Central Bank of Nigeria (CBN) has said that a bank verification number (BVN) platform will be launched by December for Nigerians in the diaspora.

Olayemi Cardoso, governor, CBN, stated this during a parley with members of the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) meeting in Washington D.C, United States.

He said the BVN platform will be launched by the Nigerian Inter-Bank Settlement System (NIBSS), a subsidiary of the CBN.

The BVN is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual.

BVN is required to own and operate a bank account in Nigeria.

According to Cardoso, the platform would enable Nigerians in the diaspora to operate their local bank accounts, run their businesses and sort out know-your-customer (KYC) issues with financial institutions from anywhere in the world.

The CBN governor added that the initiative is part of efforts to ensure that Nigerians irrespective of their location anywhere in the world can participate in the Nigerian economy.

“As far as we are concerned it is totally unacceptable that you should be out here and be having hassles in operating your accounts or doing your business in your original country,” he said.

“I want to tell you that starting in December 2024 Nigerians in the diaspora will no longer face the hurdle of travelling long distances for physical biometric verifications to access financial services.

“The launch of the non-resident BVN platform by NIBBS will enable enhanced KYC processes remotely making it more convenient and cost-effective for the diaspora to engage with the Nigerian banking system.

“This initiative in collaboration with our banks marks a significant step toward greater financial inclusion and accessibility as we continue to roll out innovative solutions.”

On February 14, 2014, BVN was introduced by the CBN to strengthen the banking system, safeguard bank customers, and mitigate fraud.

As of April 2, 2024, over 61.47 million have enrolled for BVN, according to NIBSS.

As environmental, social, and governance (ESG) principles continue to gain traction globally, Nigerian businesses are increasingly recognizing the importance of integrating sustainable practices into their operations.

ESG has evolved from a trend to a strategic necessity for companies aiming to manage risks, meet regulatory requirements, and align with the expectations of investors and stakeholders.

In response to this growing significance, Sterling One Foundation, in partnership with PwC, NGX, UNIDO Investment and Technology Promotion Office (ITPO) Nigeria, LBS Sustainability Centre, Lagos Chamber of Commerce & Industry (LCCI), Nigeria Employers’ Consultative Association (NECA), and Sterling Bank, is proud to host ESG Series 4.0 on October 25, 2024.

The event will provide a platform for thought leaders to share insights on advancing sustainable development and driving meaningful change.

This marks the fourth installment of the ESG Series in 2024, underscoring the ongoing commitment to deepening the ESG conversation in Nigeria and across Africa. Each edition has offered practical solutions and sparked essential discussions on embedding ESG into corporate strategies.

To maintain this momentum, ESG Series 4.0 will offer two key tracks focused on equipping participants with the tools and strategies needed to implement robust ESG frameworks that drive growth and resilience.

The session will convene ESG leaders, corporate executives, development experts, and sustainability advocates who are dedicated to elevating sustainable business practices.

The agenda will provide valuable insights on ESG reporting, risk management, and aligning sustainability goals with organizational strategies.

These discussions will benefit organizations aiming to stay ahead of evolving ESG standards and implement best practices that enhance resilience and create long-term value.

Participants will hear from leaders in the ESG and social impact space, including Olapeju Ibekwe, CEO of Sterling One Foundation, who will play host for the 4th ESG Series.

As a development advocate with a strong background in driving social change and promoting sustainable practices, Olapeju will share valuable perspectives on integrating impact-driven strategies into business operations.

Commenting on the importance of sustainability in today’s business landscape, Olapeju Ibekwe, CEO of Sterling One Foundation, said, “As businesses continue to embrace the principles of sustainability, we must move beyond discussions and focus on actionable strategies that drive real change.

“ESG Series 4.0 aims to equip organizations with the knowledge and tools needed to implement impactful ESG strategies that drive growth and resilience.”

The lineup also includes Bolanle Adekoya, Partner and PwC West Africa Platform Leader for ESG & Sustainability, who will provide practical strategies for navigating ESG challenges, drawing from her extensive experience in helping organizations meet regulatory standards and achieve sustainable growth.

Additionally, Nana Maidugu, Head of Sustainability and ESG at NSIA, will offer insights on streamlining ESG reporting processes, providing essential guidance for businesses looking to enhance their frameworks and ensure compliance with evolving standards.

Adewale Oyerinde, Director-General of the Nigeria Employers’ Consultative Association (NECA), will deliver a goodwill message during the session, setting the tone for a thought-provoking and impactful discussion.

To register for the webinar session, please visit www.onefoundation.ng/ESGSeriesIV.

Cryptocurrency fraud in Nigeria is exclusively committed by young men, with 100% of convicted fraudsters being male and nearly two-thirds under the age of 30, according to a new study from the University of Surrey.

The United States is firmly in the sights of these criminals, with 55% of all cases involving American targets.

The study, conducted in collaboration with Nigeria’s Economic and Financial Crimes Commission (EFCC), analysed case files of convicted cryptocurrency fraudsters in Nigeria.

It paints a disturbing picture of a new, tech-savvy criminal demographic conducting sophisticated crimes that exploit digital currencies to defraud victims across borders.

These activities pose significant challenges to traditional law enforcement.

Dr Suleman Lazarus, one of the lead authors of the study and cybercrime expert at the University of Surrey, said:  “Our research reveals a disturbing surge in cryptocurrency fraud. We’re observing a rising generation of young, tech-savvy male offenders who adeptly exploit digital platforms and cryptocurrencies to perpetrate high-stakes fraud. The fact that they predominantly target victims in the United States spotlights the transnational nature of this threat and underlines the urgent need for international collaboration to curb these crimes.”

The research team reviewed individual case files of convicted cryptocurrency fraudsters to gain insights into the methods, motivations, and financial gains of these digital criminals.

The study found that fraudsters used a variety of popular social media and communication platforms to perpetrate their schemes, with Facebook (27%), Gmail (22%), and Instagram (14%) being the most common.

Perhaps most alarmingly, the study revealed that Bitcoin was the preferred method for 46% of cryptocurrency fraud cases.

This preference for Bitcoin highlights the challenges law enforcement faces in tracking and recovering stolen funds due to the anonymity provided by cryptocurrencies.

The financial gains from these fraudulent activities varied significantly, ranging from $1,000 to as much as $475,000 in cash and even 1,200 Bitcoin (approximately $81.96 million). These figures underscore the lucrative nature of cryptocurrency fraud and its potential to inflict substantial financial harm on victims.

Interestingly, the study also revealed that only a quarter of convicted fraudsters held a degree, challenging the common perception that sophisticated digital crimes require a high level of technical expertise.

Dr Lazarus continued: “As cryptocurrencies continue to gain popularity, our research serves as a wake-up call for law enforcement agencies, policymakers, and the general public to remain vigilant against the evolving threats in the digital financial landscape.”

Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile instrument with a high level of risk.

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