CBN Mandates Banks to Collect Customers’ Social Media Handles As Part of Enhanced CDD

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In a bid to improve Customer Due Diligence, CDD, regulations, the Central Bank of Nigeria CBN has mandated banks to obtain the social media handles of all customers.

The directive was contained in the CBN, Customer Due Diligence Regulation 2023 issued over the weekend via a circular signed by the Director, of the Financial Policy and Regulation Department, CBN, Mr. Chibuzor Efobi.

The regulation stated: “Financial Institutions, FIs shall not establish or keep anonymous accounts, numbered accounts or accounts in fictitious names.

“FIs shall undertake CDD measures when:

Establishing business relationships;

“Carrying out occasional transactions above the applicable and designated threshold of US$1,000 or its equivalent in other currencies or as may be determined by the CBN from time to time, including where the transaction is carried out in a single or several transactions or operations that appear to be linked;

Carrying out occasional transactions that are wire transfers, including cross-border and domestic transfers between FIs and when credit or debit cards are used as a payment method to effect money transfer;

“There are doubts as to the veracity or adequacy of previously obtained customer identification data; or

“There is a suspicion of ML, TF, and PF regardless of any exemptions or any other thresholds referred to in these Regulations or the CBN AML, CFT, and CPF Regulations.

“FIs shall establish internal processes and procedures for conducting CDD measures for all potential and existing customers, including occasional customers.”

The CBN further stated that, “CDD measures shall include —customer identification and verification of identity; identification and verification of identity of beneficial owners (BOs); understanding nature and purpose of business;

Understanding the sources of funds; and; and conducting ongoing due diligence on the business relationship and monitoring for suspicious activities.”

“FIs shall identify their customer (whether permanent or occasional, and whether natural or legal persons or legal arrangements) and obtain the following information —

(a) for Individuals —

legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address and social media handle, date and place of birth, Bank Verification Number (BVN), Tax Identification Number (TIN), nationality, occupation, public position held and name of employer.

“An official personal identification number or other unique identifier contained in an unexpired document issued by a government agency, that bears a name, photograph, and signature of the customer such as a passport, national identification card, residence permit, social security records or drivers’ license,

“Type of account and nature of the banking relationship, and signature, and politically exposed persons (PEPs) status

CBN Collaborates With Bill Gates To Promote Financial Inclusion

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The Central Bank of Nigeria and the Bill and Melinda Gates Foundation have finalized the plan to drive financial inclusion in the country.

According to a statement from the apex bank on Sunday, the two groups recently held a strategic meeting on how to deepen collaboration on financial inclusion in Nigeria.

During the meeting, the CBN’s Acting Governor, Mr. Folashodun Shonubi, reiterated the commitment of the apex bank to continually partner with BMGF and other development partners to explore innovative solutions for driving access to finance.

The acting CBN governor also noted that the move for financial inclusion in Nigeria faced a number of challenges.

The statement read in part, “Mr. Shonubi, who was accompanied by the Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, disclosed that though much progress had been made in various aspects of financial inclusion, some challenges still remained in attaining the desired level of financial inclusion in Nigeria. He, therefore, called for greater partnership between the Bank and the BMGF.”

In his remarks, the Co-chair of the Bill and Melinda Gates Foundation, Mr. Bill Gates, stated that the foundation’s focus areas for continued engagement in Nigeria included health, agriculture, and financial services.

The statement added, “Mr. Gates expressed satisfaction that support from his organization was catalyzing developmental action in Nigeria. While nothing that there were still challenges and gaps, he expressed optimism that the country would witness better outcomes given the new economic and monetary policies currently in place in Nigeria.

“The BMGF has supported financial inclusion in Nigeria since 2012 and has been a strategic partner of the CBN in driving innovation to reach excluded segments of Nigeria’s population with financial products and services.

“The partnership has brought about strategic initiatives such as the Nigeria financial services maps, a gateway for geospatial mapping of access points, the development of the National Financial Inclusion Strategy in 2012 and a revision in 2018, research into financial exclusion, scoping of digital financial services in Nigeria, and many more activities that help accelerate access to financial services.”

NITDA, WOMENOVATE COLLABORATE TO PROMOTE GENDERDIVERSITY IN TECHNOLOGY AND ENGINEERING

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To ensure gender equity and diversity in our digital economy and technology ecosystem, the National Information Technology Development Agency (NITDA) set to collaborate with Womenovate to promote gender diversity in technology and engineering and eliminate gender bias.

NITDA’s Director General, Kashifu Inuwa CCIE who was represented by the Agency’s Head, SERVICOM Unit Mrs. Tarindu Ndoni, and the Special Adviser to the DG on Strategy and Innovation, Mrs. Iklima Musa expressed his optimism about the collaboration during the International Women in Engineering Day (INWED), which is an annual international awareness campaign that celebrates the achievements of women in engineering.

The DG stated that women play an important role in all facets of life, and their invaluable contributions shape the world we live in, drive progress, foster inclusivity, and inspire future generations.

“The Women in Tech and Engineering Summit is the perfect opportunity for women to come together and share their experiences which can contribute to the growth and development of female involvement and empowerment in ICT,” he opined.

The NITDA Boss disclosed that the new digital age, also known as the fourth industrial revolution has brought about technologies that are reshaping the world around us today and integrating these technologies and the innovations derived from them have the potential to impact growth, economic well-being, and survivability of our socio-economic landscape.

Inuwa stated that with Nigeria being a hotbed for innovation, harnessing these technologies allows the nation to create wealth, create jobs, implement economic diversification, and open more opportunities to expand economic fortunes.

“It is, however, impossible to harness these technologies without distilling the necessary skills – a venture that Womenovate has also taken upon themselves,” he said.

He further explained that “The local and global tech industries are the fastest growing and most lucrative sectors of the economy. Accordingly, NITDA bears the responsibility to encourage and coordinate transformative digital innovation at a national level.

The Agency has taken the necessary steps to create an enabling environment that maximises the potential of women, girls, and other underserved communities in Nigeria and promotes their ability to contribute to the economy.”

The DG mentioned that ensuring gender equity in our digital economy and tech ecosystem is not just a matter of inclusion but a prerequisite for sustainable development. He added that according to the Council on Foreign Relations, if women’s participation in digital economy sectors nears parity, Nigeria stands to gain USD 229 billion in GDP growth by 2025.

“This means that a larger share of the global digital economy, which the World Economic Forum (WEF) projects to be worth US$20.8 trillion by 2025 will be fully harnessed,” he said.

He further asserted that NITDA is dedicated to creating life-transforming opportunities for women, which it is accomplishing through the implementation of the NITDA Strategic Roadmap and Action Plan (SRAP), a child of the National Digital Economy Policy and Strategy (NDEPS).

“Our collaboration with the World Bank has aided in the provision of resources for women. Over 560 women across Nigeria have been given the resources to promote their entrepreneurial and career pursuits both locally and remotely” NITDA DG mentioned.

Inuwa said these opportunities grant women the chance to bring in unique perspectives, experiences, and skills that are more likely to focus on social issues and address the needs of underserved communities.

He further noted that the Gender Digital Inclusion Strategy to bridge the gender digital divide and address concerns that arise from accessibility, digital literacy and the promotion of safe online environments is currently underway.

“It will promote digital literacy for women and girls, encourage digital entrepreneurship, and will eventually create a culture of digital use in services by women across Nigeria,” he explained.

He reiterated that “NITDA remains committed to accelerating national progress to a more digitally enabled economy, and we believe that the involvement of women plays a vital role in accelerating the development of Nigeria’s tech sector and will create and inspire future technology leaders who will continue to transform the Nigerian tech ecosystem”.

He urged the participants, awardees, and everyone present to be open-minded and apply what they learned in all their ventures stating that their creativity, innovative ideas, and inventiveness are the driving factors that will open new markets, expand investment opportunities, and boost income.

Earlier, the Executive Director, of Womenovate LLC, Motunrayo Opayinka while giving her welcome address expressed her delight in the cause to raise awareness and promote the value of women in technology and engineering.

She identified some expected outcomes of the program, the increased representation of women in technology and engineering leadership positions, increased employment of female STEM graduates, and a supportive and collaborative community of female technology and engineering experts who can mentor, advise and support each other.

Nigeria’s Innovative Approach to Development of Nigeria Startup Act Celebrated at 2023 TNW Conference

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Nigeria’s groundbreaking approach to the development of the Nigeria Startup Act (NSA) was applauded by global technology stakeholders during the Deep Tech Roundtable at the 2023 TNW Conference, held at the Taets Art and Event Park from June 15th to 16th.

Kashifu Inuwa Abdullahi, CCIE, the Director General/CEO of the National Information Technology Development Agency (NITDA), attended the conference as a Special Guest and actively participated in several roundtable sessions, including ‘The Assembly’ and the Startup Genome Ecosystem Leadership Forum.

Represented by Dr. Usman Gambo Abdullahi, Director of Information Technology Infrastructure Solutions, the DG highlighted Nigeria’s initiatives aimed at fostering the growth and development of the country’s startup ecosystem. He emphasized that the Nigeria Startup Act, co-created by various ecosystem stakeholders, exemplifies the country’s commitment to Developmental Regulation, one of the pillars of the National Digital Economy Policy and Strategy for a Digital Nigeria (NDEPS).

The NSA project, driven by the Federal Ministry of Communications and Digital Economy in collaboration with Nigeria’s tech ecosystem and the Presidency, aims to harness the potential of Nigeria’s digital economy through co-created regulations.

The Act’s objectives include providing an enabling environment for startup establishment, development, and operation in Nigeria, creating a legal and institutional framework for startups, fostering the growth of technology-related talent, and positioning Nigeria’s startup ecosystem as Africa’s leading digital technology center with exceptional innovators possessing cutting-edge skills and exportable capacity.

The DG explained that the Act consists of ten parts, covering five drivers: collaboration, engagement, incentives, linkages, and support. One significant provision is the establishment of the National Council for Digital Innovation and Entrepreneurship, presided over by the President as Chairman. The Council includes representatives from the Federal Executive arm of Government, the Director General of NITDA as Secretary, the Nigeria Computer Society, the Computer Professionals Registration Council of Nigeria, and the Startup Consultative Forum.

Its responsibilities encompass monitoring and evaluating regulatory frameworks, formulating and implementing policy guidelines, overseeing the harmonization of laws and regulations, and promoting the development of startups in Nigeria. NITDA will serve as the Secretariat of the Council, with the DG holding the dual role of Secretary and Head of the Secretariat.

Additionally, the DG highlighted the establishment of a Startup Support and Engagement Portal, which serves as a centralized platform for startups to register with all relevant regulatory agencies. This streamlined approach saves time and reduces costs associated with engaging multiple agencies individually, aligning with the Presidential Enabling Business Environment Council’s provisions to enhance the ease of doing business within the tech ecosystem.

Furthermore, the DG mentioned the creation of a Startup Investment Seed Fund, to be managed by the Nigeria Sovereign Investment Authority (NSIA). The fund targets early-stage startups, hubs, and entities supporting the startup ecosystem. It will be funded annually with a minimum of N10,000,000,000.00 (Ten Billion Naira) to provide financing in the form of seed funds, grants, or loans.

The DG expressed optimism about the Act’s potential to revolutionize the startup ecosystem in Nigeria and called upon stakeholders to support the Secretariat in maximizing its benefits.

Stakeholders in attendance praised Nigeria’s innovative approach and viewed it as a model for co-created regulation that others should emulate. Matt Smith, Director of Policy and Research at the Global Entrepreneurship Network (GEN), commended Nigeria’s unprecedented developments in the startup ecosystem.

He noted that governments often struggle to empower entrepreneurs due to complex reforms, policies, and programs spanning multiple departments. Without central coordination, such reforms may encounter obstacles such as limited legislative capacity or conflicting

FG, States, LGAs Share N786bn May Revenue.

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The Federation Account Allocation Committee says it shared N786.16bn among the three tiers of government in May 2023.

The figure represents an increase of N130.23bn compared to the N655.93bn shared in April 2023, and it is the highest this year and the first increase following a constant decline since January.

FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Thursday.

The meeting was chaired by the new Accountant General of the Federation, Dr Oluwatoyin Madein.

The total amount includes gross statutory revenue, Value Added Tax, Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levies.

The communique read, “The N786.16bn total distributable revenue comprised distributable statutory revenue of N519.55bn, distributable Value Added Tax revenue of N251.61bn, Electronic Money Transfer Levy of N14.37bn, and Exchange Difference revenue of N0.64 bn.”

The Federal Government received N301.89bn, the states received N265.88bn, and the local government councils got N195.54bn, while the oil-producing states received N22.86bn as derivation (13 per cent of mineral revenue).

Paris Summit: Subsidy removal, FX policy needed for survival, says Tinubu

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President Bola Tinubu, on Thursday, in France, said Nigeria is ready to do business and receive investments from foreign partners.

He premised this on the ongoing reforms such as the removal of fuel subsidies and the streamlining of the exchange rate, moves he promised to sustain for a more competitive economy that attracts Foreign Direct Investment.

Therefore, he urged investors to take advantage of the ensuing opportunities.

“We are ready for business, prepared to welcome investments,” Tinubu said, while receiving President and Chairman of the Board of Directors of African Export-Import Bank, Prof. Benedict Oramah, and President of European Bank for Reconstruction and Development, Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact.

The President’s Special Adviser on Special Duties, Communication, and Strategy, Dele Alake, disclosed this in a statement he signed on Thursday titled ‘We’re ready for business, prepared to welcome investors to Nigeria, President Tinubu tells AfreximBank, EBRD Presidents in Paris.

The Nigerian Leader assured the delegation of AfreximBank Executives led by Prof Oramah that the Federal Government will continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.

“We need reforms for national survival,’’ he added, noting that it would take boldness and courage to reposition the economy, calling for more collaboration to solidify the economy.

“We must stimulate recovery for the growth and prosperity of our people, which will not be far away. Nigeria is ready for global business and our reform is total.

“Nigeria is blessed with human and material resources,’’ President Tinubu told the delegation, who had earlier listed infrastructure, health, energy, and agriculture as areas of intervention to buoy the economy.

Prof Oramah commended Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate, assuring the Nigerian leader of the full support of the financial and development institution on the ongoing reforms.

He said the bank was already building the first African Specialist Hospital in Abuja, and Energy Bank, pledging to inject more money into the economy to further build the confidence of investors.

In the meeting with the EBRD, the President said, “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with the removal of fuel subsidy, and multiple exchange rates are equally gone.

Rev Dr Yakubu Pam Congratulates New SGF, Senator George Akume.

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The Executive Secretary of the Nigerian Christian Pilgrim Commission (NCPC), Rev Dr Yakubu Pam, visited the newly appointed Secretary to the Government of the Federation (SGF), Senator George Akume, in his office today to extend his congratulations. President Bola Ahmed Tinubu appointed Senator Akume as the 21st SGF on 7th June 2023.

During the visit, Rev Dr Yakubu Pam expressed his sincere felicitations to Senator Akume on his well-deserved appointment as the SGF. He commended the Senator’s capabilities and affirmed his confidence in his ability to steer the affairs of the Federal Government of Nigeria, particularly in realizing President Tinubu’s vision of “Renewed Hope.”

The press release was signed by Celestine Toruka, Deputy Director and Head of Media and Public Relations at the NCPC, on 22nd June 2023.

Rev Pam acknowledged Senator Akume’s commendable leadership qualities and vast experience in various positions of responsibility throughout his political career. He highlighted the Senator’s successful tenure as the two-term Governor of Benue State, his distinguished service as a Senator of the Federal Republic, and his recent role as the Honourable Minister of Special Duties and Inter-Governmental Affairs.

The NCPC boss further emphasized that the Nigerian Christian Pilgrim Commission operates under the direct supervision of the Office of the Secretary to the Government of the Federation (OSGF). Consequently, he assured Senator Akume of his unwavering loyalty and cooperation in their shared commitment to the success of the government’s policies and programs.

In concluding his visit, Rev Dr Yakubu Pam offered a prayer for the SGF, invoking divine blessings of good health, wisdom, and knowledge. He expressed hope that Senator Akume would effectively monitor and implement the federal government’s policies, advancing the cause of governance in Nigeria.

Senator George Akume’s appointment as the Secretary to the Government of the Federation has garnered praise and best wishes from various quarters. As he assumes his new role, Nigerians are hopeful that his experience and leadership will contribute to the successful implementation of government policies and the overall development of the nation.

Cross River Governor, Senator Bassey Otu, to Renovate Office to 21st Century Standard.

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In a move to address the dire condition of the Governor’s Office, Senator Prince Bassey Otu, the Governor of Cross River State, has unveiled plans to renovate the complex and transform it into a state-of-the-art smart office befitting the 21st century.

Expressing his dissatisfaction with the deteriorating state of the office during an interactive session with the Governor’s Office staff, Governor Otu emphasized the need for immediate action. 

He announced the temporary relocation of the staff to facilitate a comprehensive overhaul and modernization of all departments and units within the office.

In an official press release issued by Chief Press Secretary Mr. Emmanuel Ogbeche in Calabar on Tuesday, Governor Otu expressed his vision for the renovation project. He stated, “While a brand new office complex would be ideal, given the numerous competing demands, our focus will be on remodeling the existing one to meet the requirements of the 21st century.”

Governor Otu acknowledged that the current edifice had served several administrations but recognized the limitations imposed by time. Nevertheless, he assured the staff of his commitment to creating a conducive working environment for all. 

To achieve this, he announced his intention to secure alternative accommodation for the staff during the renovation process, enabling the timely transformation of the existing office into a modern, technologically advanced workspace aligned with contemporary realities.

“The renovation of this office will be undertaken swiftly if we can secure an appropriate space for the staff,” Governor Otu declared. He emphasized that the project was one of his administration’s key objectives, signaling his determination to achieve meaningful progress within his first 100 days in office.

Governor Otu also addressed the issue of welfare, recognizing the hardships faced by civil servants due to the removal of subsidies and subsequent fuel price hikes. 

He assured the staff that measures would be introduced to mitigate the impact on their livelihoods.

Seeking their loyalty and cooperation, Governor Otu urged the staff to exhibit greater commitment and dedication to ensure effective and efficient service delivery to the people of Cross River State.

Deputy Governor Rt. Hon. Peter Odey commended Governor Otu for his proactive initiative in upgrading the working environment and enhancing the welfare package for workers in the state. 

He encouraged the staff to reciprocate this gesture by giving their best efforts in their respective roles.

In his introductory remarks, Secretary to the State Government Prof. Anthony Owan-Enoh expressed appreciation to the governor for his engagement with the staff, a gesture that had not been witnessed in the office for over a decade. 

He conveyed the staff’s eagerness to witness the promised positive changes and affirmed their unwavering cooperation, loyalty, and commitment to their duties.

The renovation of the Governor’s Office signifies Governor Otu’s commitment to modernizing the state’s administrative infrastructure. 

Cross River State can look forward to a rejuvenated office space that reflects the demands and expectations of the 21st century.

Tinubu Returns NAHCON, NEMA To Vice President’s Office.

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President Bola Tinubu has approved the return of the National Hajj Commission of Nigeria (NAHCON) to the Vice President’s office.

This was revealed in a statement on Tuesday by the director information in the Vice President Office, Olusola Abiola.

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The president also approved the return of the National Emergency Management Agency (NEMA) to the VP’s office.

The decision was in line with their establishment laws.

Before this decision, NAHCON was reporting to the Office of the Secretary to the Government of the Federation (OSGF), while NEMA was domiciled at the newly created Ministry for Humanitarian Affairs.

It can be recalled that NAHCON was domiciled at the Presidency.

Below is the statement:

PRESIDENT TINUBU APPROVES RETURN OF NEMA, HAJJ COMMISSION TO VICE PRESIDENT’S OFFICE

President Bola Tinubu has approved the return of the National Emergency Management Agency (NEMA) and the National Hajj Commission of Nigeria (NAHCON) to the Office of the Vice President for supervision, in compliance with their various establishment Acts.

The President has also approved a formal structure for the Office of the Vice President as well as an appropriate number of technical and administrative aides that will work with the Vice President in the discharge of his responsibilities.

Olusola Abiola
Director, Information
Office of the Vice President
20th June 2023

NAHCON’s Director of Admin/Human Resources, Recognized as Fellow by Institute of Corporate Administration.

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The National Hajj Commission of Nigeria (NAHCON) is proud to announce that its Director of Admin/Human Resources, Dr. Ibrahim Mohammed Sodangi (FCIA), has been honored as a Fellow by the Institute of Corporate Administration.

The prestigious recognition was bestowed upon Dr. Sodangi during the Institute’s 2023 2nd Quarter Management Conference held in Abuja, where he was represented by his dedicated staff member, Muhammad Bashir Maina.

The Institute of Corporate Administration acknowledges Dr. Sodangi’s competence in administrative and leadership strategies, as well as his outstanding performance as an administrator.

This esteemed recognition is a testament to his dedication, expertise, and significant contributions in the field of administration.

As the Director of Admin/Human Resources at NAHCON, Dr. Ibrahim Mohammed Sodangi has exhibited exemplary leadership and managerial skills, ensuring the smooth functioning of administrative operations within the organization.

His tireless efforts in implementing effective strategies and policies have greatly contributed to the efficiency and effectiveness of NAHCON’s operations.

Dr. Sodangi’s recognition as a Fellow by the Institute of Corporate Administration highlights his commitment to excellence and professionalism in his administrative role. It also signifies his valuable contributions to the development of administrative practices and leadership in Nigeria.

NAHCON extends heartfelt congratulations to Dr. Ibrahim Mohammed Sodangi on this well-deserved honor.

His dedication and exceptional performance continue to inspire his colleagues and set a high standard for administrative professionals across the country.