Economy
CBN To Monitor Dubious Bank Customers
By Dipo Olowookere
Bank customers involved in fraudulent activities will now be placed under the radar of the Central Bank of Nigeria (CBN).
The country’s apex bank disclosed yesterday that it was working out regulatory framework that would enable it either blacklist these set of bank customers or put them on watch-list across the banking industry.
Speaking at the Finance Correspondents Association of Nigeria (FICAN) Bi-Monthly Forum in Lagos, CBN Director, Banking and Payment Systems Department, Mr Dipo Fatokun, said the Bank Verification Number (BVN) it recently introduced would be used to achieve this.
Mr Fatokun explained that the BVN involves capturing of customers’ physiological or behavioural attributes like fingerprint, signature among others which is coordinated by the CBN and banks in collaboration with the Nigeria Interbank Settlement System (NIBSS).
At the event hosted by the CBN, Mr Fatokun, who spoke on the theme ‘Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services’ disclosed that data from the apex bank showed that although e-fraud rate in terms of value dropped by 63 per cent last year, after the BVN introduction and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 per cent within the year compared to 2014 figures.
He further disclosed that Nigeria experienced a total of 3,500 cyber-attacks with 70 per cent success rate and loss of $450 million within the last one year mainly through cross channel fraud, data theft, email spooling, phishing, shoulder surfing and underground websites.
“I want to assure you that the BVN has assisted us a lot in the banking system. It has assisted us to check frauds, and we are working on a framework, that will enable us if not to blacklist customers, because of some legal implications, but at least to watch-list a customer that is identified to have been fraudulent, or have done what he is not supposed to do across the banking sector,” he said.
He said the PSV 2020 strategy is aimed at providing a roadmap for efficient payments system infrastructure that would be nationally utilized and internationally recognized.
“The payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. In setting out the objectives of the National Payments System (NPS), the goal is to ensure that the system is available without interruption, meet as far as possible, all users’ needs, and operate at minimum risk and reasonable cost,” he said.
He added that the BVN project is jointly undertaken by the CBN in collaboration with the Bankers Committee and remains a strategy of ensuring effectiveness of Know Your Customer (KYC) principles.
“Each Bank customer is given a unique identity across the Nigerian Banking Industry, including Nigeria bank customers in Diaspora,” he said.
The CBN Director said the number of BVN linked to customers’ accounts as at August 23, this year was 36.7 million while the total number of individual customers in the banks was reported as 59.9 million as at the same date.
“Any bank customer resident in Nigeria without a BVN would be deemed to have inadequate KYC while effort is on-going to ensure that customers of Other Financial Institutions (OFIs) such as Microfinance Banks (MFBs) & Primary Mortgage Institutions (PMIs) are brought into the system begin to get their BVNs,” he said.
Mr Fatokun said the e-Payment remains an initiative of CBN under the Payments System Vision 2020 as part of the overall FSS 2020 Strategy adding that one of the CBN mandates is the promotion of a sound financial system (Section 2 (d) of the CBN Act 2007).
He disclosed that Section 47(2) of the CBN Act 2007, stipulates that the CBN shall continue to promote and facilitate the development of efficient and effective systems for the settlement of transactions, including the development of electronic payment systems, adding that the promotion of a sound financial system entails active support for the effectiveness, efficiency and systemic safety of the payments system.
Related articles across the web
By Adedapo Adesanya
NASD Plc, which operates Nigeria’s Over-the-Counter (OTC) securities exchange, has reaffirmed its commitment to reinforcing its long-term strategic direction and governance framework.
The exchange recently convened its major shareholders, board members, and executive management at a high-level stakeholder retreat in Lagos.
NASD said, “The retreat held in Lagos brought together key institutional stakeholders for in-depth discussions on NASD’s evolving role within Nigeria’s capital market ecosystem.
“The engagement provided a structured platform for shareholders and management to align on strategic priorities necessary to deepen institutional strength, enhance market relevance, and support sustainable growth.”
The company noted that deliberations focused on the importance of strong shareholder collaboration, disciplined strategy execution, and equitable governance practices to further strengthen investor confidence and long-term value creation.
The statement added that participants exchanged views on navigating market complexity, adapting to regulatory and economic changes, and ensuring that the Exchange continues to operate in line with global best practices while addressing the specific needs of Nigeria’s over-the-counter market.
NASD emphasised that the retreat highlighted the critical role of close alignment among shareholders, the Board, and executive leadership in shaping the Exchange’s next phase of development. By encouraging open dialogue and shared strategic intent, the engagement reaffirmed NASD’s commitment to transparency, institutional resilience, and leadership within the capital market.
The session concluded with a group engagement reflecting the depth of experience, governance oversight, and collective responsibility guiding NASD’s strategic outlook as it continues to enhance its contribution to Nigeria’s financial market architecture.
NASD posted a standout performance in 2025, with its market diversification strategy delivering a surge in listings, deeper market activity, and a sharp expansion in market value across its alternative trading platforms.
Last year, the market capitalisation on the exchange more than doubled to N2.12 trillion, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.
The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.
Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.
The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.
The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading.
By Bon Peters
The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers State, surpassed its 2025 revenue target by generating about N288.8 billion.
In the preceding financial year, the command generated N200.8 billion as revenue, indicating a year-on-year growth of 43.83 per cent.
Addressing journalists in Port Harcourt, the Customs Area 1 Controller, Comptroller Salamatu Atuluku, disclosed that the target for the command last year was N216.9 billion, indicating that this was surpassed by N71.8 billion or 33.1 per cent.
She attributed this achievement to the effectiveness of improved compliance monitoring, enhanced cargo examination processes, automation-driven controls, and sustained stakeholder sensitization.
According to her, the monthly revenue performance remained consistently strong throughout the year, with the highest collection recorded in October 2025 at N33.7 billion.
On export trade facilitation, she hinted that in line with the federal government’s economic diversification agenda, the command intensified efforts toward facilitating legitimate export trade, adding that within the year under review, it processed a total export volume of over a million metric tons, comprising both oil and non-oil commodities with a Free on Board (FOB) value of $463.6 million, which she said contributed meaningfully to Nigeria’s foreign exchange earnings.
In addition, Ms Atuluku stated that N838.02 million was paid as Nigeria Export Supervision Scheme (NESS) charges for both oil and non-oil exports during the year, noting that this reflected an increased exporter participation, improved documentation compliance, and the command’s deliberate efforts to streamline export procedures while ensuring adherence to extant regulations.
On anti-smuggling and enforcement activities, it was disclosed that the command sustained vigorous enforcement operations throughout 2025, deploying intelligence-led interventions, risk profiling, and routine cargo examinations to curb smuggling and protect national interests, resulting in the interception of undeclared pharmaceutical products at the NACHO shed.
The items intercepted included Progesterone 100mg/2ml, and Isifrane IP 250ml among others, discovered in three packages without the mandatory NAFDAC regulatory certification, contrary to import guidelines governing pharmaceutical products, the Controller stated.
In the year under review, the personnel of the command benefitted from periodic training programs, sensitization sessions, operational briefings, and system-focused engagements, particularly in areas of customs automation, risk management, enforcement procedures, and trade facilitation.
On infrastructural development, the command renovated the Quarter Guard, thereby enhancing access control, security coordination, and command presence at the main entry point, including the Command Staff Clinic which was renovated and upgraded to improve healthcare delivery and working conditions for medical personnel, and beneficiaries.
Also, the command executed a Corporate Social Responsibility (CSR) intervention on December 11, 2025, at the Model Primary School I and II, Orominike, D-Line, Port Harcourt, with the donation of customs-branded notebooks, school bags, and school uniforms, aimed at supporting basic education and easing the burden on pupils and parents within the host community.
By Adedapo Adesanya
Five securities caused the NASD Over-the-Counter (OTC) Securities Exchange to experience a setback of 0.64 per cent on Monday, February 2.
During the first trading session of February 2026, FrieslandCampinaWamco Nigeria Plc shrank by N4.46 to end at N63.54 per unit versus the previous session’s N68.00 per unit, as Okitipupa Plc depreciated by N3.83 to close at N230.77 per share versus last Friday’s N234.60 per share.
Further, Central Securities Clearing System (CSCS) dropped 50 Kobo to sell at N40.00 per unit compared with the previous closing price of N40.50 per unit, UBN Property Plc dipped by 21 Kobo to N1.99 per share from N2.20 per share, and Acorn Petroleum Plc lost 3 Kobo to end at N1.35 per unit versus N1.38 per unit.
As a result, the market capitalisation went down by N13.98 billion to settle at N2.158 trillion, in contrast to the previous value of N2.171 trillion, and the NASD Unlisted Security Index (NSI) contracted by 23.35 points to settle at 3,606.76 points compared with last Friday’s closing value of 3,630.11 points.
Amid the loss, Geo-Fluids Plc managed to finish green after it chalked up 9 Kobo to sell at N6.84 per share versus the N5.75 per share it ended in the last trading day.
Yesterday, the volume of securities traded by investors surged by 1,238.5 per cent to 3.9 million units from 287,618 units, the value of securities increased by 1,075.2 per cent to N36.0 million from N3.1 million, and the number of deals soared by 90.5 per cent to 40 deals from 21 deals.
At the close of trades, CSCS Plc remained the most traded stock by value (year-to-date) with 15.4 million units valued at N623.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.2 million, and Geo-Fluids Plc with 10.6 million units sold for N69.9 million.
CSCS Plc was also the most active stock by volume (year-to-date) with 15.4 million units traded for N623.9 million, trailed by Geo-Fluids Plc with 10.6 million units worth N69.9 million, and Mass Telecom Innovation Plc with 10.1 million units transacted for N4.1 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn