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To curb or reduce and illegal banking transaction in Nigerian banking system, Central Bank of Nigeria (CBN) in 2015 directed all account holders home and abroad to enroll for a bank verification number also known as BVN. BVN is an 11 digit identification number that gives every Nigerian with a bank account a uique identity that can be verified across the banking industry in Nigeria. This means even if you have accounts with all banks in Nigeria, you only need one BVN and you can link it to all other accounts.

This article will explain all you need to know about BVN and biometric, different ways to link BVN to your Gtbank account and how to retrieve your unique number if forgotten by USSD or short code using phone and number (MTN, ETISALAT AND AIRTEL) associated with your bank account.

Bank verification number is a centralized biometric identification system launched by CBN in collaboration with all Nigerian banks to curb theft. Before we continue to top things you need to know about BVN, I will like to digress a little and explain the working principle of biometric.

Working Principle of Biometric

Biometric devices uses a reader or scanning device to scanned human biological data/characteristics like fingerprint, voice, facial features etc.., a software that coverts the scanned information into digital form & compares match points and a database that stores the biometric data for comparison. This data are usually encrypted to prevent identity theft.

To convert the biometric data, the software identify specific points of data as match points. The match points in the database are processed using an algorithm that translates that information into a numeric value. The dataset value is then compare with the biometric the end user has entered into the scanner and authentication is either approved/granted or denied.

The working principle of biometric remains the same, no matter what methodology is employed. That is, a record of human’s unique biological data that is captured and kept in database and when verification is required, a new record is captured and compared with the previous one in the database. If it matches, it confirms the identity. It is a more secure means of identification or authorization to password.

Top things You Should Know About Bank Verification Number.

  1. Your BVN is accepted as a means of identification across all Nigerian banks.
  2. Registration in one bank covers all accounts you have in all other banks.
  3. It takes up to 24 hours after registration to get a BVN. You will receive SMS alert.
  4. A BVN identification card with a computer chip bearing your embedded personal information will be available for collection at your designated bank branch.
  5. It is free, reduces fraudulent activities and increase the efficiency of banking operations.
  6. At point of registration, your fingerprint and facial image will be captured.
  7. Your Bank Accounts are protected from unauthorized access.
  8. Gives easy access to Banking operations.
  9. Your Bank Verification Number remain the same for life.

How To Link Your BVN To Your Gtbank Account.

As far as internet banking and integration of top notch state of the art technology into banking system is concerned in Nigeria, Gtbank has always been on the top position. Gtbank has provided series of ways to link Bank Verification Number to your guarantee trust bank account.

  • Link BVN to GTBank via SMS.

To link your BVN via SMS, just text + BVN number to 08076665555. E.g. BVN to 08076665555 .

  • GTB BVN Linking Process in ATMs.
  • Insert your Gtbank ATM card.
  • Then select BVN Link on the transaction menu screen.
  • Enter your 11-Digit Bank Verification Number.
  • Confirm your BVN details.
  • Finally, submit your BVN.

3.) BVN Linking Process via GTBank Internet Banking.

  • Log in to your Gtb internet banking dashboard.
  • Select BVN Linker from the left-hand panel.
  • Click on New Request.
  • From the drop down menu, insert your Bank Verification Number was issued.
  • Select the Nigerian Bank were BVN was Issued.
  • Answer your Secret Question and continue.

4.) BVN Linking Process via the BVN Portal on Gtbank Website.

  • Input your GTBank Nuban and click Verify Account Number.
  • Select the Nigerian Bank where your Bank Verification Number was issued.
  • Input the BVN number obtained from another Nigerian Bank.
  • Clink on Submit.

Please visit (www.gtbank.com/bvnlinking) to link your BVN.

5.) BVN Linking Process via 737 Mobile Banking.

                   To link your BVN via 737, simply dial *737*20*BVN# .

How To Retrieve Bank Verification Number on Phone.

To check BVN number on phone , simply dial *565*0# on a number associated or linked to your account. This works for all Nigerian mobile networks and banks. Gtbank will charge you N10 naira for this transaction; it might be more or less for other banks.

You can also retrieve your bank verification number online via Gtbank internet banking platform. If you have an account Gtbank and have activated it for online banking, you can check your BVN number by just signing in with your PC.

That’s all on bank verification number (BVN) in Nigeria banking industry and everything else associated with it.

BIG STORY

At UBA Business Series, Experts Say Innovation, Passion Crucial To Build Lasting Businesses

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Building businesses that stand the test of time requires a blend of innovation, unwavering focus, and passion. This was the key takeaway from the latest edition of the United Bank for Africa (UBA) Business Series, hosted on Thursday,

With the theme: “Profit with Purpose, Business Continuity,” the event which was held at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos, brought together top industry leaders and entrepreneurs who shared actionable insights and strategies for ensuring business resilience and sustainability in today’s dynamic economic environment.

Founder, Terra Kulture, Bolanle Austen-Peters, Chief Executive of Asadtek Group Limited, Ghana; Dr. James Asare-Adjei; Award winning TV Personality & Multi Media Entrepreneur, Frank Edoho, Celebrated multimedia personality, Toke Makinwa and founder of Nigeria’s pioneering indigenous premium coffee brand, Happy Coffee, Princess Adeyinka Tekena, were on ground to share their business journey and give insights on how businesses can stand the test of time and thrive in a competitive environment.

Bolanle Austen-Peters who is also a Prominent Lawyer, Award Winning Film Director, and Producer, was the keynote speaker at the event and she spoke on the need for small and medium scale businesses to define their purpose, build a workable framework and have a team that shares in your vision.

On how she has run a business successfully for over 20 years, she said, “I can never overemphasise the role that purpose plays in your business. There is the need for business owners to set clear goals and achievable targets. From Day one, I started with having an organisational structure like what we have in banks, complete with legal structure, a board of Directors, administrative Officers, and all.

Continuing she said, “The truth is that if you do not have a framework for your business, you may just be another business from the street. Putting together a structure shows that you are in for serious business, and people will treat your business as such,” she explained.

James Asare-Adjei from Ghana, who also shared that key essentials like being innovative and having integrity said that MSMEs need to identify areas that they can excel at and work towards building it. “As business owners, you need to take advantage of the market available to you, and ensure that you add value at every point.

For Frank Edoho, passion remains an essential ingredient that drives business growth. “Passion is very important, as business owners, you should stick to your guns and learn from what others are doing and add it to your experience to make your business better,” he explained.

“One of the things I did to grow my brand was that I was very focused,” said Toke Makinwa, who recalled her humble beginnings as a banker and later a broadcaster. “I kept the right attitude and surrounded myself with people who are team builders. These are winning strategies anytime,” she noted.

Princess Adeyinka Tekena, who is a beneficiary of the Tony Elumelu Foundation (TEF) Grant, said the $5,000 grant she won in 2015, helped to build her business from ground up and the business has been thriving for over 10 years now. She pointed out that tenacity, determination and financial discipline have been some of the factors that have contributed to the growth of her small business.

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, who commended the participants for sharing valuable insights explained that with these regular capacity building programs, UBA focuses on empowering other business owners to build sustainable businesses.

“At UBA, it is not just about Banking, we are also passionate about helping our customers to grow thriving businesses, and that is why we do this on a regular basis,” she noted.

The UBA Business Series is a regular seminar/workshop organised by the bank as one of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in difficult business challenges.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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BIG STORY

Dangote Sells Fuel Refined From Crude Oil Bought In Naira To Foreign Markets In Dollars — Bloomberg Report

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Investigation reveals that “businessman” Aliko Dangote has signed a contract with “Vitoil” for 5 cargoes of 38,000 metric tonnes per cargo.

One of them is the “CL Jane Austen” tracked by Bloomberg.

The Dangote Refinery has altered the federal government’s petrol supply plan as it began the sale of fuel in dollars to the foreign market, with a vessel (tanker/cargo) already having hauled the product from the refinery to waters off Togo.

The crude oil from which the product was refined was sold to the refinery established by Africa’s richest man in Naira through a government’s template that began in October.

The private refinery, a report by Bloomberg showed, has signed a contract with “Vitoil” for 5 cargoes of 38,000 metric tonnes per cargo.

Investigation by Bloomberg showed that the tanker named “The CL Jane Austen” recently loaded more than 300,000 barrels from Dangote.

The tanker sailed west, according to data from Vortexa, Kpler, Precise Intelligence, a port report, and ship-tracking data compiled by Bloomberg.

“It’s now floating off the coast of Lome, a popular area for ship-to-ship transfers,” the report added.

President Bola Ahmed Tinubu ordered the sale of crude oil to Dangote Refinery in Naira, an order that has been confirmed to have been implemented by the Nigerian National Petroleum Company Limited (NNPCL).

Meanwhile, the new fuel supply deal between Dangote Refinery, which benefited from the crude oil sale in Naira, and “Vitol” is being carried out in dollars.

While the shipment is tiny in the context of the global gasoline market, it signals the ramp-up of Dangote’s production and the potential to export significant volumes of gasoline beyond Nigeria, which could upend regional markets.

The refinery last month shipped its first seaborne fuel cargo to the nearby commercial hub of Lagos.

Whether large amounts of Dangote’s fuel output end up being exported remains to be seen.

A Dangote spokesperson didn’t respond to a request for comment.

Last month, Nigeria ended its state-owned oil company’s monopoly on buying the fuel from the plant for domestic use.

Meanwhile, the country continues to import fuel from Europe and the US.

It’s also not certain where the “CL Jane Austen’s” cargo will ultimately end up.

Although it’s off Togo, the area is often used for STS transfers, meaning the fuel could subsequently be taken elsewhere.

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BIG STORY

NNPCL Executes Gas Sale Agreement With Dangote Refinery

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The Nigerian National Petroleum Company Gas Marketing Limited (NGML), a subsidiary of NNPCL, has signed a Gas Sale and Purchase Agreement with Dangote Petroleum Refinery and Petrochemicals, Lagos.

The agreement was signed on Tuesday at the Corporate Head Office of Dangote in Falomo, Lagos, by Justin Ezeala, the Managing Director of NGML, and Aliko Dangote, the President/Chief Executive Officer of the Dangote Group. It outlines the supply of natural gas for power generation and feedstock at the refinery.

“This major milestone is in line with President Bola Tinubu’s policy of utilising Nigeria’s abundant gas resources towards revamping the nation’s industrial growth and kickstarting its economic prosperity.”

“This development, which sees a huge investment of this nature penned with zero capital expenditure outlay, has been described by many as unprecedented in the history of NGML or any gas Local Distribution Company in the country,” stated Olufemi Soneye, NNPCL spokesperson, on Wednesday.

According to Soneye, under the terms of the agreement, NGML will supply 100 million standard cubic feet of gas per day—50MMSCF/D as firm supply and the remaining 50MMSCF/D as interruptible natural gas supply to the refinery. This agreement will last for an initial period of 10 years, with options for renewal and expansion.

“This collaboration is a significant step toward ensuring the operational success of the Dangote Refinery and enhancing Nigeria’s domestic gas utilisation.”

“NNPC Ltd, through NGML, its gas marketing subsidiary, continues to lead efforts in promoting the use of domestic gas to support industries and businesses nationwide.”

“The agreement represents a milestone for both NNPC Ltd and Dangote refinery, aligning with their shared commitment to boosting local production and providing vital products for the benefit of all Nigerians.”

“It is also further proof of NGML’s unwavering commitment to business excellence and fulfilling NNPC Ltd’s core mandate of ensuring Nigeria’s energy security through the execution of strategic gas projects across the country,” the statement concluded.

Reports indicate that the Dangote refinery alone is equipped with a 435MW power plant capable of meeting the total power needs of the Ibadan Electricity Distribution Company.

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