Business
BVN: CBN Targets Mortgage Bank Customers
Central Bank of Nigeria
(CBN) plans to extend the Bank Verification Number (BVN) registration project to customers of Other Financial Institutions (OFIs), its Director, Banking and Payment Systems Department, Mr Dipo Fatokun, has said.
The OFIs are Microfinance Banks, Primary Mortgage Institutions and others.
Fatokun made the disclosure at a bi-monthly forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos on Sunday.
The forum had its theme as “Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services.”
Fatokun said the operators of the institutions were already working toward having their customers included in the BVN project.
He said the CBN would have OFI customers enrol through deposit money banks because of the high cost of procuring the machines.
“We are considering using commercial banks as registration points for the OFIs customers.
“We also expect that many of the OFI customers, who already have their BVNs, will supply the data to their banks, while those without BVN will register afresh,” he said.
Fatokun said the BVN project, being coordinated by CBN, commercial banks and Nigeria Interbank Settlement System, had helped reduce the number of bank frauds in the industry.
“Any bank customer resident in Nigeria without a BVN would be deemed to have inadequate KYC (Know Your Customer).
“Effort is on-going to ensure that customers of Other Financial Institutions such as Microfinance Banks and Primary Mortgage Institutions brought into the system begin to get their BVNs,” he said.
Fatokun said the bank planned to come up with a regular framework that would blacklist fraudulent bank customers or place them on watch-list in the banking industry.
“I want to assure you that the BVN has assisted us a lot in the banking system.
“It has assisted us to check frauds, and we are working on a framework that will enable us, if not to blacklist customers because of some legal implications, but at least to watch-list.”
Fatokun said CBN had been at the forefront of the transformation of the payments system in the country.
He said this was demonstrated through the development of the Payments System Vision 2020 document in 2007 and reviewed in 2013.
Fatokun said the number of BVN linked to customers’ accounts by August 23 was 36.7 million, while the total number of individual customers in the banks was reported as 59.9 million at the same date.
Fatokun said e-payment remained an initiative of CBN under the Payments System Vision 2020 as part of the overall 2020 Strategy.
He said that one of CBN’s mandates was the promotion of a sound financial system.
According to him, for Nigeria to achieve its Vision 2020 aspiration, it must follow the global best trend and adopt best practices on payment technologies and innovations in its processes and system.
He noted that the CBN was also strengthening its relationship with some agencies on financial crimes.
“Fatokun said the Nigeria Police has agreed to set up a dedicated e-Payment and Card Crime Unit to complement the efforts of Nigerian Electronic Fraud Forum on e-payment related crime.
“In following the global trend, the bank is currently reviewing the implications of cloud computing, virtual currencies like bit coins and data protection.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter