVN, NIN April 2024.

CBN freezes accounts without BVN, NIN April 2024.

From April 2024, accounts without Bank Verification Number (BVN) and National Identity Number (NIN) will be frozen, the Central Bank of Nigeria has announced. 

These changes, impacting account holders across tiers, mark a significant shift in banking compliance and customer requirements.

The new directives announced by the CBN entail several pivotal alterations. Individuals holding Tier-1 bank accounts and wallets are now mandated to possess BVN and/or National Identification Number (NIN).

Tier1 accounts are bank accounts that require minimal documentation usually the mere presentation of a BVN and a means of Identification before opening with a maximum withdrawal limit of N50,000 daily and a cumulative balance limit of N300,000.

The requirement for BVN and NIN remains applicable to individual accounts within Tiers 2 and 3.

The account opening process will now involve electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases. This data will serve as primary information for onboarding new customers.

Existing individual customer accounts with validated BVNs will now be profiled in the NIBSS’ ICAD within 24 hours of account opening.

The implementation procedures are multifaceted. According to the CBN circular, opening new Tier-1 accounts and wallets without BVN or NIN is prohibited with immediate effect.

From March 1, 2024, funded accounts without BVN or NIN will face restrictions. Unfunded accounts will also be restricted until compliance. 

All BVN or NIN associated with accounts/wallets must be electronically revalidated by January 31, 2024.

The CBN has urged compliance officers to familiarize themselves with the Guidance Notes accompanying the circular as they apply to all institutions regulated by the CBN. 

Furthermore, a comprehensive BVN and NIN audit is imminent, and sanctions will be imposed on identified breaches.

The revised protocols for onboarding new customers stipulates the prohibition of manual creation of customer profiles with subsequent BVN or NIN attachment and mandatory electronic authentication using BVN or NIN details for new customers. 

Any inconsistency, the CBN warned will halt the onboarding process.

Banks are now required to profile customers’ accounts on NIBSS ICAD within 24 hours of generating an account number.

These amendments, the CBN said, are geared towards fortifying the integrity and security of the Nigerian banking system. 

The apex bank noted that compliance with these directives is imperative for all regulated financial institutions to ensure seamless operations and avoid penalties.

FG promotes over 32,300 para military personnel.

FG promotes over 32,300 para military personnel.

The Federal Government has announced the promotion of over 32,300 personnel across all cadres and ranks in its para-military Services. 

The Services are the Nigeria Immigration Service, (NIS), the Nigeria Security and Civil Defence Corps, NSCDC, the Nigerian Correctional Service, (NCoS) and the Federal Fire Service, (FFS)

Announcing the promotion at the Ministry of Interior in Abuja on Friday, the Minister of Interior, Dr Olubunmi Tunji-Ojo, said the exercise was conducted in line with Service rules and after examinations have been carried out in all the Services.

 He praised President Bola Tinubu for the speedy approval of the promotion, saying it was in tandem with his commitment to the welfare of all personnel serving the country in various institutions. 

Dr Tunji-Ojo was represented by the Commandant-General of the Nigeria Security and Civil Defence Corps, Dr Ahmed Audi. He was flanked by the Controller-General of the Nigerian Correctional Service, NCOS, Haliru Nababa and the Secretary of the Civil Defence, Immigration, Fire and Correctional Services Board, Alhaji Ahmed Jaafaru. 

The Minister,who described the promotion exercise as unprecedented especially in the NSCDC, urged the beneficiaries to reciprocate the gesture by re-dedicating themselves to the Service of the country. 

Dr Tunji-Ojo gave the breakdown of the promotion in accordance with the numbers of those who participated in the examinations conducted for the personnel. 

According to him out of 25,351 personnel who sat for promotion examinations in the NSCDC, 21,381 personnel were promoted to the next ranks. 

In the Immigration Service, he said 6,544 sat for examinations with 4,598 promotion, while 1680 were promoted in the Federal Fire Service out of 1698 who sat for examinations. 

The Minister said in the Correctional Service, 4498 were promoted out of over 7,000 who sat for the examinations. 

Nigeria And Germany Sign Agreement To Accelerate Siemens Power Project Implementation.

Nigeria And Germany Sign Agreement To Accelerate Siemens Power Project Implementation. 

President Bola Tinubu and German Chancellor Olaf Scholz on Friday evening in Dubai, United Arab Emirates, witnessed the signing of an accelerated performance agreement aimed at expediting the implementation of the Presidential Power Initiative (PPI) to improve electricity supply in Nigeria. 

The agreement, consummated on the sidelines of the COP28 climate summit, was signed by Mr. Kenny Anuwe, the Managing Director and CEO of FGN Power Company, and Ms. Nadja Haakansson, Siemens Energy's Senior Vice President and Managing Director for Africa.

The PPI, formerly known as the Nigeria Electrification Roadmap Initiative, was the outcome of the visit of former German Chancellor Angela Merkel to Abuja in August, 2018. 

An agreement was signed between the governments of Nigeria and Germany in 2019 to improve the power sector.

President Bola Tinubu, since assuming office, has consistently advocated the accelerated realization and expansion of the PPI. To achieve this, the project has been a major focal point in three rounds of bilateral discussions at several meetings between the President and the German Chancellor, in New Delhi, Abuja and Berlin.

The agreement signed today will see to the end-to-end modernization and expansion of Nigeria's electric power transmission grid with the full supply, delivery and installation of Siemens-manufactured equipment under the time line of 18 to 24 months.

Furthermore, the agreement will ensure project sustainability and maintenance with full technology transfer and training for Nigerian engineers at the Transmission Company of Nigeria (TCN).

Speaking after the signing ceremony in Dubai, Managing Director of the FGN Power Company, Mr. Kenny Anuwe highlighted Siemens Energy's effective delivery of crucial equipment worth over 63 million Euros to the country since the project commenced. This includes 10 units of 132/33KV mobile substations; 3 units of 75/100MVA transformers, and 7 units of 60/66MVA transformers, currently being installed by FGN Power Company at various sites across Nigeria.

The project will also focus on identified load demand centres with a particular emphasis on economic and industrial hubs nationwide; execution of new 330kV and 132/33KV substations in target load centres with economic priority, in addition to thousands of kilometres of overhead transmission lines to connect new substations with existing ones. 

Oyebanji restates commitment to security of lives, property.

Oyebanji restates commitment to security of lives, property.

Ekiti State Governor, Mr. Biodun Oyebanji has restated his administration’s commitment to security and safety of lives and property of residents of the state.

The Governor made this known in Ado-Ekiti on Thursday while receiving the General Officer Commanding (GOC), 2nd Division of the Nigerian Army, Ibadan, Major General Bamidele Alabi and other top military officers in his office. He said his government would continue to collaborate with the Nigeria Army and other security agencies to ensure safety of lives and property of the people. 

Commending the Nigerian Army for its dedication and hard work, Governor Oyebanji acknowledged the pivotal role the military is playing in maintaining law and order in the country.

He expressed gratitude to the Nigerian Army for their relentless efforts in tackling security threats, noting that their commitment had significantly contributed to the overall peace, security and development of the state. 

While assuring that his administration would continue to support the security architecture in the state to protect the citizens, the Governor said government would create an environment where residents can thrive without fear and contribute to the development and prosperity of the state.

“I don’t know what would have become of this country if we don’t have dedicated men in the Nigerian Army combating insurgencies upfront, I must appreciate the army and the sister security agencies for still being what they are despite of all the challenges in the country. We are extremely grateful.

“As far as we are concerned as government, we will continue to collaborate and partner Nigerian Army because it is in our interest to do so. Once a state or society is secured, development will come in. Investors don’t go to troubled zone, so it is in our interest to ensure that we keep this state secured”. The Governor stated.

Earlier in his remark, the General Officer Commanding, 2nd Division Nigerian Army, Ibadan, Major General Bamidele Alabi, who thanked the Governor for his support to the Nigerian Army and for putting every measures in place to ensure there is peace and tranquility in the state, said the purpose of their visit was to formally introduce himself to the Governor and thank him for all the supports he has given to the Nigerian Army in Ekiti State.

Gen Alabi assured the Governor that the Nigerian Army would continue to work with other security agencies to ensure that the state continues to enjoy peace and security at all times.

Ekiti LG Poll: Oyebanji Urges Electorate To Be Peaceful, Law Abiding.

Ekiti LG Poll: Oyebanji Urges Electorate To Be Peaceful, Law Abiding.  

Ekiti State Governor, Mr Biodun Oyebanji has urged the people of the State to be law abiding and conduct themselves in a peaceful and orderly manner during Saturday's local government election. 

The Governor, in a statement signed by his Special Adviser on Media, Mr Yinka Oyebode, told the people to see the local government election as an important step in enhancing development and good governance at the grassroots. 

Governor Oyebanji urged the voters to consider the overriding Ekiti interest as well as the interests of their respective local government councils in determining who gets elected. 

 He, however, urged them to go about the electoral process in an atmosphere devoid of rancour. 

Oyebanji equally appealed to the candidates in the election as well as the political class to pursue their ambitions and interests peacefully, noting that the peace of Ekiti State is not negotiable.

The Governor called on traditional, religious and community leaders to use their influence to prevent youths from engaging in activities that may have negative impact on the election. 

According to the Governor, security agencies are at alert to respond to any act of violence or brigandage during the process. He, therefore, advised those planning to cause any disruption to reconsider their actions.

He also called on the state electoral commission to ensure transparency and professionalism in the conduct of the election in the overall interest of the state. 

“The local government election is crucial to our development agenda, and every citizen has a role to play in ensuring we have a hitch- free election that will produce a new set of officials for all our councils”, the Governor added.

Ekiti State Governor, Biodun Abayomi Oyebanji, Clinches City People Magazine's Governor of the Year Award.

Ekiti State Governor, Biodun Abayomi Oyebanji, Clinches City People Magazine's Governor of the Year Award.                                                                       By: Comr Olamide Akinwumi. 

In a prestigious ceremony held in Ikeja, Lagos, on Thursday evening, Ekiti State Governor, His Excellency Biodun Abayomi Oyebanji, received the esteemed City People Magazine's GOVERNOR OF THE YEAR AWARD. The Governor's Chief Press Secretary/Special Adviser on Media, Mr. Yinka Oyebode, graciously accepted the award on behalf of the distinguished Governor.

Speakers at the event showered accolades on Governor Oyebanji, lauding his remarkable performance within just one year in office. The City People Award stands as a testament to the Governor's unwavering commitment to excellence, making him a true Man of Honour from the Land of Honour.

The recognition is not merely an award but a celebration of Governor Oyebanji's significant contributions to humanity development and his exemplary governance in the state. The event underscored the Governor's dedication to fostering positive change and progress, earning him well-deserved acclaim.

This accolade reaffirms Governor Biodun Oyebanji's position as a leader dedicated to the betterment of Ekiti State and its citizens, setting a commendable standard for good governance and visionary leadership.

Congratulations to Governor Oyebanji on this well-deserved honor! 🏆✨

Ekiti Meets Benchmarks To Benefit From World Bank's $750millon International Development Association (IDA) Credit.

Ekiti Meets Benchmarks To Benefit From World Bank's $750millon International Development Association (IDA) Credit. 

Ekiti State Government has successfully met the criteria for the year 2023 to benefit from the $750 million International Development Association (IDA) credit made available to States under the World Bank State Action on Business Enabling Reforms (SABER) programme.

The State Commissioner for Information, Rt. Hon. Taiwo Olatunbosun, made this known in Ado Ekiti while briefing journalists on the outcome of the State Executive Council meeting.

Rt. Hon. Olatunbosun explained that the SABER is a three-year (2023-2025) performance-based intervention jointly designed by the World Bank and the Presidential Enabling Business Council (PEBEC) Secretariat, with support from the Federal Ministry of Finance, Budget & National Planning (FMFBNP), the Nigerian Governors Forum (NGF), and the State Commissioners for Finance Forum of Nigeria.

Olatunbosun added that SABER was designed as a Programme-for-Results (PforR) similar to the State Fiscal Transparency Accountability and Sustainability (SFTAS) to motivate and strengthen the implementation of business enabling reforms across the 36 States and the FCT, further consolidate and deepen gains from the implementation of Ease of Doing Business (EoDB) reforms across the States, improve business environment of participating States and improve accountability of business enabling reforms.

He highlighted the eight disbursement links indicators (DLIs) of the programme to include improved transparency and sustainability in property registration and land investment process, improved business-enabling infrastructure, development of an effective PPP framework for States and improved investment promotion environment.

The Commissioner listed other DLIs as increased transparency of official fees and procedures, improved domestic and external trade competitiveness, simplification of State and Local business tax regimes and quick determination of commercial disputes.

Recalling that the index released last month by the Center for Fiscal Transparency and Integrity Watch in collaboration with the MacArthur Foundation had placed Ekiti State on top of its Index Fiscal Transparency and Integrity Watch list, Olatunbosun assured of the Governor Biodun Oyebanji administration’s commitment to performance and rapid development of the State. 

The Government’s spokesman said that the State Executive Council also approved the presentation of a revised Medium Term Expenditure Framework (MTEF) 2023-2025 and draft of 2023 Supplementary Budget (2) to the State House of Assembly for legislative processing and passage into Law.

He clarified that the MTEF and the supplementary budget were reviewed to accommodate the increase in revenue occasioned by the economic policy of the Federal Government which brought about the unification of the exchange rate of the Naira and the US Dollar as well as the fuel subsidy removal.

Olatunbosun said that to appropriate the additional revenue, there was need to review the 2023-2025 MTEF and the 2023 budget of the State Government in line with the Fiscal policy. 

He further explained that the new supplementary bill, which will enable the State Government implement critical and essential programmes that could not be included in the original budget owing to funding constraints, was prepared in line with 2023-2025 MTEF approved ceiling of N135,862,361,989.00.

The Commissioner gave the revised revenue projections for the period 2023 to 2025 using 2022 as base year as N152,011,064,800.00 for 2023; N171,485,045,124.00 for 2024 and N191,718,965,296.00 for 2025. 

Putting the total size of the draft supplementary budget at N144,733,403,166.24 with recurrent expenditure of N98, 767,639,961.31 and capital expenditure of N45,965,763,204.93 which translates to ratio 68:32, the Commissioner stressed that the revised MTEF document is in line with the State Development Plan (2021-2050) and the six pillars of the Biodun Oyebanji administration.