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CBN Launches BVN Platform For Nigerians In Diaspora, Targets $1bn Monthly Remittances

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The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians in the diaspora.

Unveiled on Tuesday in Abuja, the digital platform allows Nigerians abroad to obtain their BVN remotely, eliminating the long-standing requirement of physical presence in Nigeria.

Speaking at the launch, Olayemi Cardoso, governor of CBN, described the NRBVN as a major leap in the apex bank’s financial inclusion agenda, particularly for Nigerians living outside the country.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said.

“The NRBVN changes that. Through secure digital verification and robust KYC processes, Nigerians worldwide can now access financial services more easily and affordably.”

Cardoso said the platform would not only boost access but also drive innovation and deepen trust in Nigeria’s financial system.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he said.

“This platform is not just about financial access—it’s about national inclusion, innovation, and shared prosperity.”

Highlighting the importance of diaspora remittances, the CBN governor said inflows rose from $3.3 billion in 2023 to $4.73 billion in 2024, driven in part by recent foreign exchange reforms.

He expressed optimism that the NRBVN, along with complementary policy measures, could help Nigeria reach its target of $1 billion in monthly remittances.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of \$1bn in monthly remittance flows,” Cardoso added.

Premier Oiwoh, managing director and chief executive officer of NIBSS, gave a technical overview of the platform, noting that it aligns with global anti-money laundering (AML) and know your customer (KYC) standards.

Oiwoh said the platform is built to ensure security, transparency, and ease of use for Nigerians abroad.

Also speaking, Muhammad Abdullahi, deputy governor, economic policy at the CBN, described the NRBVN as a “transformational tool” that would strengthen economic ties with the diaspora.

“Together, we stand at the threshold of a new era, poised to deepen trust, enhance remittance growth, and forge a stronger connection between Nigeria and its global citizens,” he said.

The NRBVN is part of a broader framework that includes the non-resident ordinary account and the non-resident Nigerian investment account, which provide Nigerians abroad with access to savings, mortgages, pensions, insurance, and investment products in the Nigerian financial ecosystem.

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‘Miracle Money’ Gospel Undermining Nigeria’s Development — Prof. Yemi Osinbajo

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Former Vice-President Yemi Osinbajo has cautioned Nigerian churches against promoting messages centred on miracles and prosperity without responsibility, saying such teachings undermine national development.

Osinbajo spoke in Lagos on Thursday at the 80th birthday lecture of Mike Okonkwo, presiding bishop of The Redeemed Evangelical Mission (TREM). The 24th edition of the Mike Okonkwo Annual Lecture was themed “The Nigeria Of Our Dream: Today’s Reality and a Responsible Pathfinder.”

Delivering a lecture titled “Church as a Responsible Pathfinder in Attaining the Nigeria of Our Dreams,” Osinbajo said only values of integrity, productivity, and responsibility can transform the nation and curb corruption.

“If the gospel is preached correctly, it will create renewed, regenerated men and women. We cannot build a nation on the doctrines of miracle money and shortcuts. True gospel preaching instils diligence, honesty, and responsibility. That is what changes societies,” he said.

The former vice-president warned that Africa’s failure to add value to its natural resources has kept it poor despite vast endowments. He cited cocoa production as an example, noting that while Africa grows the raw material, countries without cocoa dominate global profits by processing it into chocolate.

Osinbajo also drew lessons from the Puritans in Europe, who, he said, transformed their societies by emphasising integrity, hard work, and ethical living.

In his remarks, Bishop Okonkwo urged Nigerians to reflect on the country’s progress nearly 65 years after independence, stressing that every citizen has a role in nation-building.

“The Nigeria of our dreams can be realised, but every one of us must play our part. Responsibility cannot be shifted; we all must take it,” he said.

The chairman of the occasion, retired Major-General Ike Nwachukwu, described Nigeria as “a land of immense promise” constrained by poverty amidst plenty. He called for leaders and citizens who would rise above self-interest to pursue the common good.

At the event, Davina Phillips, winner of the Mike Okonkwo Essay Competition, received a cash prize of ₦1 million.

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Nigeria Politics Is About Betrayal – I Witnessed It In 2015 — Goodluck Jonathan

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Former President Goodluck Jonathan has said that betrayal is a common feature of Nigerian politics, recalling his experience during the 2015 general elections.

Jonathan spoke on Thursday at the 70th birthday celebration of Mike Oghiadomhe, former Edo deputy governor, in Benin, the state capital.

“Politics in the Nigerian standard is about betrayals. I witnessed a lot of betrayal during the 2015 election,” Jonathan said.

He noted that many politicians lack consistency, adding that few can be trusted.

“You will find it difficult to see somebody who will say the same thing in the morning and say the same thing in the afternoon and in the evening,” he said.

“They will tell you something this minute, and in the next hour, they will say another. But, I am quite pleased to associate with Oghiadomhe.”

The former president praised Oghiadomhe as a dependable ally, describing him as someone who would “take a bullet” on his behalf.

“For me, he is somebody you can take his words to the bank. Most politicians, you cannot take their words to the bank,” Jonathan added.

Oghiadomhe, who served as Edo deputy governor between 1999 and 2007, was Jonathan’s chief of staff from 2010 to 2014.

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FAAN Issues Travel Advisory As Reconstruction Of MMIA Terminal One Commences

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The Federal Airports Authority of Nigeria (FAAN) has announced the commencement of reconstruction works at Terminal One of the Murtala Muhammed International Airport (MMIA), Lagos.

In a travel advisory issued on Friday, the authority urged passengers to leave early for the airport to avoid missing their flights during the period of rehabilitation.

“To ensure a smooth travel experience, we kindly request that passengers leave early for the airport to avoid missing flights, obey all traffic instructions to aid traffic flow, and park vehicles properly in designated car park areas,” FAAN said.

The agency also advised that only travellers should come to the airport, citing limited space during the reconstruction process.

On August 1, the Federal Executive Council (FEC) approved contracts worth over ₦900 billion for infrastructure upgrades in the aviation sector. Festus Keyamo, minister of aviation, said at the time that the centrepiece of the projects would be the rehabilitation and modernisation of MMIA’s Terminal One.

According to him, the project will involve a complete overhaul of the terminal, including the rebuilding of its mechanical, electrical, and plumbing systems.

Keyamo disclosed that the rehabilitation of the Lagos airport terminal is expected to cost ₦712.25 billion, with a completion timeline of 22 months.

FAAN appealed for the cooperation of passengers and other airport users, adding that the reconstruction is part of broader efforts to modernise the country’s aviation infrastructure.

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