Business
Consumer Council Wants Amendment Of Enabling Law
The Consumer Protection Council (CPC) has renewed its appeal to the National Assembly for the amendment of its enabling law to enhance its performance.
The council’s acting Director-General, Mr Emmanuel Amlai made the call recently while addressing a press conference ahead of the 2013 World Consumer Rights Day billed for last Fridat.
The theme of this year’s celebration is “Consumers, Justice Now’’.
Amlai said that the CPC Act No. 66 of 1992 lacked the necessary safeguards for the protection of consumers against “dubious manufacturers and service providers’’.
He said that several attempts by the council to address the defects through the amendment of its enabling law had proved abortive.
“From 2003 to date, about three attempts have been made during the various sessions of the National Assembly to amend the CPC Act, all to no avail.
“This situation has had dire consequences for the Nigerian consumer,’’ the CPC official said.
Amlai said that the amendment being sought would modernise provisions of the law for it to cater for current market trends.
“Specifically, one of the measures proposed in the CPC Act Amendment Bill is the establishment of Consumers and Small Claims Courts.
“This will enable the council to pursue and get justice in record time for the Nigerian consumers,’’ he said.
Shedding more light on the issue, Mr Emmanuel Ataguba, CPC’s Legal Adviser, said the amendment the council was seeking would give it 15 additional powers to carry out its mandate.
Ataguba said that the current law lacked a clear definition of what constituted consumer rights and specific powers of the council to prosecute consumer rights’ violators.
He said, “The current law does not specify exactly what consumer rights are.
“You can only infer consumer rights from the functions and powers of the council in the present law. That is not very good enough,” he said.
Reports say that the council has lined up a number of activities to mark this year’s World Consumer Rights Day.
Amlai had also told the press conference earlier that the council’s offices in the six geo-political zones and Lagos would also undertake different activities to mark the occasion.
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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