Business
Fraud: NUEE Threatens Strike
The National Union of Electricity Employees (NUEE) last
Saturday threatened to go on strike over alleged mismanagement of the N331
billion superannuation fund.
Mr Joseph Ishaya, the North West Zonal Coordinator of NUEE,
conveyed the threat while speaking in Kaduna.
He said that the N331 billion, which was allegedly mismanaged,
was from the superannuation fund, contributed for the workers by the management
of PHCN.
Ishaya said that the money, which represented 25 per cent of
the workers’ consolidated salary, was supposed to be used for the payment of
the workers’ retirement benefits.
He said that NUEE members had been receiving 75 per cent of
their consolidated salary since they started working, while the remaining 25
per cent was paid into the superannuation fund.
Ishaya described the manner in which PHCN workers were being
treated “as inhuman’’.
“The 2004 Pension Reform Act says that workers’ welfare and
benefits must be negotiated to a conclusion before an organisation’s
privatisation.
“Its like the government wants to sweep that aspect under
the carpet. Our fear is that we don’t know PENCOM.
“The agreement we signed stipulates that government should
pay the workers off to enable the new companies to do whatever they want,’’ he
said.
Ishaya urged the Federal Government to pay the workers’
terminal benefits “because the union does not know Pension Commission
(PENCOM)’’.
He reiterated that the NUEE might be forced to go on strike
if that was the only language which the government could understand.
Ishaya warned that the strike would be a “complete,
stay-at-home strike because of the security situation in the state’’.
He, therefore, urged the government to take a decisive
action on the issues raised by the union so as to avoid a disruption of
electricity supply.
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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