By Adedapo Adesanya

The Central Bank of Nigeria (CBN) is eyeing $1 billion monthly in remittances as it launched the Non-Resident Bank Verification Number (NRBVN) platform alongside the Nigeria Inter-Bank Settlement System (NIBSS).

According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in Nigeria.

The CBN Governor, Mr Yemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

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

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” he said.

Mr Cardoso described the NRBVN as a dynamic platform.

“It is not the final destination, but it is the beginning of a broader journey.

“Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves,” he said.

He said that remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

According to him, with the NRBVN in place, the CBN is optimistic about reaching its $1 billion monthly remittance target.

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

“This platform is not just about financial access, it is about national inclusion, innovation, and shared prosperity,” he said.

Mr Cardoso also reiterated the apex bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

In his remarks, Mr Muhammad Abdullahi, CBN’s Deputy Governor, Economic Policy Directorate, said that the NRBVN stood as a transformative tool, meticulously designed to enhance the banking experience for our diaspora community.

Mr Abdullahi said that by providing secure, remote access to financial services, the platform simplifies the process of maintaining robust banking relationships, facilitating meaningful investments in Nigeria, and supporting the seamless flow of remittances.

“It is our firm belief that this initiative will not only strengthen economic ties, it will also foster a sense of pride and belonging among Nigerians worldwide, encouraging them to play an even greater role in our nation’s development,” he said.

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.

Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has selected Fidelity Bank, UBA, Zenith Bank, First Bank, Jaiz Bank, Lotus Bank, and six other Primary Lending Institutions (PLIs) to disburse the long-awaited Cabotage Vessels Financing Fund (CVFF) at a single-digit interest rate.

The Director-General of NIMASA, Mr Dayo Mobereola, disclosed this during a virtual meeting in Lagos on Monday, which was attended by stakeholders including representatives of these financial institutions.

He said the move was to transform the maritime sector, emphasising that President Bola Tinubu’s administration, with the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, had secured approvals for the fund’s operationalisation.

The PLIs are the designated banking institutions for the disbursement.

Mr Mobereola underscored the transformative potential of the initiative, stating that it would empower indigenous shipowners to compete more effectively and significantly boost local content within the maritime industry.

He noted that the CVFF is a loan facility with a single-digit interest rate, adding that the utilisation of which would be closely monitored.

According to him, its monitoring will ensure it achieves its intended objectives of fostering growth and capacity development among Nigerian operators.

“This demonstrates the establishment of clear frameworks for transparent, efficient, and impactful fund utilisation, directly empowering our indigenous shipowners,” Mr Mobereola said.

He noted that the CVFF was established under the Coastal and Inland Shipping Act of 2003 to provide vital financial support for vessel acquisition and overall capacity building for Nigerian maritime businesses.

“Despite nearly two decades of regulatory hurdles and past challenges, we are now at the cusp of a new era,” he added.

According to the director-general, the CVFF disbursement is expected to generate significant employment opportunities for Nigerian seafarers and strengthen ancillary maritime services, maintaining that this would contribute to the overall growth of the nation’s blue economy.

He assured stakeholders that the CVFF implementation framework prioritises transparency and accountability, featuring a dedicated Secretariat Cabotage Unit, clearly defined eligibility criteria, and the strategic partnership with the 12 PLIs to streamline access to the funds.

Mr Mobereola urged all prospective applicants to adhere to the established procedures through the designated financial institutions, reiterating that the CVFF is a strategic investment in maritime future and not a grant programme.

“The CVFF represents not just the end of a long wait but the beginning of a new era for Nigerian shipping,” he added.

On his part, Mr Jubril Abba, the Executive Director of Cabotage Services at NIMASA, explained that the fund is design to invigorate activities within the maritime space.

He commended the President and the minister for their decisive action in ensuring the disbursement to benefit indigenous maritime operators.

NIMASA’s Legal Consultant on CVFF, Mr Adedoyin Afun, elaborated on the Cabotage Act’s provisions, noting that it is specifically designed for Nigerian citizens.

Mr Afun explained further thar the Act aims to promote the development of shipping within Nigeria’s territorial waters.

He clarified the key requirements: vessels must be owned, built, operated, and managed by Nigerians.

Mr Afun also outlined NIMASA’s enforcement powers under the Act and highlighted that vessels must have been purchased within 12 months prior to loan application.

The financial consultant for the fund, Mr Yusuf Buhari, said that the CVFF aims to provide Nigerian shipowners with access to affordable financing, thereby reducing Nigeria’s reliance on foreign vessels for its coastal and inland shipping needs.

He explained the required applicant contributions, with NIMASA (CVFF) providing up to 50 per cent or a maximum of $25 million, with no direct funding.

According to him, the loan tenure is set at eight years, and the currency will be translated to US Dollars to align with international best practices.

By Aduragbemi Omiyale

Shareholders of Abbey Mortgage Bank Plc will meet on Wednesday, May 28, 2025, for their yearly gathering to discuss the dividend payment proposed by the board and other issues.

The financial institution confirmed the date for the 33rd Annual General Meeting (AGM) in a statement made available to Business Post through its representatives.

The lender, which reaffirmed its commitment to providing long-term value to its customers and shareholders, said the AGM would hold virtually by 11:00am, promising to provide further details for participation on its website and official communication channels in the coming days.

This year’s AGM will provide an important platform for the bank to engage with shareholders, present its audited financial statements for the year 2024, and also discuss key milestones, governance decisions, and strategic goals for the future.

The meeting will also include the presentation of its financial report, dividend payment, discussion on business growth strategies and expansion. It will also serve as a forum for shareholder engagement and feedback.

In the statement signed by its Managing Director, Mr Mobolaji Adewumi, the company expressed its reflection to build on accountability, transparency, and the trust of stakeholders.

“The AGM represents more than an annual tradition, it is a reflection of our accountability, transparency, and the trust we continue to build with our stakeholders.

“We look forward to sharing our progress and vision for the future with our shareholders and the broader community,” the bank, which pledged to continue to play a leading role in the growth and development of Nigeria’s mortgage banking sector, stated.