Business
FERMA Gives Contractor Seven Day Ultimatum
The Federal Roads Maintenance Agency (FERMA), has given the contractor handling the Owena-Akure-Owo Road seven days ultimatum to fix the road or have the contract terminated.
Mr Osita Ezedozie, the Executive Director, Road Management Services in the agency, gave the ultimatum on Thursday at Owena, while inspecting the road to ascertain the progress of work done.
Reports have it that the road had been cut off completely due to a gully resulting from the rains, thereby rendering it almost impassable except.
The development is causing heavy traffic on the road as some trucks get stuck and have to be towed, while cars and other small vehicles meander through the local community pathways.
As at the time Ezedozie, and his monitoring team visited the road, the contractor, Messrs Mangrovetech Nig. was not on site.
The contractor has only patched a few potholes on the stretch of the road which cuts across Osun and Ondo states.
Ezedozie, who expressed dissatisfaction over the slow pace of work on the road, added that the contractor had collected advance payment and had no reason not to perform.
“The contractor was given advance payment, so he has no reason not to perform. He is also going to be given a letter of warning over the slow pace of work.
“And if he fails to perform, his contract will be terminated.
We want to know those contractors that are serious and those that are not serious,” he said.
The Spokesman of the construction company, Mr Ikogi Godspower, said that they were not on site because they could not get asphalt from their suppliers.
“Actually, today we are not on site because of our inability to get asphalt from our plant and we encountered similar situation at the beginning of the road, but we arrested the situation.
“But I do believe that by 6 p.m today (Thursday), we shall arrest the situation,” Godspower said.
However, when our source visited the site at 7 p.m. there was no sign of the contractor at the failed portion of the road except for five trucks that got stuck, thereby creating a chaotic situation.
The contract was awarded in March at the cost of N840.5 million and was expected to be completed in three months.
The scope of work include site clearing, construction of culverts and lined drains, patching of potholes, first coat surface dressing and provision of asphalted concrete dressing course.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
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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