E-Financial
Fear of BVN: Corrupt Nigerians Abandon Billions in Banks
Bank Verification Number (BVN) policy introduced by the Central Bank of Nigeria (CBN) may have revealed over one million bank accounts that have been abandoned by those who illegally acquired their wealth.
According to findings, as the CBN fully enforces the BVN policy, some corrupt public officials and other fraudulent Nigerians, as well as organisations, abandoned their questionable accounts in most of the country’s commercial banks.
This is coming as the latest industry statistics from the Nigerian Inter-Bank Settlement System (NIBSS) Plc, indicated that 30.26 million accounts have become dormant as at October this year.
Though, the growing number of dormant accounts may not all be linked to dubious depositors but confirmed sources said that the BVN launched February 14, 2014 has begun to yield results.
According to CBN insider, some billions of Naira and millions of other foreign currencies are trapped in some banks’ accounts which owners suddenly stopped operating.
It is believed that the owners of such accounts, who may have been operating several accounts in different banks with fictitious names and signatures, became scared of security operatives who could easily fish them out with a single BVN covering all banks, connected to the CBN database.
It was also discovered that money laundering through the banks has reduced with the BVN system while sudden huge deposits into accounts of people whose means of livelihood were not clear have also reduced.
Uche Onyeagucha, member of the House of Representatives, recently said that BVN had done a lot to curb corruption in the country.
Onyeagucha, while urging the Federal Government to introduce Property Verification Number (PVN), equally disclosed that some officials had used the avenue of budgetary allocation for ecological funds to siphon money from the system, challenging the civil society to monitor the fund, as it was a case of direct ac
Also, Mr. Isaac Okoroafor, acting director, Corporate Affairs of the CBN, was also recently quoted as saying that the BVN policy had injected some sanity into the banking industry in the country.
He said through a text message that “the BVN was essentially introduced to give everyone in the financial services sector a unique identity that can neither be stolen nor swapped. It has helped to tackle identity theft and ensured that fraudsters do not have a field day anymore. It has also helped to curb illegal financial flow.”
The CBN, in an earlier statement about the policy, said that it is part of security measures to safeguard the financial sector.
The statement read in part: “With the increasing incidents of compromise on conventional security systems (password and PIN), there is a high demand for greater security for access to sensitive or personal information in the banking system.
“Biometric technologies have been used to analyse human characteristics as an enhanced form of authentication for real-time security processes.
According to the CBN, some of the benefits include: unique identity that can be verified across the Nigerian Banking Industry (not peculiar to one bank); Customers’ Bank Accounts are protected from unauthorized access; it will address issues of identity theft, thus reducing exposure to fraud, enhance the Banking Industry’s chance of being able to fish out blacklisted customers, among others.
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
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