The Central Bank of Nigeria has directed a “Post no Debit” restriction on all bank accounts without a Bank Verification Number and National Identification Number effective April 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 their accounts.

This measure effectively freezes the funds in the account, rendering it inaccessible for the duration of the restriction.

The CBN’s directive was contained in a circular issued by the apex bank and sent to all deposit money banks on Friday.

The Central Bank also stated that all the BVN or NIN attached to and/or associated with all ccounts/wallets must be electronically revalidated by January 31, 2024.

The circular was jointly signed by the Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha.

The bank said the directive was part of efforts to promote financial system stability and strengthen the Know Your Customer procedures in all financial institutions.

It also amended Section 1.5.3 of the Regulatory Framework for BVN to ensure mandatory registration of all tier-1, 2, and 3 bank accounts and wallets with BVN or NIN.

The circular read, “As part of its efforts in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer procedures in financial institutions under the purview of the Central Bank of Nigeria.

“Accordingly, the CBN hereby issues an amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number Operations and Watch List for the Nigerian banking industry.

“In this regard: 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.

“The process for account opening shall commence by electronically retrieving BVN or NIN related information from the NIBSS BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers.

“All individuals with validated BVN shall be profiled in the NIBSS ICAD immediately and within 24 hRS of opening accounts/wallets.”

As a result of the new guidelines, the bank said any unfunded account/wallet shall be placed on “Post No Debit or credit until the new process is satisfied.

It added that all accounts/wallets will be electronically revalidated by January 31, 2024.

The circular further read, “Effective immediately, no new Tier1 accounts and wallets should be opened without BVN or NIN,

“For all existing Tier1 accounts/wallets without BVN or NIN: i. Effective immediately, any unfunded account/wallet shall be placed on “Post No Debit or credit until the new process is satisfied.

“Effective April 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.”

Continuing, CBN further directed all Executive Compliance Officers, Chief Compliance Officers, or Heads of the Compliance Functions to acquaint themselves with the attached guidance notes to ensure full and uniform compliance.

“To ensure uniform and full compliance, the Executive Compliance Officers, Chief Compliance Officers, or Heads of the Compliance Functions are advised to acquaint themselves with the attached Guidance Notes which becomes applicable to ALL institutions regulated by the CBN.

“Also, a comprehensive BVN and NIN audit shall be conducted shortly and where breaches are identified, appropriate sanctions shall be applied.

“Finally, all financial institutions regulated by CBN are required to apply strict compliance on restrictions on Tier1 accounts/wallets as they relate to limits on transaction values and cumulative balances,” the circular concluded. Punch.

Young Leaders Network also known as Initiative For Leadership Development and Youth Empowerment has concluded a 2 – day Accountability and Advocacy Workshop in five Local Government Areas under its Accountability and Advocacy Project aimed at strengthening transparency and accountability at the sub- national level in Bauchi state supported by the National Endowment For Democracy (NED), USA.

The workshop was held in Bauchi, Ganjuwa, Ningi, Tafawa Balewa and Toro Local Government Areas of Bauchi state from November 20 – November 30, 2023.The workshop is designed to provide youth and women leaders as well as People Living With Disabilities with the necessary skills to effectively use factual, data-driven information to promote and demand for transparency and accountability in the delivery of governance especially at the sub-national level.

Overall, the workshop was a significant step in the numerous efforts of the organization towards promoting accountability at the sub – national level. The training participants were made of 15 participants drawn from each of benefitting Local Government Area making a total number of 75 participants.

The workshop focused on the utilization of the Freedom of Information Act to demand for information from government officials and institutions for legal and political action, advocacy techniques, strategies and communication, budget tracking, project tracking and Community Charter of Demands and Citizens’ Rights and Responsibilities.Mr. Moses Danjuma Kusko, the Programme Manager, Governance of the organization, harped on the need for the participants as change agents to use factual data and information in demanding for transparency and accountability from important government actors and institutions which will promote constructive social change. He maintained that the organization with funding from National Endowment for Democracy is providing the intervention because of the heightened demand for more inclusive, transparent and accountable regime in the delivery of development outcomes to the citizen especially at the sub – national level.

Rosemary Yakubu, one of the participants from Ganjuwa Local Government Area said the workshop no doubt help prepare her for a more challenging role needed to keep holding public institutions and public servants to account for the overall development of not only her community but the state as a whole.

:As Jatau chairs meeting of the State Council on Ease of Doing Business (EODB) Reforms.

:Says Economic development key to progress and prosperity

The Bauchi State Deputy Governor, Rt. Hon. Mohammed Auwal Jatau on Wednesday assured stakeholders including the private sector on the tirelessly efforts of the present administration in the state towards laying a strong foundation for economic growth and development for the benefit of both government and the citizens.

In a statement signed by Muslim Lawan Special Assistant to Deputy Governor Auwal Jatau said the inaugural meeting of the reconstituted State Council on Ease of Doing Business (EODB) Reforms held at the Conference Hall of his office, and said that at the moment, Bauchi state is one of the good performing states in sub national Ease of Doing Business ranking among the 36 states of the federation and the FCT.

The Deputy Governor who is the chairman of the council, pointed out that the state government has demonstrated strong commitment and willingness by participating in the World Bank first Performance-for-Result program known as the State Action on Business Enabling Reforms (SABER).

According to him, other commendable efforts made by the State included the development of the State Action on Business Reform Action Plan (BERAP) for 2023 through the active engagement of key stakeholders in both the public and private sectors.

Auwal Jatau who noted that the State Action on Business Enabling Reforms (SABER) program was designed to have a gross value of $750m for country as is expected to be drawn by the states on performance basis with tenure of 3 years, explained that the proposed Disbursement Linked Indicators (DLIS) covers 5 areas of land administration, improved business-enabling infrastructure, increased sustainable large-scale Investments, enabling firm operations and regulatory reforms, courts and skills.

He said the State Council on Ease of Doing Business (EODB) Reforms will serve as the catalyst for change, ensuring that the state government’s policies and regulations align with its vision for economic development, adding that the present administration has since recognized the importance of providing a favorable ecosystem for businesses to flourish in which the establishment of the Council is a testament to the commitment.

“Today marks the inaugural meeting of this Council, and it signifies a new era in our state’s governance. We are embarking on a journey towards transforming Bauchi into a hub of economic activity, attracting investors, stimulating entrepreneurship, and unlocking the full potential of our resources.

“On behalf of members of this council, I want to register our profound appreciation and gratitude to our amiable Governor, His Excellency, Sen. Bala Abdulkadir Mohammed, CON, (Kauran Bauchi, Jagaban Katagum and the Turaki of Ningi), the Executive Governor of Bauchi State for finding us worthy of this enormous task and to assure him of our unwavering dedication to the cause. Together, we will be focusing on implementing strategic reforms that streamline business opportunities, reduce bureaucratic impediments, and enhance the ease of doing business in Bauchi state. We shall also prioritize the removal of unnecessary regulations and simplify administrative procedures to create a business-friendly environment that nurtures growth.”

The Deputy Governor said the state government’s commitment to economic development extends beyond rhetoric, hence the reason for the allocation of the substantial resources towards infrastructure development, both physical and digital, to improve connectivity and transportation networks in addition to investing in human capital through training programs that enhance skills and knowledge.

He added that the state is working tirelessly to improve access to finance for small and medium- enterprises (SMEs) and implementing policies that foster a fair and competitive market place and recalled that, since coming on board, the administration of Governor Bala Mohammed has provided the enabling environment for the state to be a destination for investment and opportunity, where businesses can thrive and create jobs for citizens.

“The State Council on Ease of Doing Business reforms is a critical step towards achieving our vision for economic development in Bauchi state. Our mandate as a Council is clear: we must ensure that our state is attractive to investors, and that businesses can operate efficiently and effectively without any unnecessary hitches. We must also ensure that we protect and create a level playing field for all businesses to compete fairly.

“I am confident that together we can achieve our goals. Our Council is made up of representatives from various government agencies, as well as members of the private sector and civil society. This diversity ensures that we have different perspectives and insights that will contribute to a more comprehensive reform agenda. It is my hope that at the end of this meeting, we will identify several key priority areas that require urgent attention.”

Auwal Jatau then assured members of the council and the private sector of the strong commitment of the state government towards economic development and reiterated that the council’s success will be measured by the results its achieve and stressed the need for members to work diligently and with a sense of urgency so as to set a benchmark for other states to follow.

Earlier, the State Commissioner for Budget and Economic Planning, Aminu Hammadi, represented by the Permanent Secretary, Idris Saleh said the inauguration of the State Council on Ease of Doing Business signifies the unwavering commitment of the state government towards economic development.