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Over 57m Nigerians Have Enrolled For BVN — CBN

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The Central Bank of Nigeria (CBN) says over 57 million citizens have enrolled for their bank verification numbers (BVN) as of March 31, 2023.

This represents a 5 percent increase compared to the 54.65 million BVNs enrolled in the first half of 2022.

Godwin Emefiele, CBN governor, spoke on the challenges of the apex bank and key policies introduced to make payments faster, at the 34th seminar for finance correspondents and business editors in Calabar on Tuesday.

He said the CBN has also continued to collaborate with relevant stakeholders in the adoption of payment system instruments and channels.

The economist said some of the channels introduced are the bank verification number (BVN), real-time gross settlement system (RTGS), regulatory sandbox, open banking, and the CBN digital currency (CBDC), the eNaira.

According to Emefiele, Nigeria is currently the first country on the continent, and second in the world to have fully launched a live CBDC.

“The payment system regulation and management role of the CBN is very critical in the achievement of its primary mandate of price and monetary stability conducive for inclusive and sustainable economic growth,” he said.

“It is also important for ensuring a stable, safe, and efficient financial system in Nigeria.

“Cognisance of the implications of the risks that accompany digital innovations and technological advancement globally, the CBN has continued to ensure a healthy balance between the adoption of latest innovations and development of reliable mitigants to the associated inherent and operational risks to both the payments system and the rest of the economic sectors in Nigeria.”

However, Emefiele said the implementation of CBN’s initiatives in the banking sector has been slow due to several issues in the industry.

He said the CBN is dealing with weak social infrastructure, cyber fraud, and unlicensed companies that affect the effective operation of payment platforms.

The apex bank governor noted that payment is highly reliant on stable telecommunication networks and power infrastructure.

“These are currently not optimal in Nigeria, thus, impacting the stability and resilience of the payments system,” he said.

“Some entities have continued to exploit access to information technology to engage in regulated activities without the appropriate licenses and authorization.

“The activities of fraudsters continue to threaten the resilience of the payment platforms. The confidence of the public is impacted by these activities.

“However, the collaborative effort between the CBN and other players in the industry is helping to curtail the nefarious activities of these fraudsters.”

On mitigating cyber fraud and other related crimes, the CBN governor said integrating the BVN has helped the financial industry in investigating crimes.

He said incorporating the BVN in know-your-customer (KYC) requirements, has also helped to ease the constraints associated with poor identification of banking customers.

“We have continued to support the aggressive enrollment of prospective banking customers in the informal sector onto the BVN system,” Emefiele said.

“With a total enrollment of 57,431,355 as of 31st March 2023, the BVN is supporting the development of credit profiles for banking customers, which will assist in improving access to credit for credit-worthy borrowers by banks.”

In addition to dealing with challenges posed by cyber threats, Emefiele said the CBN has put in place the Nigeria Electronic Fraud Forum (NeFF), payment card industry data security standard; financial industry cybersecurity fusion center, amongst other initiatives.

“With these initiatives in place, the CBN has demonstrated irrevocable commitment to ensuring the stability and safety of the Nigerian payment system,” he added.

“Accordingly, we shall continue to deepen our oversight of the activities of operators in the payments system as well as ensure full compliance with regulations. In this regard, examiners and supervisors would continue to ensure that services delivered by participants meet required security standards.”

BIG STORY

I’m Willing To Appear In Court, But Scared EFCC Will Arrest Me — Yahaya Bello

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Former governor of Kogi State, Yahaya Bello, has opened up on his failure to appear before a federal high court in Abuja, says it’s due to fear of arrest by the Economic and Financial Crimes Commission (EFCC).

Recall that the EFCC sought to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

Although the arraignment was initially scheduled for April 18, Bello was absent from court on the day.

At the resumed court session on Tuesday, Adeola Adedipe, a member of Bello’s legal team, said his client would have appeared in court but was worried about being taken into custody.

“The defendant wants to come to court but he is afraid that there is an order of arrest hanging on his head,” Adedipe said.

He asked the court to revoke the warrant of arrest issued on April 17 against the former governor.

Adedipe argued that the charge had not been served on his client as required by law at the time the warrant of arrest was made.

“As at the time the warrant was issued, the order for substituted service had not been made. That order was just made this morning,” he said.

“A warrant of arrest should not be hanging on his neck when we leave this court,” counsel to the defendant added.

However, Kemi Pinheiro, EFCC’s lawyer, argued that for the arrest warrant to be vacated, the former governor must be arraigned and take his plea.

Earlier, Emeka Nwite, presiding judge, made an order directing that the defendant should be served the charges by substituted means through his lawyers.

The court has fixed May 10 to rule on the application to vacate the warrant of arrest.

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BREAKING: EFCC Arrests Former Aviation Minister Hadi Sirika Over Alleged N8bn Nigeria Air Fraud

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The Economic and Financial Crimes Commission has arrested former Minister of Aviation, Hadi Sirika, over an ongoing N8,069,176,864.00 money laundering probe.

The indicted former Minister of Aviation arrived at the Federal Capital Territory Command of the EFCC at about 1:00 pm on Tuesday, The PUNCH is reporting.

Our correspondent, who was at the Wuse office of the EFCC, observed the embattled former minister’s arrival at the anti-graft agency’s Abuja office.

Following his arrival at the command, Sirika is currently meeting with EFCC investigators to answer questions on alleged fraudulent contracts awarded by him to a company known as Engirios Nigeria Limited, owned by his younger sibling, Abubakar Sirika.

Impeccable anti-graft sources who spoke on the condition of anonymity, because they were not authorized to speak, confirmed the development to our correspondent on Tuesday.

“Yes, that was Hadi Sirika who was taken into our FCT custody. He is currently meeting with EFCC investigators over the alleged N8,069,176,864.00 aviation ministry contract fraud,” a source revealed.

Another source noted, “The N8,069,176,864.00 aviation ministry contract fraud was carried out in connivance with his younger brother, Abubakar Sirika, through the latter’s company.”

In February, It was exclusively reported that the EFCC was investigating the activities of the Aviation Ministry under former Minister Sirika for conspiracy, abuse of office, diversion of public funds, and contract inflation.

A credible source who spoke with our correspondent on Tuesday revealed that the anti-graft commission is investigating the activities of the Aviation Ministry for conspiracy, abuse of office, diversion of public funds, and contract inflation.

Others are criminal breaches of trust and money laundering amounting to N8,069,176,864.00 during Sirika’s tenure in office.

The sum is said to be for four aviation contracts from the former minister to a company known as Engirios Nigeria Limited, owned by his younger sibling, Abubakar Sirika.

Apart from being listed as the company’s Managing Director and Chief Executive Officer, Abubakar is said to be the sole signatory to the company’s two accounts, domiciled in Zenith and Union Banksy.

It was further revealed that the ex-minister’s younger brother, Abubakar Sirika, has been arrested and detained by the commission in connection with N3,212,258,930.18 paid to his company, Engirios Nigerian Limited’s, bank account by the former minister.

It was noted that there is no trace of work done on any of the contract items to date.

The source said Abubakar Sirika, who was arrested on Sunday, February 4, has since been assisting the commission in its probe of the Aviation Ministry’s financial expenditures during Mr Sirika’s tenure.

The EFCC investigator said, “We’re investigating an N8,069,176,864.00 money laundering case linked to former Aviation Minister Hadi Sirika.

“Hadi awarded contracts to his brother Abubakar, knowing that the latter is a civil servant, a deputy director on Level 16 in the Federal Ministry of Water Resources, where he has been working since 2000 till date.

“The first of the contracts from the former minister to Engirios Nigeria Limited was on August 18, 2022, for the construction of the Terminal Building in Katsina Airport, at a cost of N1,345,586,500.00. The second was awarded on November 3, 2022, for the establishment of the Fire Truck Maintenance and Refurbishment Center in Katsina Airport, valued at N3, 811,497,685.00.

“The third contract was on February 3, 2023, for the procurement and installation of lifts, air conditioners, and a power generator’s house in Aviation House, Abuja, at the cost of N615,195,275.000, while the fourth was awarded on May 5, 2023, for the procurement of Magnus aircraft and a simulator for the Nigerian College of Aviation Technology, Zaria, at the cost of N2, 296,897,404.00.

“Out of the total contract sum, the ex-minister paid out N3,212,258,930.18 to his younger brother’s Engirios Nigerian Limited, who, upon receipt of the payment, transferred it to different companies and individuals. There is no trace of work done on any of the contract items to date.

“Abubakar Sirika is currently in our custody at the Headquarters, and he is providing us with more useful information on the financial activities of the Aviation Ministry under the supervision of his older brother, Hadi Sirika.”

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BIG STORY

JUST IN: CBN Resumes Forex Sale To BDCs At N1,021/$

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The Central Bank of Nigeria has resumed the sale of foreign exchange to Bureau De Change operators. In this latest move, the apex bank is selling to them at an exchange rate of N1,021 per dollar.

Additionally, the CBN has directed BDCs to limit their sales to an amount not exceeding 1.5 per cent above the purchase price.

This information was disclosed in a circular uploaded to the CBN’s website on Tuesday.

Details later…

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