🇳🇬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.
Former Sports Minister Solomon Dalung has accused the Bola Tinubu-led administration of lacking the political will to address Nigeria's increasing insecurity, stating the government prioritizes 2027 politics over protecting citizens. Speaking on Arise TV, Dalung criticized the government's ability to track critics quickly while failing to track terrorists, who he claims operate a "parallel forest economy." He dismissed the Information Minister's call for unity against terrorism as a sign of government failure and questioned the effectiveness of foreign military involvement. Dalung also expressed concern about Nigeria's return to regional power blocs ahead of the 2027 elections and described President Tinubu's three-year performance as disappointing, citing a lack of tangible benefits from reforms and daily impoverishment of Nigerians. In response, political scientist Obafemi George defended the administration, arguing it needs more time and pointing to a sovereign credit rating upgrade as evidence of progress. George linked rising insecurity to regional instability and stated the current administration has achieved more success in combating insecurity than the previous one, citing rescue operations. He emphasized that national development and structural reforms require time, referencing long-term transformations in other countries and suggesting current economic pain is due to past unaddressed issues.
The Lagos State Security Trust Fund has provided modern crime-fighting equipment and protective gadgets to the Lagos State Police Command. This initiative aims to strengthen security operations and enhance effective policing throughout the state. Wale Ajetunmobi, Senior Special Assistant on Media to the Lagos State Governor, shared this development. Dr. Ayo Ogunsan, Executive Secretary of LSSTF, presented the items, stating that this intervention is a proactive step to boost the morale of security personnel and improve security coverage in Lagos. Ogunsan emphasized that equipping officers with modern tools will enhance operational efficiency and improve overall safety for residents, enabling them to respond effectively to threats and maintain public safety. Commissioner of Police, Tijani Fatai, received the items on behalf of the Lagos State Police Command, expressing gratitude to the LSSTF and the state government. He assured that the gadgets would be immediately deployed to strategic Area Commands, significantly enhancing surveillance capacity and improving the command’s ability to maintain law and order and ensure the safety of lives and property. This intervention is part of ongoing efforts to modernize security operations in Lagos, following a previous collaboration between LSSTF and the Nigeria Police Force Airwing Command for aerial surveillance patrols.
FIFA announced it will permit fans to bring one soft, plastic, 20-ounce 590ml, factory-sealed disposable water bottle into FIFA World Cup 2026 venues in the USA and Canada. This decision follows an outcry after FIFA initially stated that refillable water bottles would not be allowed, a change from their official stadium code of conduct. World Cup chief operating officer Heimo Schirgi clarified the policy, noting that hard-sided, reusable water bottles remain prohibited for safety and security reasons. FIFA had previously justified the ban on safety grounds, citing concerns about preventing risk and injury to players and attendees, and aligning with existing prohibitions at several venues. Forecasters have warned of potential health risks from extreme heat at open-air venues during the World Cup, with a report estimating that 26 of 104 games could be played in conditions where the Wet Bulb Global Temperature exceeds 26 degrees. FIFA stated that misting stations, fans, hydration stations, and cooling tents would be available, and bottled water inside venues would be sold at prices consistent with other events held at each stadium.
The Borno State Police Command announced it will enforce a monthly environmental sanitation exercise on Saturday, June 6, 2026, from 7 am to 10 am. This initiative aims to curb the spread of cholera following reported outbreaks in Maiduguri and its environs. The directive, issued by Police Public Relations Officer ASP Nahum Kenneth Daso on behalf of Commissioner of Police Naziru Abdulmajid, emphasizes promoting environmental hygiene and preventing disease spread. The enforcement will be conducted in collaboration with the Borno State Environmental Protection Agency BOSEPA. Residents are urged to clean their homes, business premises, drainage channels, and surrounding areas. Police personnel and other stakeholders will be deployed to strategic locations, and the public is advised to restrict unnecessary movement and cooperate with officers. The command reaffirms its commitment to public health and order, calling for citizen support. This action follows a significant cholera outbreak in Borno State since early May 2026, with reports indicating at least 39 deaths and 4,204 cases across seven local governments as of June 2.