Business
Civil Servants Sell Off Vehicles Distributed As Loans
Some civil servants in Sokoto State have started selling off the vehicles purchased for them by the state government through loan.
Our correspondent reports that the government had last month distributed 600 vehicles to workers between grade levels 10 and 16 under its N 1.6 billion vehicle purchase and refurnishing loan scheme.
The vehicles included 50 Kia Cerato, 100 Rio, 200 Hyundai Accent.
Some 850 members of staff on grade levels 07 to 10 received sums of money ranging from N500,000 to N800,000 .
However, barely three weeks after the distribution of the vehicles, some of the beneficiaries have started selling off the cars at give-away prices.
Some of the vehicles which were bought for N 1.4 million and given to the workers at about N 1.2 million are being sold for N800,000.
Investigation shows that some rich civil servants, car dealers and some Sokoto residents are now buying the cars at between N1.1 million and N1.2 million.
“Wallahi, I got a car but I have concluded plans to sell it to buy two plots of land in Sokoto because I have another car,’’ a staff who chose to remain anonymous said.
A car dealer, who also spoke on condition of anonymity, explained: “We don’t care as we are in business and if anybody brings his or her car to us, we will buy it.”
Commenting on the issue, the Sokoto State Head of Service, Alhaji Abdullahi Wali, said: “We have not got a report of such an ugly development officially.”
“However, we will investigate and find out the veracity of such a rumour.”
“The workers should not act in a way that will defeat the aim of this noble gesture by the state government.’’
He, however, warned beneficiaries of the schemes against involvement in such acts of sabotage, saying the programme was “ aimed at alleviating their transportation problems.”
Business
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Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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