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WEDNESDAY, ͻ˜ ͺͺ ˾ T H I S D AY
NEWS
AWARENESS WALK ON COWLSO NWC CONFERENCE... L-R: Wife of Speaker, Lagos State House of Assembly, Mrs. Olusola Obasa; wife of Lagos State Deputy Governor, Mrs. Oluremi Hamzat; First Lady and Chairman, Committee of Wives of Lagos State Officials (COWLSO), Dr. Ibijoke Sanwo-Olu; Chairperson, COWLSO 21st National Women’s Conference Planning Committee, Mrs. Nkem Sofela and wife of Lagos State Head of Service, Mrs. Abisola Muri-Okunola, during a press conference to announce activities for the forthcoming conference, held at Lagos House, Alausa, Ikeja, Lagos... yesterday
CBN Seeks to Bar Watch-listed BVN Customers from Banking Services Revised guidelines to checkmate fraud, boost confidence in financial system Reveals law enforcement agencies, others may request for customers’ biometric data James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday issued a revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry, spelling out sanctions and punishment for breaches by customers and other stakeholders. The framework seeks to among other things, define roles and responsibilities of participants in the BVN system; define BVN operations in Nigeria; access, usage and management of the BVN system; outline operations of the BVN Watch-list process; define sanction regime for breaches in BVN operations as well as deter fraud incidences in the Nigerian Banking Industry. Under the new framework, no new account/wallet (except Tier 1) shall be allowed to operate without BVN (except inflows). However, any account/wallet (except Tier 1) without BVN shall
be closed within 30 days, the CBN said. For customers who breach the BVN regulations and subsequently placed on the watchlist, such persons or organisations shall not be allowed to enter new relationship with any participant including banks and other financial services providers. Also, a participant may choose not to continue business relationship with account/wallet (except Tier 1) holder on the watch-list. The bank further explained that where a participant chooses to continue an existing business relationship with holders of account/ wallets(except Tier 1) on the watchlist, such account/wallet (except Tier 1) holder shall be prohibited from all electronic channels including but not limited to ATMs, PoS, internet banking, mobile banking, USSD including issuance of third-party cheques. However, inflows may be allowed, provided these are from legitimate sources, the apex bank added.
According to the new guidelines, a customer with watch-listed BVN shall not reference accounts, access or guarantee credit facilities and shall remain on the Watch-list for a specified period. The bank also pointed out that in the event of a recurrence of breach, the penalty period shall run consecutively. The apex bank, in the revised framework signed by CBN Director, Payment System Management Department, Mr. Musa Jimoh, said the move was in line with the bank's mandate to promote financial system stability and reduce fraud and boost confidence in the system. The framework defines the operations of BVN as well as the establishment and operations of a Watch-list for the Nigerian Banking Industry, to address increasing incidence of frauds and to enhance public confidence in the banking industry. The CBN states that, "This framework, without prejudice to
existing laws, is a guide for the operations of the Watch-list in the Financial System. "The Watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches, as defined within the framework." Under the new regime, customers shall provide accurate biometrics and biodata, abide by the regulatory framework for BVN operations and Watch-list; report all suspicious or unauthorised activities on their accounts/wallets (except Tier 1) to their banks /OFIs, among other requirements. The CBN, in spelling out roles and responsibilities of stakeholders said Banks and Other Financial Institutions (OFIs) Banks and Other Financial Institutions shall be involved in the BVN operations as approved by CBN including the following ensure proper capturing of the BVN data (including BVN captured by their agents) and validate same before the linkage with custom-
FG to Unbundle Railway Operation through PPPs Targets 3mbpd oil production by 2023 To increase power generation capacity by 25,000MW Olawale Ajimotokan in Abuja As part of efforts to improve the movement of goods and persons, the federal government has charged the Ministry of Transportation to renew efforts to see to the passage of the Nigeria Railway Corporation (NRC) Bill that will unbundle the NRC and allow Public-Private Partnership (PPP) play a role in the railway sub-sector. This is just as the government has set an ambitious target of ensuring sufficiency in petroleum products across the country by increasing its oil production capacity to three million barrels per day (mbpd) by 2023, up from the current daily output of about two million bpd. The proposals were among the actionable points from each of the panel sessions recommended at the two- day Mid-term Ministerial Performance Review Retreat that ended yesterday, in Abuja. The Secretary to the Government of the Federation, Boss Mustapha issued the synthesis of the key recommendations from the panel sessions and the way forward for their implementation. He said President Muhammadu Buhari expects to see all the ideas and commitments come to live on the dates promised in addition to
the submissions made to the Federal Executive Council (FEC). To this effect, the Ministry of Petroleum Resources has strategised to increase production and also to negotiate a suitable OPEC quota towards meeting this target by 2023. The federal government also said it has successfully concluded the marginal bid round and agreements on OML 118 and 25. It also stressed the need to implement adequate security measures that would ensure reduction in theft of crude oil and eventually maximise oil production capacity. It, however, stressed that priority was on completing and operationalising the ongoing railway projects across the country. It said the Bureau of Public Enterprises (BPE) has also collated 110 projects for consideration for PPPs, while also putting together an asset register for the country that is aimed at unlocking liquidity. In addition, it assured that the asset register would be ready by December this year. With regard to the current status of the Memorandum of Understanding (MoU) with Siemen on power projects in the country, government said a Special Purpose Vehicle had been formed, noting that the MoU with the German energy and technology firm had been signed.
It said Environmental Impact Assessment (EIA) and Right of Way studies were ongoing, leading to the roll out of the engineering, procurement and construction work. It was expected that under first phase of the project, 7,000 MW of electricity would be generated per day; 11,000 MW per day is to be generated in the second phase and to be followed by 25,000 MW in the third phase, which affects the entire power value chain of generation, transmission, and distribution. On overcoming constraints to power distribution, the panel recommended subsidising electricity production in order to impact on jobs and industries. It also stated that the various refineries under repairs would become functional from 18 months up to the 48 months, adding the completion of refineries’ repairs was timed to align with rehabilitation of the pipelines, storage depots and jetties. The federal government also anticipated that the Dangote Refinery in Lekki, Lagos, would be commissioned by 2022, assuring that delays in the project due to COVID-19 induced supply chain disruptions were being overcome. On the stabilisation of the macro-economy, the panel suggested that both the fiscal and monetary
authorities must work closely to achieve effective policy outcome. In addition, they agreed that there was need to manage the exchange rate better by fixing the education and health sectors so that Nigerians would have the opportunity to study at home and receive medical care at home, thereby saving the huge forex expended on overseas education and medical care. The panel observed that up to 30 per cent of the country’s forex was being spent on petroleum imports. It, however, pointed out that when the Dangote Refinery project comes on stream, and other refineries are fixed, they would save and also generate forex for the country. It noted that the Monetary Policy Committee (MPC) of the CBN was determined to pursue price stability that is good for economic growth. “There is need to pragmatically deal with the issues of oil subsidy and ensure that subsidy removal does not further suffocate the economy, while government will pursue improvement in revenue and revenue collection efficiency through better implementation of the Strategic Revenue Growth Initiatives (SRGI),” it added. The federal government also said the population census and housing survey have been provided for in budget to be effected by 2022.
ers’ accounts/wallets (except Tier 1) in line with the provisions in the SOG; ensure all operated accounts/ wallets (except Tier 1) (including accounts/wallets (except Tier 1) opened through agents) are linked with the signatories’ BVNs within 24 hours of NIBSS making BVN available; enroll all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within one hundred and eighty days (180) days of the issuance of this framework; ensure that BVN details of all signatories, directors, and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1). "This is also mandatory for Non-resident Non-Nigerian Directors (NRNND) of corporate accounts, the bank said. Banks are also to ensure customer’s name on the BVN database is the same in all of his/ her accounts/wallets (except Tier 1) across the Banking Industry; report the BVNs of individuals in breach to NIBSS for update on the Watch-list within 1 business day of breach; report the BVNs of confirmed deceased customers to NIBSS for
designation as “Deceased” on the BVN database within 24hrs of confirmation; use the Watch-list report submitted by participants and duly endorsed by the MD/ CEO of the Institution, with clearance from the Director, Risk Management Department of CBN to delist the BVN from the watch-list. The CBN also stated that without prejudice to the extant laws of Nigeria, law enforcement agencies; National Pension Commission; Pension Fund Administrators may be granted BVN information upon presentation of valid Federal High Court orders under the new regulations. Individuals are not eligible to access BVN information, other than their own, the bank added. On the restrictions on the use of BVN, the bank stated that its use shall be restricted only to purposes specified by the CBN. "The following shall constitute abuse of the BVN: Use of BVN to sanction individuals for non-financial offences; Use of BVN for identification outside the banking system; and any other misuse, as may be designated by the CBN," the apex bank further explained.
WITH E-TRANSMISSION, DIRECT PRIMARIES, SENATE GIVES POWER BACK TO THE PEOPLE the action justified his assurances to Nigerians in July, that all hope was not lost for electronic transmission of 2023 election results despite the initial setback. In a statement by his media aide, Uche Anichukwu, Ekweremadu added: “I want to specially commend the Senate for setting aside narrow partisan interests to correct the mistake of July 15, 2021 by reversing itself on the issue of electronic transmission of election results. “This clause, though not originally part of the Bill, was introduced by the Joint National Assembly Committee on the Independent National Electoral Commission, which I am part of, to save the nation the troubles of ballot box snatching, electoral violence, and manipulations that happen between the polling booth and collation centres. “Although I was representing Nigeria at an international parliamentary session in Montenegro and therefore unavoidably absent during the passage of the Bill in July, I had assured Nigerians that we would work with the progressives across party lines to dialogue with our colleagues and other critical stakeholders to ensure that electronic transmission of results was restored in the Bill. “It is, therefore, heart-warming that my confidence in the capacity of my colleagues to dialogue and rise above narrow partisan interest on this matter was not misplaced. I must also commend the Civil Society Organisations and Nigerians for
standing up for what is right for the nation and our democracy.”
PDP Warns Senate against Rolling Back Democratic Gains
The leadership of the PDP has said the decision by the APC-controlled Senate was a humongous blow to the development of democratic norms and a plot to introduce anarchy during internal party elections as currently obtainable in the APC. A statement by the party’s National Publicity Secretary, Kola Ologbondiyan, held the view that the provision was aimed at increasing the costs of nomination procedures thereby surrendering the processes to money bags against the wishes and aspiration of Nigerians. "Our party makes bold to state that with the exception of the APC, which intends to deploy looted funds in future election, hardly will there be any political party that will be able to raise the cost of conducting internal elections under a direct primary process. "This is why the decision of the Senate has elicited widespread rejection from Nigerians across board," the PDP said, urging the Senate to immediately deploy its appropriate legislative instrument to reverse itself on the direct primary as it was not operable and did not reflect the wishes and aspiration of majority of Nigerians.