CBN targets $1bn monthly diaspora remittance, unveils platform for BVN foreign applications – Newstrends
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CBN targets $1bn monthly diaspora remittance, unveils platform for BVN foreign applications

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CBN Governor, Olayemi Cardoso

CBN targets $1bn monthly diaspora remittance, unveils platform for BVN foreign applications

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), officially inaugurated the Non-Resident Bank Verification Number (NRBVN) platform on Tuesday in Abuja.

According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without needing a physical presence in Nigeria.

The CBN governor, Yemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” he said.

Mr Cardoso described the NRBVN as a dynamic platform.

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“It is not the final destination but the beginning of a broader journey.

“Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves,” he said.

He said that remittance flows through formal channels increased from $3.3 billion in 2023 to $4.73 billion in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

According to him, with the NRBVN in place, the CBN is optimistic about reaching its $1 billion monthly remittance target.

“This platform is not just about financial access, it is about national inclusion, innovation, and shared prosperity,” he said.

Mr Cardoso also reiterated the apex bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

In his remarks, Muhammad Abdullahi, CBN’s Deputy Governor, Economic Policy Directorate, said the NRBVN stood as a transformative tool, designed to enhance the banking experience for our diaspora community.

Mr Abdullahi said that by providing secure, remote access to financial services, the platform simplifies the process of maintaining robust banking relationships, facilitating meaningful investments in Nigeria, and supporting the seamless flow of remittances.

The inauguration also featured a presentation by the managing director of NIBSS, Premier Oiwoh, and a panel discussion with key industry stakeholders.

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

They enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

CBN targets $1bn monthly diaspora remittance, unveils platform for BVN foreign applications

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Oshiomhole: FCCPC summons Air Peace over flight cancellations, unpaid refunds

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Oshiomhole

Oshiomhole: FCCPC summons Air Peace over flight cancellations, unpaid refunds

The Federal Competition and Consumer Protection Commission (FCCPC) has summoned the management of Air Peace Limited following multiple complaints from passengers regarding non-refunded ticket fares, even in cases where the airline cancelled scheduled flights.

In a formal notice dated June 3, 2025, the Commission directed Air Peace to appear at its Abuja headquarters on Monday, June 23, 2025, to answer mounting public outrage and charges of consumer rights breaches.

On Monday in Abuja, Ondaje Ijagwu, Director of Corporate Affairs, issued a statement revealing the decision.

Ijagwu claimed that the airline’s actions violated Sections 130(1)(a) and (b) as well as 130(2)(b) of the Federal Competition and Consumer Protection Act 2018, which provide consumers the right to quick refunds when bookings or reservations are not honoured owing to a service provider’s failure.

He added that the summons was issued pursuant to Sections 32 and 33 of the Act, which require Air Peace to submit certain documented evidence.

This comprises a complaint log of refund-related issues over the last 12 months, records of all processed refunds to date, a list of all cancelled flights on all routes during the same time period, and steps done to alleviate hardship for impacted passengers.

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The statement read: “The Federal Competition and Consumer Protection Commission has summoned the management of Air Peace Limited over a deluge of consumer complaints from across the country relating to the non-refund of ticket fares, even in instances where the airline had cancelled its flight operations.

“These actions potentially contravene Sections 130(1)(a) and (b) and 130(2)(b) of the Federal Competition and Consumer Protection Act 2018, which expressly guarantee consumers the right to timely refunds where advance bookings, reservations, or orders are unfulfilled due to a service provider’s failure. This provision enshrines the principle of fair dealing and safeguards consumers against unfair, unjust, or unreasonable practices by service providers.

“In a formal summons dated June 13, 2025, the Commission, invoking Sections 32 and 33 of the Federal Competition and Consumer Protection Act 2018, requires Air Peace to appear before the Commission at its Abuja Headquarters on Monday, June 23, 2025.

“Specifically, Section 33(3) of the FCCPA mandates compliance, and failure attracts severe sanctions, including fines or imprisonment.”

Although not stated in the statement, the summons comes only days after Senator Adams Oshiomhole and Air Peace staff were involved in a dispute over suspected extortion of Nigerian passengers.

The senator stated that he missed a flight due to airline executives’ racketeering. While Air Peace claimed that Oshiomhole arrived late at the airport, the senator insisted that he, along with other angry passengers, saw workers boarding passengers who arrived later.

Oshiomhole claimed that 20 to 30 other customers were treated similarly, with airline workers allegedly seeking an extra N109,100 to reschedule them for an 8:30 a.m. flight.

Oshiomhole: FCCPC summons Air Peace over flight cancellations, unpaid refunds

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NASS members may declare Tinubu Life President

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Former Minister of Youth and Sports Development, Solomon Dalung

NASS members may declare Tinubu Life President

Former Minister of Youth and Sports Development, Solomon Dalung, has taken a swipe at the 10th National Assembly, accusing its members of abandoning their constitutional duties in favour of blind loyalty to President Bola Tinubu.

Dalung, in a fiery critique during a recent interview with Sun, described the current legislature as more than just a “rubber stamp,” claiming it has become a chorus line devoted to singing the praises of the president at every opportunity.

“I disagree with those calling it a rubber stamp. This 10th Assembly is a band of choristers for the president,” Dalung said. “Anytime Tinubu steps into the chamber, they behave like excited grandchildren welcoming their grandfather. They burst into songs.”

The former minister recounted one such moment, stating that he was alarmed by the song he thought he heard from the floor of the Assembly.

“The last one they sang, I had a problem with my ears. What I heard was: ‘On your dollar we shall stand. On your dollar, Tinubu, on your dollar we shall stand.’ Everyone was singing and dancing. Others claimed they heard something different, but that’s what I heard,” he added.

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Dalung said the behavior of the lawmakers goes beyond passive endorsement and borders on absolute submission, warning that such a climate could lead to grave constitutional breaches.

“I’m afraid that this 10th Assembly may wake up one day and, with a voice vote, amend the constitution and appoint Tinubu as life president of Nigeria,” he said.

He did not spare Senate President Godswill Akpabio in his criticism, suggesting that the legislative process has become so compromised that major constitutional decisions could now be passed without scrutiny or debate.

“Akpabio might just walk in one day and say, ‘We have a report that the constitution now appoints Tinubu as life president. Those in favour say aye.’ Before anyone could raise an objection, he would strike the gavel and declare, ‘the ayes have it.’ That’s the kind of National Assembly we are dealing with.”

Dalung concluded by dismissing the label of “rubber stamp” as inaccurate, arguing that even a rubber stamp implies there is a document to endorse.

“This Assembly doesn’t need anything on the table. Even a dream or a whisper from Tinubu is enough to spark legislative action. They are not rubber stamps; they are ‘Emi Lokan’ choristers,” he said, using Tinubu’s now-famous slogan to underscore his point.

NASS members may declare Tinubu Life President

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US considers placing travel ban on Nigeria, 35 others

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U.S President Donald Trump

US considers placing travel ban on Nigeria, 35 others

The United States (US) government, under President Donald Trump, is considering fresh travel restrictions that could affect Nigeria and dozens of other countries.

According to The Washington Post, a confidential memo signed by Secretary of State Marco Rubio outlines a proposal to impose visa limitations or outright entry bans on nationals from 36 countries, unless they comply with new standards set by the US State Department within 60 days.

This marks a significant expansion of earlier proposals that targeted travel from select nations.

The latest document suggests the administration may move to enforce broader visa sanctions unless the countries in question demonstrate reforms in document verification and identity security systems.

“The new list includes Angola, Benin, Burkina Faso, Cabo Verde, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo, Djibouti, Ethiopia, Egypt, Gabon, Gambia, Ghana, Liberia, Malawi, Mauritania, Niger, Nigeria, São Tomé and Príncipe, Senegal, South Sudan, Tanzania, Uganda, Zambia, and Zimbabwe.

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“The memo identified varied benchmarks that, in the administration’s estimation, these countries were failing to meet. Some countries had ‘no competent or cooperative central government authority to produce reliable identity documents or other civil documents,’ or they suffered from widespread government fraud.”

Other countries under review include Antigua and Barbuda, Dominica, Saint Kitts and Nevis, Saint Lucia, Bhutan, Cambodia, Kyrgyzstan, Syria, Tonga, Tuvalu, and Vanuatu.

The listed countries are expected to submit an initial compliance plan to the US State Department by Wednesday, detailing steps to meet the new requirements.

Back in March, the Trump administration had floated a similar travel ban proposal involving 43 nations, though Nigeria was not among them at the time. Those nations were grouped into three categories: red, orange, and yellow. The red group faced complete travel bans, the orange group had visa access heavily restricted, and the yellow group was given a 60-day deadline to resolve specific concerns.

If implemented, this new measure could have far-reaching implications for travel and diplomatic relations between the affected countries and the United States.

US considers placing travel ban on Nigeria, 35 others

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