🇳🇬NigeriaWest Africa
Nigeria's central bank tightens BVN regulations amid rising fraud concerns
via Punch Nigeria3 min read
The Central Bank of Nigeria has introduced new Bank Verification Number regulations to combat financial fraud in the digital economy. These amendments to the Revised Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry 2021 aim to promote financial stability. Starting May 1, a temporary watch list will flag accounts linked to suspicious transactions for up to 24 hours, requiring financial institutions to contact account holders for clarification. This is one of ten key elements designed to protect bank customers. While BVN has significantly reduced fraud losses and cases since its 2014 introduction, Nigeria still faces a high fraud rate globally, ranking 110th out of 112 countries in 2025. The new rules also restrict BVN enrollment to individuals aged 18 and above, eliminating proxy enrollment for minors to enhance accountability. However, limiting phone number changes linked to BVNs to a single instance raises concerns about potential hardships for genuine customers in a country with widespread SIM swaps and device theft. The CBN's decision to restrict BVN database access to licensed financial institutions is a positive step for data protection, but requires stringent oversight. The evolving nature of fraud, including the use of AI, necessitates more advanced security measures like deeper integration of biometric verification systems with the National Identity Management Commission database and improved collaboration between banks and tele
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This summary was AI-generated from a story originally published by Punch Nigeria.
UAC of Nigeria Plc has listed its N54.03bn Series 1 bond on Nigerian Exchange Limited NGX, providing the company with access to long-term capital and highlighting NGX's role as a multi-asset platform. The seven-year senior unsecured instrument, admitted to trading on April 17, 2026, has a fixed coupon of 17.35 percent and was issued under UACN’s N150bn multi-instrument programme. Priced at par with 54.03 million units at N1,000 each, the bond will mature on December 15, 2032. Investors will receive semi-annual coupon payments on June 15 and December 15 throughout the tenor. The offer closed in December 2025. The bond includes a four-year moratorium on principal repayment, after which amortisation will begin, with an option for early redemption at the issuer’s discretion. David Adonri, Vice Chairman of Highcap Securities Ltd, noted that the listing demonstrates issuers' continued ability to access long-term funding, reflecting the depth of the domestic debt market and NGX's relevance for capital raising. The transaction was arranged by Stanbic IBTC Capital Limited, Chapel Hill Denham Advisory Limited, Quantum Zenith Capital & Investments Limited, and FCMB Capital Markets Limited, with Chapel Hill Denham Securities Limited as stockbroker. Stanbic IBTC Trustees Limited served as trustee, and Africa Prudential Plc was appointed registrar. This listing underscores NGX’s evolution beyond equities, strengthening its fixed income segment.
The Super Falcons of Nigeria have moved up one place to 36th in the latest women’s world rankings but have recorded their lowest FIFA ranking points total in three years, now at 1602 points. This marks a five-point drop from December 2025 and is their lowest points return since June 2023. Despite this decline, Nigeria remains Africa’s top-ranked side, significantly ahead of South Africa, Ghana, Morocco, and Zambia. Globally, Spain holds the first position, followed by the United States and England. The team's inconsistent international schedule, including missing the April international window and reported withdrawals from planned friendlies, has contributed to the points erosion. This inactivity has raised concerns among players like Captain Rasheedat Ajibade and goalkeeper Chiamaka Nnadozie regarding preparation for the 2026 Women’s Africa Cup of Nations and subsequent 2027 Women’s World Cup qualification. The Falcons have only assembled once since qualifying for the 2026 WAFCON last October.
Former Nigeria international Mutiu Adepoju has endorsed Kelechi Iheanacho's potential return to the Super Eagles. Despite an injury-plagued season with Celtic, Iheanacho has shown a resurgence in form, scoring six goals and providing one assist in 18 appearances for the Scottish club. His recent performances, including two goals in the Scottish Cup semi-final, have sparked discussions about his national team prospects. Adepoju highlighted Iheanacho's enduring quality and experience, stating that his current form could warrant a recall if sustained. Adepoju expressed happiness about Iheanacho's improved performance at Celtic and confidence in his ability to maintain it, emphasizing the importance of experience in the national team. Iheanacho, who has 58 caps for Nigeria, previously played for Manchester City and Leicester City. His recent form, with three goals in his last three matches, underscores his sharpness. He last played for Nigeria in May during the 2025 Unity Cup, and his fitness could be a key factor as head coach Eric Chelle considers squad selections for upcoming matches against Portugal and Poland.
Christabel Chukwuonye, a 17-year-old member of the Nigeria women’s national cricket team, is recognized for her exceptional fielding skills. She was recently named Best Fielder at the 2026 Nigeria Cricket Federation Women’s Invitational Tournament, also known as the Patricia Kambarami Cup. Her critical run-out in a match against Zimbabwe U-19 demonstrated her impact, shifting momentum and restoring control for the Nigerian side. Chukwuonye's journey into cricket began through a grassroots development program in Benin City, Edo State, where her coach, Peter Esewi, introduced her to the sport. She is part of what is described as a "golden generation" of Nigerian women’s cricket, a squad known for its talent, cohesion, and shared ambition. Chukwuonye emphasizes that her involvement is about creating a legacy for Nigerian women’s cricket, not just individual achievement. Beyond cricket, she is a Public Health student, balancing academics with her athletic career. Former Female Yellow Greens captain and current assistant coach, Blessing Etim, praised Chukwuonye's structured play and hard work, noting her potential as a dangerous batter in addition to her fielding prowess. Etim highlighted that Chukwuonye's influence, though not always reflected on scorecards, is crucial to shaping match narratives and anchoring team performance.