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NIN linkage: Millions to lose access to their money as banks ‘move’ to block accounts

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NIN linkage: Millions to lose access to their money as banks ‘move’ to block accounts

Over 70 million bank customers are at risk of losing access to their accounts when the Central Bank of Nigeria’s directive on restricting accounts without Bank Verification Numbers (BVN) and National Identification Numbers (NIN) goes into effect.

The CBN had on December 1, 2023, in a circular directed that a ‘Post no Debit’ restriction be placed on all bank accounts without the BVN and NIN from Friday, March 1, 2024.

‘Post No Debit’ is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from such accounts. This measure effectively freezes the funds in the account, rendering them inaccessible for the duration of the restriction.

The circular, jointly signed by the Director, Payments System Management Department, Chibuzo Efobi; and Director, Financial Policy and Regulation Department, Haruna Mustapha, read, “It is mandatory for all Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN. It remains mandatory for Tiers 2 & 3 accounts and wallets for individual accounts to have BVN and NIN.

“For all existing Tier-1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted. The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024.”

The circular went on to warn banks in the country that a “comprehensive BVN and NIN audit shall be conducted shortly and where breaches are identified, appropriate sanctions shall be applied.”

As the deadline approached, some banks sent out messages to their customers to regularise their accounts in line with the new CBN directive. While some asked customers to visit their physical branches, others made provisions for customers to update their accounts online.

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FirstBank Nigeria in an email to customers said, “Please ensure that your Bank Verification Number and National Identification Number are linked to your account number on or before February 29, 2024.

“You can seamlessly update your account information with your BVN and NIN by visiting any FirstBank branch close to you. Please note that the Central Bank of Nigeria through its circular: PSM/DIR/PUB/CIR/001/053 dated December 1, 2023, has directed that effective March 1, 2024, all funded accounts without BVN shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted.”

Ecobank Nigeria wrote, “Please be informed that the Central Bank of Nigeria through its circular dated December 1, 2023, has announced that all accounts without Bank Verification Number and/or the National Identity Number would not be able to carry out transactions from March 1, 2024.

“Consequently, you will be required to update your account information with your National Identification Number and Bank Verification Number if you have not done so already.” It, however, offered an online solution.

Fintech firm, OPay, also called on its customers to complete the regularisation of their accounts by linking their BVN or their NIN as mandated by the apex bank, offering them both online and offline options.

A Tier-1 account refers to a bank account that can be opened with minimal or no form of documentation. Such an account can be opened with a passport photograph and has a limit of N50,000 deposit and an operating balance of N200,000 and is mostly not linked to the BVN and is targeted at the unbanked population.

This space is dominated by fintech firms and there are concerns that the lax Know Your Customer requirements are loopholes that are being used to perpetuate fraud.

The National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafadeen Fasasi, who called for an extension of the deadline, said while the policy was a good move to improve banks’ KYC requirements, its implementation was worrisome.

He said, “We are all aware that it is a good policy for the system for us to have good KYC, but unfortunately, what we have a challenge with is the implementation. This is another wrong implementation. Before you give a deadline, you must have provided the access points. As of today, we have about 104 million NINs out of 200 million people expected to have NINs. So, there is a gap of about 100 million.

“It is the same thing with the BVN, which as of the last report was about 59.9 million out of 134 million expected bank accounts. That means we have over 70 million accounts, which will be affected.”

According to data from Statista, as of 2021, the number of active bank accounts in the country was around 133.5 million, with savings accounts making up about 120 million.

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Fasasi claimed that the National Identity Management Commission lacked the capacity to deliver 100 million NINs within the required timeframe.

He said, “The question is, can the NIMC deliver the gap of about 100 million NINs within the deadline? The answer is no, so why should this drive Nigerians into another problem? For BVNs, we have a huge gap to deliver and only bank branches can enrol BVN as of today.

“Based on our research, about 300 local government areas out of the 774 LGAs in Nigeria have no bank branches; so, who are those who are going to provide BVN enrolment at those LGAs? It means that people are going to run into trouble.

“Also, the highest that the banks have done is 500,000 enrolment per month. We are not ready for this. Why the rush? Why not plan that every month, this is what we want to achieve based on our capacity and access points?”

He lamented that this was coming at the same time as the National Communications Commission had directed telecom companies to bar mobile lines without the NIN.

“Who is pursuing us in Nigeria in this critical period where everyone is groaning under adverse economic conditions? They want to add extra trauma; I think we need to reconsider this,” he concluded.

The Chairman, Consumer Rights Awareness, Advancement and Advocacy Initiative, Moses Igbrude, said the apex bank ought to assess the level of compliance before wielding the big stick.

He said, “You must check the challenges and the parties who are responsible for the NIN and BVN. What of Nigerians in the Diaspora? They should give more time for this linkage so that they will not disrupt the banking system.

“It is a multifaceted issue involving many players. What is the infrastructure required for them to work? Otherwise, they will use a legal way to disenfranchise a lot of people.”

The President, Bank Customers Association of Nigeria, Dr Uju Ogubunka, called for an extension of the deadline to enable more bank customers regularise their accounts in line with the CBN directive.

Ogubunka said, “We know that some of our members have linked their accounts with the BVN/NIN as directed by the CBN. At this point, I think it will be wise to give an extension, because the telecom network has been a bit inclement and, then of course, you talk about power; some of us were unable to charge our phones for some time because there was no power. And these things are happening almost everywhere.

“People are willing to do what they’re supposed to do, but conditions within the environment are a bit difficult. So, I will personally suggest that we consider what is happening and give some extension.”

He went on to suggest that a test run where restrictions would be placed on some affected accounts might be of help in sensitising people to the importance of the directive.

“Another thing that they can do is maybe do a test run so that people will know that it is something that can be done. Some people may not even believe that it is possible to restrict transactions. So, if you do a test run for one day or even a few hours, you announce that those who have not linked up will be unable to access their accounts temporarily, maybe for 24 hours or 12 hours, then give an extension. That should help,” Ogubunka added.

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He stated that there had been no reports that banks had started to restrict bank accounts without the BVN and NIN.

“No one has reported that to us yet. But then, they may not know until they want to make use of the accounts. It is not as if they are using the bank accounts every minute of the day. It is only when they want to make use of it and then see that they can’t get through, that is when they have an issue. So far, we don’t have any report on that,” he said.

Multiple bankers, who spoke on condition of anonymity, said the banks had not yet started to restrict accounts without the BVN and NIN.

They said directives had been issued from their headquarters to create a seamless linking process to avoid account deactivation.

A bank official said, “No one is deactivating accounts yet. They have been sending emails to customers to calm down so that a more seamless linking process will be communicated to customers. They will be reached via text and email. Some people used the NIN to open or update their accounts already so they won’t need to do it again.”

On the number of possible affected customers, the official stated, “We haven’t got the affected number yet. It has to be spooled by our IT team from the backend.”

Another official confirmed the directive to assist more customers via email.

“The deadline still stands; however, not all accounts are blocked because some opened theirs with the national ID from the inception. But we will be reaching out via email and text,” the official wrote to one of our correspondents.

A News Agency of Nigeria report on Friday revealed that customers continued to besiege various bank branches in Lagos to meet the CBN deadline for linking BVN and NIN to their accounts.

The customers also asked the CBN to extend the deadline for them to link their BVNs and NIN with their accounts.

With the implementation of the directive, there was a significant gathering of customers at various banks as early as 8am on Friday to link their NINs with their bank accounts.

A security officer at a Guaranty Trust Bank branch in the Abule Egba area, while addressing customers who were eager to gain entry into the banking hall, said the message sent out by the bank to its customers concerning the directive was a random one.

He said not all customers that got the message were affected by the directive. This got the customers infuriated, as they said the bank should have sent out messages to only those affected. At another GTB branch in Egbeda, the bank advised customers to register online using specified codes displayed on the walls outside the banking hall.

However, at Polaris Bank, the crowd was not allowed to converge, and those who went into the banking hall were told by the customer service desk to produce their NIN slips.

Those without the slips were turned back. Customers who explained their mission to the bank’s security officers before entering the banking hall were told to get the slips.

Two bank employees used mini computers to do the first registration at the entrance before the security guards allowed the customers into the banking hall.

At Providus Bank on Nnamdi Azikiwe Road, customers were given forms and were assisted with registration simultaneously. The situation was similar at Wema Bank on Broad Street and other banks visited on Lagos Island.

Meanwhile, calls and text messages sent to the CBN spokesperson, Hakama Sidi, yielded no response as of the time of filing this report.

NIN linkage: Millions to lose access to their money as banks ‘move’ to block accounts

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Presidency Alleges PFIPC DG Forged Gbajabiamila’s Signature, Police Release Suspect’s Father

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July 8, 2026

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How Controversial PFIPC DG Lived in Alaafin's Palace, Forged His Way into Govt System
Prince Adeyemi

Presidency Alleges PFIPC DG Forged Gbajabiamila’s Signature, Police Release Suspect’s Father

The Presidency has alleged that the self-acclaimed Director-General of the Presidential Foreign Intervention Promotion Council, Prince Adeniyi Adeyemi Mathew, forged the signature of the Chief of Staff to the President, Femi Gbajabiamila, on a fake appointment letter, as the police released his father following public criticism over his arrest.

The Presidency said investigations by the police established that the appointment letter presented by Adeyemi, which purportedly originated from the Office of the Chief of Staff, contained a forged signature.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, maintained that neither Gbajabiamila nor the Presidency had any connection with the so-called Presidential Foreign Intervention Promotion Council, describing it as a non-existent government agency.

According to the Presidency, Adeyemi allegedly forged official government documents and falsely presented himself as the Director-General of the purported council. It further alleged that he operated multiple bank accounts linked to fictitious government agencies in a bid to deceive members of the public.

Adeyemi is currently facing charges bordering on forgery, impersonation and conspiracy before the Federal High Court in Abuja.

Meanwhile, the police have released Adeyemi’s father after his arrest drew criticism from legal practitioners and rights advocates.

The arrest of the elderly man had sparked outrage, with senior lawyers arguing that Nigerian law does not permit the arrest or detention of a suspect’s relative solely to compel the suspect to surrender or cooperate with investigators, except where the relative is directly implicated in the alleged offence.

The release followed growing public concern over the legality of the action, although the police have yet to issue an official statement explaining the circumstances surrounding his arrest and subsequent release.

Presidency Alleges PFIPC DG Forged Gbajabiamila’s Signature, Police Release Suspect’s Father

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Xenophobic attacks: Senate threatens review of diplomatic relations with South Africa

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July 7, 2026

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Xenophobic attacks: Senate threatens review of diplomatic relations with South Africa

Xenophobic attacks: Senate threatens review of diplomatic relations with South Africa

The Nigerian Senate has threatened to review the country’s diplomatic relations with South Africa over renewed xenophobic attacks targeting Nigerians, warning that Abuja may be forced to adopt tougher measures if the safety of its citizens is not guaranteed.

The upper legislative chamber also ordered a fresh investigation into the attacks and directed the Federal Government to seek firm assurances from the South African authorities on the protection of Nigerians living, working and doing business in the country.

The resolution followed a motion sponsored by Senator Asuquo Ekpeyong, who drew lawmakers’ attention to reports of a June 30, 2026 ultimatum allegedly issued to foreign nationals, including Nigerians, to leave parts of South Africa amid escalating anti-immigrant protests.

The Senate’s latest intervention comes amid renewed diplomatic tensions between Africa’s two largest economies following reports that two Nigerian citizens were recently killed during the latest wave of anti-migrant violence in South Africa. Nigeria’s Ministry of Foreign Affairs has strongly condemned the killings, warning that all diplomatic options remain on the table if attacks on Nigerians continue.

During the debate, senators unanimously condemned the recurring attacks, describing them as unacceptable, inhumane and inconsistent with the principles of African unity.

Calls for tougher diplomatic action

Leading the debate, Senator Salihu Mustapha (Kwara Central) urged the Federal Government to abandon what he described as a passive diplomatic approach and adopt stronger measures against Pretoria.

“We cannot continue to fold our arms while Nigerians are being killed and their businesses looted,” Mustapha said.

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“This is the starting point for a very robust engagement. I suggest we sever all diplomatic relationships with South Africa.”

However, former Senate Leader, Senator Yahaya Abdullahi, urged caution, arguing that the attacks should not automatically be interpreted as official South African government policy.

According to him, the violence could be linked to internal political efforts aimed at destabilising the South African government and weakening the governing African National Congress (ANC).

Recalling Nigeria’s historic support for South Africa during the anti-apartheid struggle, Abdullahi maintained that the situation required careful diplomatic handling.

“This is a coordinated effort to destabilise the government of South Africa and to remove the ruling party, the ANC, from office,” he said.

“There is an attempt from the right wing of White South Africans and now coming up from the Black ones to delegitimise the government as quickly as possible. We should tread with great caution and carefully consider this conspiracy.”

The senator also lamented what he described as inadequate funding of Nigeria’s foreign missions, saying the country’s embassies and high commissions have become too weak to effectively protect Nigerians abroad.

Senate demands written guarantees

Following extensive deliberations, the Senate adopted several far-reaching resolutions aimed at protecting Nigerians residing in South Africa.

Lawmakers directed the Ministry of Foreign Affairs, the Nigerian High Commission in Pretoria, and other relevant agencies to obtain written guarantees from the South African government on the safety and security of Nigerians.

The Senate also insisted that all those responsible for attacks, killings, looting and destruction of property belonging to Nigerians must be arrested and prosecuted in accordance with South African law.

In addition, the lawmakers mandated the Ministry of Foreign Affairs, the Nigerians in Diaspora Commission (NiDCOM) and the Nigerian High Commission in Pretoria to compile a comprehensive register of Nigerians affected by the attacks.

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The database is expected to include Nigerians who were killed, injured, displaced, unlawfully detained or whose businesses and properties were destroyed, with the aim of pursuing compensation and legal redress.

The demand for compensation comes despite the South African government’s recent rejection of calls to compensate Nigerians who abandoned their homes, businesses and properties while fleeing the violence.

South Africa’s Minister in the Presidency, Khumbudzo Ntshavheni, had argued that compensation could only apply to legally registered assets, insisting that structures in informal settlements do not qualify under the country’s property laws.

She also challenged the Nigerian government to cooperate in identifying criminal syndicates allegedly operated by some foreign nationals, including Nigerians, within South Africa.

Nigeria seeks continental response

Beyond bilateral engagement, the Senate urged the Federal Government to work with the African Union (AU) and other African countries to establish an early warning and accountability mechanism capable of preventing future xenophobic violence across the continent.

Lawmakers stressed that attacks on African migrants undermine regional integration, economic cooperation and the objectives of the African Continental Free Trade Area (AfCFTA).

The Senate further mandated its Committees on Foreign Affairs and Diaspora Affairs to review the implementation of its earlier resolution of May 5, 2026, on xenophobic attacks and examine existing bilateral agreements between Nigeria and South Africa.

Both committees were directed to submit their findings within two legislative weeks.

Tension briefly rose during the debate when Senator Abdul Ningi proposed that President Bola Tinubu should begin the process of severing diplomatic ties with South Africa should the attacks continue.

Similarly, Senator Adams Oshiomhole suggested that profits generated by South African-owned companies operating in Nigeria should be appropriated to compensate Nigerian victims of xenophobic violence.

Deputy President of the Senate Jibrin Barau, who presided over the session, urged restraint, insisting that the Senate should first await the outcome of the committees’ investigation before considering stronger diplomatic or economic sanctions.

The latest Senate action follows growing concern over anti-immigrant protests that have swept parts of South Africa in recent months. Although South African authorities insist many demonstrations have been peaceful, several incidents have turned violent, with foreign nationals reportedly attacked and foreign-owned businesses looted. South Africa has called on Nigeria to submit evidence through diplomatic channels while investigations continue into the reported death of one Nigerian during police interrogation.

Xenophobic attacks: Senate threatens review of diplomatic relations with South Africa

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Tinubu orders probe of Google, Meta, X, AI platforms over alleged exploitation of Nigerian news content

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July 6, 2026

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BREAKING: Tinubu orders ICPC to probe alleged PFIPC fraud, submit report in 30 days

Tinubu orders probe of Google, Meta, X, AI platforms over alleged exploitation of Nigerian news content

President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to investigate Google, Meta, X (formerly Twitter) and several Generative Artificial Intelligence (AI) platforms over allegations of anti-competitive practices and the unlawful exploitation of content produced by Nigerian media organisations.

The directive followed a joint petition submitted to the Presidency by the Nigerian Press Organisation (NPO)—the umbrella body representing the Newspaper Proprietors’ Association of Nigeria (NPAN), the Nigeria Union of Journalists (NUJ), the Broadcasting Organisations of Nigeria (BON) and the Guild of Corporate Online Publishers (GOCOP).

The petition accuses major global technology companies and AI platforms of using news content created by Nigerian publishers without fair compensation, a practice media stakeholders say threatens the financial sustainability of journalism and undermines the country’s news ecosystem.

The directive was conveyed to the FCCPC through the Minister of Information and National Orientation, Mohammed Idris, signalling what could become one of Nigeria’s most significant regulatory actions involving global technology companies and artificial intelligence platforms.

In a statement issued on Monday, the Director of Corporate Affairs at the FCCPC, Ondaje Ijagwu, confirmed that the investigation would examine allegations against Meta, Alphabet, the parent company of Google, X, formerly known as Twitter, and selected Generative AI platforms operating within Nigeria.

According to the commission, the probe will focus on claims of anti-competitive conduct, unfair market practices, unlawful exploitation of news content and other activities that may violate Nigeria’s competition and consumer protection laws.

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“Big technology companies have come under the radar of the Federal Competition and Consumer Protection Commission following allegations of anti-competitive practices, unlawful exploitation of news content, and other potentially unfair market conduct,” the commission stated.

It added that the investigation followed President Tinubu’s directive after the Presidency received the petition from the Nigerian Press Organisation.

The FCCPC said Nigerian media organisations have expressed growing concern that some digital platforms have built highly profitable businesses by distributing, aggregating and monetising journalistic content without entering into meaningful commercial agreements with the publishers responsible for producing that content.

According to the commission, the investigation will also examine allegations that some Generative AI platforms have unlawfully extracted, scraped, ingested and commercially utilised copyrighted news articles, broadcast materials, photographs and other original journalistic works to train artificial intelligence models without the consent of publishers.

Another key issue before the commission is whether Nigerian publishers have been denied fair opportunities to negotiate licensing agreements and appropriate compensation for the commercial use of their intellectual property.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, assured all parties that the inquiry would be transparent, evidence-based and conducted in accordance with the law.

“We recognise the strategic importance of the media to Nigeria’s democracy and the equally significant role of technology in driving innovation and economic growth. Our responsibility is to objectively determine the facts and ensure that competition within the digital ecosystem remains fair, transparent, and consistent with Nigerian law,” Bello said.

He stressed that the investigation should not be interpreted as a finding of wrongdoing against any company.

According to him, every organisation involved will have the opportunity to present evidence before the commission reaches any conclusions.

“This inquiry is not directed at any entity by presumption of wrongdoing. Rather, it is an opportunity to carefully examine the facts, hear from all affected parties, and determine whether any conduct has resulted in anti-competitive outcomes or unfair business practices.”

The commission said the investigation will determine whether the practices complained of violate the Federal Competition and Consumer Protection Act, 2018, or any other applicable Nigerian law.

Among the issues under review are allegations of market dominance, anti-competitive behaviour and the commercial exploitation of copyrighted journalistic content without authorisation or compensation.

The investigation comes at a time when governments around the world are increasingly scrutinising the relationship between digital platforms and news publishers.

Countries including Australia, Canada, France and South Africa have introduced or strengthened regulatory measures requiring technology companies to negotiate compensation agreements with media organisations whose content drives user engagement on their platforms.

In South Africa, negotiations facilitated by the country’s Competition Commission resulted in Google agreeing to provide approximately R688 million (about $40 million) annually for between three and five years to support local news publishers.

Nigeria’s investigation is expected to examine whether similar concerns exist within the country’s digital media market and whether regulatory intervention is necessary to promote fair competition and protect the long-term sustainability of journalism.

The latest probe also follows the FCCPC‘s earlier enforcement action against Meta, which resulted in a $220 million administrative penalty over alleged violations of Nigeria’s competition and consumer protection laws, including issues relating to consumer rights and data privacy. The company has appealed the decision.

Industry observers believe the outcome of the investigation could reshape the relationship between global technology companies, artificial intelligence developers and Nigerian media organisations by establishing clearer rules on content licensing, digital competition and fair compensation for publishers.

If the allegations are substantiated, the findings could influence future regulation of digital platforms, AI-generated content and the broader digital economy, while reinforcing the protection of intellectual property rights within Nigeria’s media industry.

Tinubu orders probe of Google, Meta, X, AI platforms over alleged exploitation of Nigerian news content

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