FRSC will link NIN to vehicle registration, licence March 2021 - Oyeyemi – Newstrends
Connect with us

Business

FRSC will link NIN to vehicle registration, licence March 2021 – Oyeyemi

Published

on

CORPS Marshal, Federal Road Safety Corps (FRSC), Dr Boboye Oyeyemi, has said the corps will introduce the National Identity Number (NIN) information by first quarter of 2021 for vehicles registration.

He stated this when he featured on the News Agency of Nigeria (NAN) Forum in Abuja on Friday.

He said the essence of the NIN was to enhance road safety through the use of technology. He also said from December, driver’s licence would no longer be issued without the NIN information.

He said, “I must commend the government. With the National Identity Management Commission (NIMC), now we have one national database, one identity. You cannot use double identity now and with the biometrics, you cannot be funny.

 

“You know before, some people have about five different identities, but now, you are forced to pick one. Once you pick one with NIMC, that is what you will be using because it is now going to be as from next month (December). It is going to be compulsory.

“Now, if you want to renew your driver’s licence or you want to obtain a fresh licence, you must provide your NIN. NIN is the first thing and with that, no biometrics will be done again; they will import it from NIMC.

“So, I am talking about using technology now to enhance security. So with this, I think we will make progress we are really on course.”

The FRSC boss explained that only the Vehicles Inspection Office (VIO) is authorised to test applicants before prescribed fees could be paid to the state government through their internal revenue service.

He added that the VIO would, in turn, refer applicants for capturing, which would be transferred to the database of the country. “Now, a lot of things have been occurring, you cannot get licence by proxy. Anybody that does not go for the physical capture for the first issuance of licence is not a genuine licence, it is fake.

“I am happy when I came on board, I came on board in 2014, the first thing we did was to establish a verification portal. When the portal was done, all those with fake licences disappeared.

“A fake licence is N25,000 to N30,000, original licence is N6,350, but I won’t blame them, it is the ‘bigmanism’. People are not ready to follow the process and along the line too, this NIN information for driver’s licence will have the same thing before the end of first quarter next year for vehicle registration.

“If you want to register your vehicle, it is going to be compulsory for you to provide your NIN these are parts of the security checks. So once you provide your NIN, it makes the matter to be simpler.”

He urged the country to take a cue from China and other developed countries that make use of technology to fight crime. He commended the security agencies for making use of their unrestricted access to the data base in checking corrupt practices in the system.

Business

CBN gives new directive on dormant accounts, unclaimed bank balances

Published

on

CBN gives new directive on dormant accounts, unclaimed bank balances

The Central Bank of Nigeria (CBN) has released updated guidelines for managing dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions across Nigeria.

Under the new directives released on Friday, financial institutions must transfer accounts that have been inactive for over a decade to the CBN’s custody.

The CBN’s guidelines aim to standardize the handling of dormant accounts, unclaimed balances, and financial assets. They detail the procedures banks and financial institutions must follow to manage these funds and assets.

The bank will later provide details on how to transfer the relevant balances, funds, and assets to the CBN. It will also supply updated templates for submitting quarterly returns to the Banking Supervision Department or the Other Financial Institutions Supervision Department, as appropriate.

READ ALSO:

Effective immediately, these guidelines replace a previous circular from October 2015.

The CBN noted that financial institutions often hold deposit accounts and other liabilities that see no customer activity for extended periods, rendering them dormant. Maintaining such accounts can lead to significant unclaimed balances, which may not benefit the depositors.

Furthermore, the CBN warned that dormant and unclaimed balances are increasingly vulnerable to fraud and misuse.

The revised regulation aims to prevent the misuse of dormant and inactive accounts, establish operational standards, and enhance the CBN’s oversight of these accounts. It also seeks to identify dormant accounts and unclaimed balances, reunite them with their rightful owners, hold the funds in trust, and provide a standardized procedure for reclaiming these funds.

Eligible accounts include those that have been dormant for 10 years or more.

CBN gives new directive on dormant accounts, unclaimed bank balances

Continue Reading

Business

Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

Published

on

Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

Both the sellers and buyers alike are confused at the Bakin Dogo food market in Kaduna North Local Government Area, Kaduna State, as 100 tubers of old yam go for N1 million at wholesale.

Meanwhile, the same number of new yams cost between 350,000 and 400,000 in the same market.

One of the retailers in the market identified as Alhaji Abubakar, lamented his inability to recoup his capital let alone make any profit from the last 100 tubers he bought.

According to him, “Honestly we are in big trouble. I have never experienced this type of market for decades. We are suffering too much this time around.

“One Koriya (100 pieces) of big old yam is N1 million. More than half of the last ones I bought are still here because people are not ready to buy one yam for more than N9,000.

READ ALSO:

“Imagine selling one yam for N10,000. Those who buy one or two are our regular customers who have built trust in us over a period of time. Others are pricing it anyhow”, he said.

To Muhammed, “the new yam is already here, and that poses a big threat to those of us who still have old yams for sale. “For example, I sell one new yam for between N4,000 and N4,500. That is equivalent to the old ones while we sell10 pieces of new yam (medium) for 14,500.”

They both attributed the scarcity of yams to the inability of a lot of yam dealers to go to remote villages due to escalating insecurity in the country. The available are also being mopped up for inward transportation to neighbouring countries like Niger and Ghana.

One of the prospective buyers who spoke in confidence said: “I have to change my mind. The last time I came here, I bought the same size N3, 000. “Today they are asking me to pay N9,000 for just one old yam and N4,000 for a new yam. But, I don’t want to buy the new yam yet because it can easily spoil.

“Meanwhile one tier of garri is N1, 400. So, why do I have to spend my scarce money just to buy just one yam that we will just boil and eat once?”

Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

The Sun

Continue Reading

Business

Nigeria’s external reserves climb to $36.89bn, says CBN gov

Published

on

CBN Governor, Olayemi Cardoso

Nigeria’s external reserves climb to $36.89bn, says CBN gov

Nigerians can look forward to economic improvements as the Central Bank of Nigeria (CBN) announces an increase in the country’s external reserves.

According to CBN Governor Olayemi Cardoso, the reserves have reached $36.89 billion as of July 16, 2024.

Cardoso made this announcement in Abuja during a briefing with the Senate Committee on Banking, Insurance, and other Financial Institutions.

He highlighted several positive economic indicators, including a significant reduction in the disparity between official and Bureau De Change (BDC) rates, which has decreased from N162.62 in January to N47.22 in June 2024. This reduction points to enhanced market efficiency and fewer opportunities for arbitrage.

Addressing the committee, Cardoso stated that various measures and strategies are in place to address emerging economic challenges. He noted that the increase in external reserves, up from $33.22 billion at the end of December 2023, is primarily due to revenues from crude oil-related taxes and third-party receipts.

READ ALSO:

“In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance,” said Cardoso. “Our reserves as of the end of June 2024 are sufficient to cover over 11 months of imports of goods and services, or 14 months of goods alone. This is well above the international benchmark of three months, providing a strong buffer against external shocks.”

Cardoso also emphasized the robustness and diversity of Nigeria’s banking sector, which includes twenty-six commercial banks, six merchant banks, and four non-interest banks. He reported significant improvements in key indicators such as capital adequacy, liquidity, and non-performing loan ratios, highlighting the sector’s growing stability and resilience.

The governor noted the impressive performance of the equity market, with the All-Share Index rising by 33.81 percent and market capitalization increasing by 38.33 percent from December 2023 to June 2024. These gains reflect a growing confidence among investors.

While acknowledging these positive developments, Cardoso assured that the CBN remains committed to policies that support sustainable growth in the financial markets and overall economic stability.

Senator Adetokunbo Abiru, Chairman of the Senate Committee, opened the session by stating that the primary goal of the interaction was to receive updates on the CBN’s efforts, activities, and plans regarding monetary policy.

Nigeria’s external reserves climb to $36.89bn, says CBN gov

Continue Reading

Trending