Business
Normalcy Returns To Alaba Rago Produce Market
Normalcy returned to the Alaba Rago produce market in Lagos yesterday after Wednesday’s violence that forced the traders to close shop midday.
The market, situated along the Lagos-Badagry Expressway, was engulfed in crisis on Wednesday.
Eyewitnesses said that the crisis erupted in the market on the heels of wild jubilation that greeted the re-election of President Muhammadu Buhari.
The traders defied the usual Thursday morning sanitation in the market and opened for business, following the return of peace in the area.
Mr Tade Ogundipe, a produce distributor, said they had to open their sheds on Thursday to be able to offload their consignment and avoid being surcharged by trailer owners.
Ogundipe said that the trailers that brought beans to the market on Wednesday could not offload their consignment because of the crisis.
Also, Mrs Beatrice Ayuba, regretted that the jubilation, which started mildly within the market by most commercial motorcycle operators, was hijacked by hooligans.
“The thugs among them used the opportunity to rob people of their valuables and later extended the attack to nearby communities,’’ Ayuba said.
Meanwhile, the army operatives drafted to quell the crisis at the instance of the leadership of the market, had returned to their base, following the return of normalcy.
Traders and customers were seen transacting their businesses in a peaceful atmosphere.
A reliable source at the Police Command in Lagos confirmed that 37 persons were arrested in connection with the crisis.
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.
