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51.72m Bank Customers Enrolled on BVN as at February

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  • 51.72m Bank Customers Enrolled on BVN as at February

The total number of bank customers that now have Bank Verification Number (BVN) has increased to 51.72 million as at February 2017.

Data compiled from the Nigeria Interbank Settlement Systems Plc’s (NIBSS) website, showed that as at January 2017, the number of bank customers that had obtained their BVN stood at 50.92 million.

The data showed that on monthly basis, the enrolment on BVN has continued to improve steadily.

For instance, as at January last year, 30.13 million customers had gotten their BVN, compared with the 2.24 million it was as at January 2015. Also, enrolment increased further to 31.11 million as at February last year (2.71 million as at February 2015); 32.19 million as at March last year (3.34 million as at March 2015); 33.63 million as at April 2016 (7.71 million April 2015); 35.44 million as at May last year (9.2 million as at May 2015); and 36.12 million as at June 2016 (12.49 million as at June 2015).

Furthermore, the data showed that enrolment on the BVN platform sustained its uptick as at July last year, when it climbed to 36.79 million registered bank customers (12.73 million as at July 2015); 46.39 million in August 2016 (13.74 million in same month in 2015); 47.35 million in as at September 2016 (14.58 million as at September 2015); and 48.14 million customers as at October last year. BVN enrolment was also at 49.14 million as at November last year and 49.99 million as at last December.

The BVN has been very helpful in the fight against corruption in the country, especially since the federal government whistle-blowing policy was unveiled last December.

For instance, through BVN, Bankers, mainly account officers, have been taking advantage of the whistleblowing policy to report the wrongdoings of former and current public office holders suspected to have embezzled public funds and stashed them in several Nigerian banks, investigations recently revealed.

A reliable source with the Economic and Financial Crimes Commission (EFCC) had revealed that some bankers have been encouraged largely by the reward of between 2.5 per cent (minimum) and five per cent (maximum) of the total amount recovered.

According to the source, several former and current public officers who had allegedly stolen from the treasury either hid the physical cash in safe houses or used shell companies, close aides, associates and family members to stash the ill-gotten funds in bank accounts using the names of the companies or their friends, family members and associates.

However, though the accounts are not in the names of the political office holders, they usually operate the accounts themselves, a fact that is well known by the bank account officers who help them to manage the accounts.

As a result, since the federal government unveiled the whistleblowing policy as a means of recovering stolen public sector funds, a number of junior and middle-level bankers have been quietly ratting on the true beneficiaries of the accounts in order to cash in on the rewards derivable from the policy.

The EFCC source said that once the commission is contacted by a banker, it is usually easy to identify the real beneficiary of the bank accounts through the BVN, since an account holder can only have one BVN for all of his individual and company accounts.

The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee had introduced the BVN on February 14, 2014. The initiative was aimed at ensuring unique identity for all bank customers and other users of financial services in the country by the use of the customers’ biometrics as means of identification.

The BVN is a number that enables one person to have a single identity in the banking system. It basically ensures that a customer’s identity is not stolen. It has been described as a ‘silver-bullet solution’ to many of the challenges in the banking industry. A customer is only expected to register at one bank, irrespective of the number of accounts he has.

Certain forms of identification are easy to counterfeit, which had led to a rise in identity theft today. But by making use of the BVN biometrics technologies, the banking industry would enjoy enhanced security, providing consumers with better security that protects their money, financial information and identity.

According to a report by the Alliance for Financial Inclusion, there are many advantages associated with secure, unique identification. The primary effect will be improved access to financial services, enabling people to benefit from credit and savings facilities.

Research has also shown that proper customer identification can have a positive effect on the behavior of risky users of financial services. The scheme is also expected to improve the banking system’s Know-Your-Customer (KYC) requirements as stated by the Financial Action Task Force (FATF) as well as to support innovative banking solutions, especially for retail banking.

The CBN Governor, Mr. Godwin Emefiele recently explained that the BVN solution would stimulate banking transactions and also improve access to credit by customers. Emefiele noted that with the BVN, the banking industry would begin to see the opening up of consumer credit opportunities.

He said: “We are saying that with this project people who want to buy cars, want to do mortgage with the kind of data that would be fed into the centralised system and it should be possible for you to access bank credit easily.”

Meanwhile, the NIBSS data showed that the total number of bank accounts was 95 million as at November 2016. But the total active bank accounts were 64.13 million as at November.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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