TheNewsGuru

Tag: BVN

  • CBN clarifies report on BVN expiry date

    CBN clarifies report on BVN expiry date

    The Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued in Nigeria remains for life and has no expiry date, as reported by a national newspaper.

    Its Acting-Director, Corporate Communications, Alhaji Isa Abdulmumin, said this in a statement on Wednesday.

    Abdulmumin said that the claim was completely false and therefore advised bank customers to be guided, accordingly.

    “The attention of the Central Bank of Nigeria has been drawn to reports suggesting that the Bank Verification Number issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.

    “Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date.

    “Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.

    “However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.

    “Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime,” he said.

    The BVN is an 11-digit number that acts as an individual’s universal ID in all banks in Nigeria.

    It ensures a customer can engage securely in transactions at any Point of Banking operations.

  • CBN gives details on recruitment portal

    The Central Bank of Nigeria (CBN) has disowned a fake recruitment portal, created in its name and inviting eligible Nigerians to submit job applications.

    Its Acting Director, Corporate Communications Department, Dr. Isa AbdulMumin, made this known in a statement on Thursday in Abuja.

    According to AbdulMumin, the attention of the CBN has been drawn to a fake recruitment portal inviting “eligible” members of the public to submit applications in an exercise that will commence soon.

    “The fraudulent website lists requirements for eligibility to include, among other qualifications, the possession of a Bank Verification Number (BVN).

    “The portal goes on to state that those with physical disabilities are not eligible to apply.

    “For the avoidance of doubt, the CBN is currently not carrying out any general recruitment exercise,” he said.

    He added that the apex bank would never request for the BVN of intending applicants nor discriminate against persons with physical disabilities.

    “Members of the public are hereby warned to be wary of fraudulent recruitment agents bent on taking advantage of the employment challenge to defraud eligible applicants, particularly young graduates,” he said.

  • BVN fraud rocks beneficiaries of presidential amnesty programme

    BVN fraud rocks beneficiaries of presidential amnesty programme

    The Office of the Presidential Amnesty Programme (PAP) says findings from the ongoing investigation into multiple accounts of ex-agitaors linked to one BVN will determine the fate of protesting beneficiaries.

    This is contained in a statement on Wednesday in Abuja by Mr Freston Akpor, Media Aide to the PAP Interim Administrator.

    Akpor disclosed that names of all those involved in the alleged BVN fraud had been forwarded to the Office of the National Security Adviser (ONSA) for investigation.

    He said that the Amnesty Office also blamed bank officials for colluding with the ex-agitaors to aid the “financial crime”.

    “So, investigation is ongoing, I must tell you there is nothing the PAP can do now over this matter until the investigation is concluded and then the ONSA will take a decision on what to do.

    “This is a financial crime which is why the ONSA is investigating the matter.

    “The policy is one name, one BVN. But in a situation where you have more than 30 names linked to one BVN, it becomes an issue.

    “We discovered that 513 names were linked to 1370 accounts. And these are the people who have cases to answer.

    “As it stands, those who are protesting are the people who fall within those who have multiple accounts linked to their BVN,” Akpor explained.

    On the purported “gentleman agreement” with leaders of the ex-agitators to receive monies in bulk to pay the boys, Akpor said

    “it is these same boys, that also complained that when the money is collected by this so-called leaders, the money doesn’t trickle down to them”.

    A handful of ex-agitators on Tuesday gathered at the premises of the National Assembly to express anger over the stoppage of their monthly N65,000 stipends.

    The PAP office had explained that the stoppage of payment was  necessitated by the issues surrounding BVNs of beneficiaries.

  • INEC and machine promises, a little skepticism may help – By Okoh Aihe

    INEC and machine promises, a little skepticism may help – By Okoh Aihe

    Some interesting developments are taking place before us. Elections come up next year but the heat is on, already. Young people are trooping out across the nation to register as a precursor to getting their permanent voter cards (PVCs). The excitement is high but so is the foreboding on the part of dubious politicians who are not so sure any more what the next wave of reaction may be.

    Forced into undeserved concerts by the European Union (EU), the usually sanctimonious Independent National Electoral Commission (INEC) was forced into extending the registration period after a choreographed response of no to every reasonable appeal made by well-meaning individuals and organisations.

    I am not surprised at all that there is a renaissance in the reasoning of these young people whose lives and future have been compromised and put in absolute jeopardy by this government. Reasons come in painful droves but I give only two.

    One painful evening, on October 20, 2020, a number of young people, mostly students who were engaged in a peaceful protest code-named #EndSARS, to force the Nigerian government to look into the ignoble operations of an arm of the Police Force called SARS, were killed by the Nigerian Army and the Police at the Lekki Tollgate in what the local, national and international media described as a massacre. There was a litany of evidence but the government declared the contrary and went after organisations who dared to ventilate the truth that was clear even to the visually challenged. Our young people lost friends and colleagues and played ugly host to wickedness in high places while singing the National Anthem and waving the Nigerian flag. The judicial panel of enquiry set up even by the Lagos State government stayed on the side of the people as it confirmed there was indeed a massacre. This is not a story you forget overnight.

    The second reason. Since February 14, 2022 or March 14, 2022, depending upon the date your tolerance can accommodate, Nigerian university students have been at home courtesy of a strike called by the Academic Staff Union of Universities (ASUU). For over four months, their lives have been put on hold, like a telephone call that is paused. Even with all the technology the call can suddenly drop and conversation is terminated. We are not a nation of figures, so nobody is calculating the cost of the strike to the students, their parents, the lecturers and how all that impacts on the quality of scholarship or pedagogy in our institutions and the overall health of the nation. Obviously there is a wrench in this generation that may be very difficult to heal. Although so many phantasmagoric tales are being told about the reawakening of these young people, I am forced to confess that it would have been irresponsible if they did not harvest this opportunity to send a clear message to some of the politicians that have turned their lives upside down. After seven years, this government has stubbornly refused to accept responsibility for any ill in the land. The youth may just be ready to send a message. Who benefits is a different matter and it is not anything that anybody can willfully appropriate.

    Seeing that it cannot move against the tide, INEC has promised to send more machines into the field, beginning from Abuja, with the overall boss, Prof Mahmood Yakubu saying that everybody that has come out for the exercise will be registered. For instance, about 50 more voting machines will be sent to the Area 10, Old Parade Ground in Abuja. Without claiming to be overwhelmed, I am sure that even INEC is not amused by the frothing interest of the people, and must now bend over backwards to accommodate all such interests.

    And this is where my fear creeps in, looking at the unsavoury history of this nation when it comes to data capturing. We are not good at it all. Data is captured at the banks, (bank verification number, BVN). Data is captured when you process your national identity card, and must therefore carry a national identity card number (NIN) like a blood sample. Data is captured when you buy a SIM (subscriber identification module) card, through the process of SIM registration. Data is captured when you process your birth certificate at the National Population Commission (NPC). Data is captured when you process your driving license. And data is captured when you process your international passport at the Immigrations. Everywhere you turn is data capture without control and appropriate deployment but the hapless Nigerian is forced to endure every arising inconvenience.

    My concern with the ongoing voter registration is that the frontend seems to be enjoying some attention and sunshine but what is happening at the backend? At what time will all the data captured be migrated to the main server for keeps and onward processing? Yakubu has promised that all those registering now will get their PVCs by October. What this communicates is that the backend may also have been taken into consideration. But as they say, talk is cheap. There is every welcome need to be cynical until the final output, which are the PVCs, are delivered.

    Oh, this red flag is not necessary? I appeal that you take a look at only two examples. SIM registration began in Nigeria in 2011. Seven tech companies were initially engaged by the Nigerian Communications Commission (NCC) to carry out the exercise. Further down the road, the operators themselves also became implementers who were involved in the process of SIM registration. But there was always a problem between the frontend and the backend, tedious data scrubbing to achieve some level of integrity and cumbersome harmonisation problems which continued to prove a nightmare. The operators were to carry the blame, unfortunately.

    The NIN/SIM data verification process which began in December 2021 has not been weaned from such convoluting uncertainties. NIMC originally had the responsibility to issue national identity cards but did not have the capacity to perform. The situation worsened when the data verification process was dropped in its plate of engagement. After the initial rodomontade claim of capacity, the telecom operators were later pressured into joining in the data verification process. This writer is aware that the operators invested massively in buying hardware for the exercise. Till date quite a number of these machines have not been properly formatted, and the data captured by the various operators go through a verification process that is nightmarish. Again the biggest drawback is the relationship between the frontend and the backend. Closure to the verification exercise is open-ended after repeated threats and there are no indications that it will end in the foreseeable future.

    I am of the considered opinion that INEC doesn’t have the capacity to perform magic. Not even the assurances from the chief executive will influence my position on this. The story that is unfolding before us may not be too different from the examples listed above especially when weighed against a past that is woolly. Is it not the same INEC that recorded a perfect score in terror-ravaged areas where the internally displaced people (IDPs) voted more than states where there was relative peace then?

    Whatever INEC is saying, the youths, more than the various political parties, should keep an eye on them. The capacity for mischief is not far from this organisation. I believe in the saying of my forebears that a leopard does not change skins overnight. Not even tech supremacy in terms of voter registration can make INEC achieve that feat.

  • Reps move to uncover 45 million bank accounts not linked to BVN

    Reps move to uncover 45 million bank accounts not linked to BVN

    …also to probe N1.2trn unpaid govt funds

    The House of Representatives on Monday started an investigative hearing on unaccounted N1.2 trillion allegedly held by deposits money banks on behalf of ministries departments and agencies of government without remitting same into the consolidated revenue account with the Central Bank.

    TheNewsGuru.com, (TNG) reports the House also disclosed that a total of 45 million bank accounts have been found not to be linked to bank verification numbers otherwise known as BVN, in different commercial banks in the country, funds that have now become trapped due to inability of the account holders to withdraw them.

    The deputy speaker, Ahmed Idris Wase, who declared open the probe on Monday expressed hope that the exercise would throw up positive outcome that can enhance government efforts at closing infrastructure deficit in the country.

    “We hope this assignment would improve our system in terms of value addition. This assignment is line with section 88, 86 of the Nigerian constitution among the powers of the National Assembly to conduct investigative hearing either to improve on the loss or to expose corruption or waste.

    “This I believe from the body of the motion that about N1.2 trillion not paid into consolidated revenue, so that we can improve the infrastructure deficit and other challenges in our nation. I believe it is important, hoping an praying what was mentioned if it is true, it means then we have lot to do. First to expose the corruption aspect of it. Secondly to come out with interventions that would improve and mitigate the situation.

    “I charge my colleagues to do their work with the fear of God, diligent and commitment and above all with the fear of the Almighty. I pray God will give you the determination to carry this important function,” he said.

    Chairman of the Adhoc Committee investigating the status of unclaimed funds in commercial banks and possible infractions by the CBN, Hon. Unyime Idem (PDP, Akwa Ibom), stated that deposit money banks must assist the panel with information about unclaimed funds in their possession.

    “For commercial banks, these resolution stipulates that you submit document that would help us recover unclaimed in about 45 million accounts that are not linked to BVN. About 45 million accounts is what the House has been able to discover through the recent reports. Those accounts are not linked to BVN. So monies in those accounts, we want to know the positions, whether you have refunded the FG or what happened to the funds. You are going to give us documents to back these investigations”, he demanded.

    Director General Budget Office, Ben Akabueze representing minister of finance, Zainab Ahmed, noted that “from the opening remarks of the committee Chairman, it will appear that this is focused on unearthing the federal government’s balances that may still be hanging in any of the commercial banks”.

    “I believe that over the past several years there have been circulars of government seeking to enforce this. Because otherwise when we received this invitation that talked about unclaimed funds in Nigeria commercial banks, basically my initial reading of this is that it’s related to inactive accounts, dormant accounts, because the extant regulation guiding the management of these, issued by the CBN, on October 2015, provides guidelines for the management of inactive accounts, dormant accounts and unclaimed funds.

    “Those guidelines obligate any bank to have notified the Federal government of the existence of any such funds belonging to it, if they had I’m sure that those funds will not be there. I hope that Without prejudice to the work of this committee that the CBN will also do the job of enforcing its own guidelines. As the work of the committee progresses, whatever other specific information required of us as a ministry we will be able to provide,” the minister said.

    A representative of Office of Accountant General of the Federation, Sylva Okorieaboh, as well as Director/ Coordinator Treasury Single Account (TSA) said while they were unable to prepare for the hearing due to lack of details in the invitation letter, they however agreed that government funds are likely still being held by commercial banks.

    “…there’s good likelihood that substantial amount of Federal Government funds might still be lying with commercial banks despite the presidential directive of 7th August 2015, and the circulars and efforts made to compel the commercial banks to comply with those directives.

    “On the 14th of December 2021, the minister of finance inaugurated new TSA implementation structures and she alluded to the fact that there’s a likelihood that substantial amount that federal government fund are still lying with commercial banks and directed the banks to return those funds or they will be reported to anti corruption agencies.

    We believe that there are still federal government funds with commercial banks but we can’t say specifically how much and where, so to that extent we welcome the efforts of this committee”, the TSA office added..

    The Central Bank which is at the centre of the investigation with regard to enforcement of its own guidelines to commercial banks pledged to cooperate with the committee with a view to finding solutions to the issue.

    Other commercial banks are scheduled to appear on the 15th of February when the investigation resumes.

  • How eNaira is doing 3 months on – Emefiele

    How eNaira is doing 3 months on – Emefiele

    Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says Nigerians are gradually adopting the eNaira, launched three months back.

    Emefiele said this while answering questions from members of the press after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting on Tuesday in Abuja.

    The MPC, at the meeting, retained the country’s Monetary Policy Rate (MPR) at 11.5 per cent. and also unanimously agreed to retain all other monetary policy parameters.

    The Cash Reserved Ratio (CRR) was, thus, retained at 27.5 per cent, Liquidity Ratio, 30 per cent and Assymetric Corridor, +100 and -700 Basis Points around the MPR.

    Emefiele, answering questions after presenting the MPC meeting outcome, said that Person to Bank and Bank to Person transactions have accounted for 90 per cent of transactions done on the eNaira speed wallet.

    “Since its launch about three months ago, Nigerians have continued to gradually adopt eNaira as a fast and reliable means of exchange.

    ”Transactions recorded range from P to P, that is, Person to Person; or Person to Merchant, P to M; Bank to Person; Person to Bank and Bank to Merchants and Merchants to Bank.

    “The Person to Bank and Bank to Person constitute 90 per cent of what we see in the market, and as you will observe, we spent the last three months observing and monitoring the system and addressing issues mostly around initial onboarding,’’ Emefiele said.

    According to him, transactions on the system have been super-fast and remain free for now.

    He said that stringent validation procedures were enforced to preserve the integrity and security of the system since it was account based, and required a digital identity.

    “We feel that you must have a BVN and you must have an account to be able to access it; And we also find that this has created some kind of constraints on people about onboarding with BVN and the rest of them.

    “But again, we believe that what we do by the use of the BVN is the best so as to avoid fraudsters from hacking into the system.

    “Most of the complaints received were mainly around the inability of prospective users to onboard and activate the E wallet due to a mismatch of BVN enrollment records,’’ he said.

    Emefiele said that the bank together with the Nigeria Interbank Settlement System and the Deposit Money Banks were working to simplify the process of updating such information.

    He added that considerable progress had been made with the release of locked accounts for re-onboarding.

    The CBN Governor also said that foreigners who had BVN could now onboard the system.

    He added that with the recent assignment of the enaira USSD code by the Ministry of Communications and digital economy, Nigerians without a smartphone would soon be able to onboard and conduct transactions using enaira by dialling code 997.

    Emefiele said that the apex bank was engaging the fintechs and other industry players to create a bouquet of products on enaira platform.

    He said that while transactions on the system have so far mostly revolved around moving money to and from bank accounts, tests with licensed payment services providers were ongoing to enable payments using enaira on E commerce platforms.

    The CBN Governor explained that this would enable Small and Medium Enterprises and other commercial service providers to offer their products and services and accept enaira as a means of payment and exchange.

    He said that CBN was working on a framework that would leverage the existing and new infrastructure to soon extend the service of enaira to the unbanked, as part of its commitment towards meeting targets for Financial Inclusion.

    Besides, he said that the bank together with its stakeholders planned to embark on a rigorous awareness campaign to create the necessary understanding of the operations of the enaira.

  • Buhari boasts: With eNaira, TSA, BVN, others we’ve created lot of comforts for investors

    Buhari boasts: With eNaira, TSA, BVN, others we’ve created lot of comforts for investors

    President Muhammadu Buhari Tuesday in Riyadh, Saudi Arabia, said initiatives to drive the digital economy and fight corruption in the country should give investors “a lot of comforts”.

    Among the initiatives mentioned by the president are e-Naira, Treasury Single Account, Bank Verification Number, and National Identification Number.

    Speaking at the fifth Edition of Future Investment Initiative Summit holding in Riyadh, Saudi Arabia, Buhari said his administration will keep encouraging public and private initiatives that increase investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change, and food security.

    A statement from the presidency quoted the Nigerian leader urged more interest in infrastructure such as healthcare and education, which “present enormous opportunities for investors in a country our size.”

    “Digital Economy in Nigeria has many potentials for investment, as it has remained the fastest growing sector in both 2020 and 2021. Nigeria has many opportunities for investment in broadband, ICT hardware, emerging technology and software engineering.

    “We have recently approved the national policy on Fifth Generation (5G) network. Our aim is to attract investors in healthcare, smart cities, smart agriculture among others. The benefit of real time communication will support all other sectors of the economy,” he noted.

    To further improve and reposition the economy to attract investors, the President said, “e-Naira, the electronic version of our national currency, which puts us on track to become the first African country to introduce a Central Bank Digital Currency” was launched on October 25th, 2021.

    “We believe this and many other reforms, will help us increase the number of people participating in the banking sector, make for a more efficient financial sector and help us tackle illicit flow of funds.

    “To further strengthen our anti-corruption drive, increase accountability and transparency, we have centralized government funds through a Treasury Single Account, and ensuring that all Nigerians with a bank account use a unique Bank Verification Number (BVN). These initiatives, coupled with our nationwide National Identification Number (NIN) exercise, reinforce our efforts to tackle corruption and fraud. We believe that this should give investors a lot of comforts.”

    Buhari attributed growing social unrest to inequalities and unfair policies that exclude the majority from opportunities for participation, admonishing world leaders and global investors to prioritise inclusive and humane policies.

    He said, “By so doing, it will go a long way in reenergizing the global economy in a post-COVID-19 era.

    “Nigeria is Africa’s largest economy and most populous nation. Our economic reforms which focus on “humane” investments are ideal for investors looking to have profitable returns while positively impacting the citizenry.”

  • EFCC to use BVN to punish Forex offenders

    EFCC to use BVN to punish Forex offenders

    The Economic and Financial Crimes Commission (EFCC) has directed Chief Compliance Officers of Banks in the country to report Forex offenders along with their BVN to the Commission.

    TheNewsGuru.com (TNG) reports the EFCC gave the directive during a meeting the Uyo Zonal Command of the Commission held with Chief Compliance Officers of Banks in the zone.

    Commander of the Uyo Zonal Command of the EFCC, Nwanneka Nwokike revealed that indications have emerged that some bank customers present fake travel documents, including false flight bookings, to obtain foreign exchange.

    During the meeting, Nwokike warned bank officials against providing foreign exchange to customers who have no intention of travelling outside Nigeria.

    According to him, the EFCC under the leadership of Abdulrasheed Bawa, has vowed to clamp down on Forex offenders, be they bank Officials or customers.

    “Always report Bank officials who collude with criminal elements to collect foreign exchange.

    “There are very strong indications that it is happening, … go back and sensitize your staff, to ensure that they always do the right thing because ‘doing the right thing’ has become the new normal; therefore proper verification of documents presented by customers for Forex must be done.

    “Again, the Commission will not entertain excuses, and will no longer look away when Banks fail to do their due diligence,” Nwokike said.

    While responding to the issue of customers who book foreign flights and cancel after collecting foreign exchange from banks, the Deputy Zonal Commander ACE II Hamidu S. Bawa instructed the Compliance Officers to report such customers to the Commission.

    “When you observe such offenders, report them to the Commission and provide their BVN along, because after now, the liability will be on you and I’m sure you don’t want that to happen,” he said.

    The Zonal Commander further asked for a better working relationship that will ensure quick response by banks to letters from the Commission.

  • CBN orders banks to publish names, BVN of Forex defaulters

    CBN orders banks to publish names, BVN of Forex defaulters

    The Central Bank of Nigeria has instructed banks to publish the names and Bank Verification Numbers BVN of its customers who default on its Forex policy.

    In a circulate to banks dated Monday, August 30th, the apex bank lamented that it has “received and noted with concern reports of sharp practices by some unscrupulous customers to circumvent the new CBN policy on the sale of forex for overseas personal and business travel”.

    The bank said some of the unwholesome practices of some customers include “include the use of fake visas and cancellation of air tickets after purchase of PTA/BTA”.

    Haruna B. Mustafa Director Banking Supervision Department of the CBN, who signed the circular, noted: “this trend, if not curbed, portends risk to the integrity and stability of the forex market”. He said to curb this trend, all banks must publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two (weeks) as stipulated in the customer declaration form signed by them”.

    Prior to this order, most banks had written to their customers of their commitment to provide customers with foreign exchange for their Personal and Business Travel as well as payment for overseas Education, Medical and other eligible invisible transactions.

    The rules that customers have to follow before they can access forex the bank said are: FX shall be sold for Legitimate Travel Purpose Only. Bank customers are required to provide a valid Nigerian passport and a valid visa to an international destination.

    Only valid travel documents like tickets to an international destination outside of West Africa and Cameroon will be accepted. The international return ticket must have a travel date not more than 14 days from the date of PTA/BTA purchase.

    Bank customers can only apply for PTA/BTA once in a quarter: PTA and BTA requests are limited to a maximum of $4,000 and $5,000 per quarter per applicant respectively.

    Customers are required to return purchased PTA/BTA to their bank within two (2) weeks from the date of purchase if not utilized for the intended purpose or if for any reason the scheduled trip is cancelled.

    Those wishing to buy Forex are also not allowed to apply for Forex on behalf of a third party. FX will only be sold directly to applicants who shall be Nigerians who are 18 years and above and have a valid Bank Verification Number (BVN).

    False application and use of fake documents to purchase PTA/BTA is prohibited and is now considered a financial crime punishable under the applicable laws in Nigeria.

  • FG planning to replace BVN with NIN – Minister

    FG planning to replace BVN with NIN – Minister

    The Federal Government has stated arrangements are ongoing to replace the Bank Verification Numbers (BVN) with the National Identity Numbers (NIN).

    The Minister of Communications and Digital Economy Dr Isa Pantami, who disclosed this to newsmen shortly after a tour of telecoms operators and NIN licensees in Abuja, said President Muhammadu Buhari has been briefed on the on-going NIN registrations.

    Pantami who said the President was happy with the conducts of the exercise so far, added he had also briefed the National Economic Sustainability Committee headed by Vice President Yemi Osinbajo on the imperative of replacing BVN with NIN.

    Pantami argued that while BVN was only for accounts holders with various banks, the National Identity Numbers are for all Nigerians irrespective of their status.

    To ascertain the smooth registration of Nigerians, the Minister visited the National Identity Management Commission (NIMC) registration Centre in Gwarinpa, the Zonal Headquarters of MTN, Glo Mobile and Airtel in Maitama as well as a Private operator, OMNL, Nigeria.

    Accompanied by the Executive Vice Chairman of NCC, Prof Garba Danbatta; Director-General General of NITDA, Kashifu Inuwa and Chief Executive Officer of NIMC, Engr Aliyu Aziz, the Minister said he was impressed by the strict adherence to COVID-19 protocols at all the registration centres.

    Responding to challenges encountered by those with the BVN data trying to upgrade with NIN data, Pantami said:” The challenge is that the BVN records may not be 100 percent the same with NIN but what is most important is that the NIN is the primary identity of each and every citizen, including legal residents.

    “BVN is a policy of a bank and has not been established by law, NIN is the only mandatory number and the primary identification of our citizens and every other identification is secondary.

    “The NIMC Act 2007 provides that all our citizens must be enrolled and the law gives them 60 days to enroll from the time the law was enacted and a maximum of 180 days and all permanent residents in the country and legal residents that have to stay here for a minimum of 24 months must be enrolled.

    “So this is the primary identification of all and all other data bases are supposed to utilize this and not for NIN to utilize the BVN because it is the primary one.

    “We discussed with the CBN Governor today on how to ensure that all our citizens with BVN will immediately be provided with the NIN. We are working on that but facilitating the process lies on CBN to make it much easier for our people.”

    Asked to clarify government position on the BVN replacement with NIN, Pantami said:” I made a presentation to National Economic Sustainability Committee and I drew the attention of CBN Governor that we need to replace BVN with NIN because the BVN is a bank policy while NIN is a law.

    “Because it has been established by law so the strength of the law wherever you go is not the same with a policy of one institution.

    “Also, BVN is only applicable to those who have bank accounts but NIN is for every citizen and legal residents in the country. BVN is our secondary database while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC.”